# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-002630
**Filing Date:** 2026-1
**Character Count:** 2386619
**Document Hash:** 39c6e25aac7fc179ea4e91f8ef493810
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-002630.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-002630

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 131

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 26507331

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs Large Cap Value Insights Fund (Series ID: S000009326)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025517 | Institutional   | GCVIX           |
| C000025518 | Service         | GCLSX           |
| C000025519 | Class A         | GCVAX           |
| C000025521 | Class C         | GCVCX           |
| C000058963 | Class R         | GCVRX           |
| C000058964 | Investor Shares | GCVTX           |
| C000158455 | Class R6 Shares | GCVUX           |
| C000201736 | Class P Shares  | GMXPX           |

### Goldman Sachs U.S. Equity Insights Fund (Series ID: S000009327)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025523 | Institutional   | GSELX           |
| C000025524 | Service         | GSESX           |
| C000025525 | Class A         | GSSQX           |
| C000025527 | Class C         | GSUSX           |
| C000058965 | Class R         | GSURX           |
| C000058966 | Investor Shares | GSUTX           |
| C000158456 | Class R6 Shares | GSEUX           |
| C000201737 | Class P Shares  | GSEPX           |

### Goldman Sachs Large Cap Growth Insights Fund (Series ID: S000009328)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025529 | Institutional   | GCGIX           |
| C000025530 | Service         | GSCLX           |
| C000025531 | Class A         | GLCGX           |
| C000025533 | Class C         | GLCCX           |
| C000058967 | Class R         | GLCRX           |
| C000058968 | Investor Shares | GLCTX           |
| C000158457 | Class R6 Shares | GLCUX           |
| C000201738 | Class P Shares  | GMZPX           |

### Goldman Sachs Small Cap Equity Insights Fund (Series ID: S000009329)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025535 | Institutional   | GCSIX           |
| C000025536 | Service         | GCSSX           |
| C000025537 | Class A         | GCSAX           |
| C000025539 | Class C         | GCSCX           |
| C000058969 | Class R         | GDSRX           |
| C000058970 | Investor Shares | GDSTX           |
| C000158458 | Class R6 Shares | GCSUX           |
| C000201739 | Class P Shares  | GMAPX           |

### Goldman Sachs International Equity Insights Fund (Series ID: S000009330)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025541 | Institutional   | GCIIX           |
| C000025542 | Service         | GCISX           |
| C000025543 | Class A         | GCIAX           |
| C000025545 | Class C         | GCICX           |
| C000058971 | Class R         | GCIRX           |
| C000058972 | Investor Shares | GCITX           |
| C000161504 | Class R6 Shares | GCIUX           |
| C000201740 | Class P Shares  | GGFPX           |

### Goldman Sachs International Equity ESG Fund (Series ID: S000009331)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025547 | Institutional   | GSIEX           |
| C000025548 | Service         | GSISX           |
| C000025549 | Class A         | GSIFX           |
| C000025551 | Class C         | GSICX           |
| C000091956 | Investor Shares | GIRNX           |
| C000169233 | Class R6        | GSIWX           |
| C000201741 | Class P Shares  | GTFPX           |

### Goldman Sachs Emerging Markets Equity Fund (Series ID: S000009335)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025571 | Institutional   | GEMIX           |
| C000025572 | Service         | GEMSX           |
| C000025573 | Class A         | GEMAX           |
| C000025575 | Class C         | GEMCX           |
| C000091958 | Investor Shares | GIRMX           |
| C000161505 | Class R6 Shares | GEMUX           |
| C000201742 | Class P Shares  | GAHPX           |

### Goldman Sachs China Equity Fund (Series ID: S000009337)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025583 | Institutional   | GSAIX           |
| C000025585 | Class A         | GSAGX           |
| C000025587 | Class C         | GSACX           |
| C000141341 | Investor Shares | GSAEX           |
| C000198939 | Class R6 Shares | GSAFX           |
| C000201743 | Class P Shares  | GMEPX           |

### Goldman Sachs International Equity Income Fund (Series ID: S000014928)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040523 | Class A         | GSAKX           |
| C000040525 | Class C         | GSCKX           |
| C000040526 | Institutional   | GSIKX           |
| C000058986 | Class R         | GSRKX           |
| C000058987 | Investor Shares | GSTKX           |
| C000169234 | Class R6        | GSUKX           |
| C000201744 | Class P Shares  | GSNPX           |

### Goldman Sachs Small Cap Value Insights Fund (Series ID: S000014929)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040529 | Class A         | GSATX           |
| C000040531 | Class C         | GSCTX           |
| C000040532 | Institutional   | GSITX           |
| C000058988 | Class R         | GTTRX           |
| C000058989 | Investor Shares | GTTTX           |
| C000158459 | Class R6 Shares | GTTUX           |
| C000201745 | Class P Shares  | GSXPX           |

### Goldman Sachs Small Cap Growth Insights Fund (Series ID: S000014930)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000040533 | Class A         | GSAOX           |
| C000040535 | Class C         | GSCOX           |
| C000040536 | Institutional   | GSIOX           |
| C000058990 | Class R         | GSROX           |
| C000058991 | Investor Shares | GSTOX           |
| C000158460 | Class R6 Shares | GINUX           |
| C000201746 | Class P Shares  | GSZPX           |

### Goldman Sachs International Small Cap Insights Fund (Series ID: S000018300)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050449 | Institutional   | GICIX           |
| C000050450 | Class A         | GICAX           |
| C000050451 | Class C         | GICCX           |
| C000091961 | Investor Shares | GIRLX           |
| C000161506 | Class R6 Shares | GICUX           |
| C000201747 | Class P Shares  | GGDPX           |

### Goldman Sachs Emerging Markets Equity Insights Fund (Series ID: S000018301)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050452 | Institutional   | GERIX           |
| C000050453 | Class A         | GERAX           |
| C000050454 | Class C         | GERCX           |
| C000091962 | Investor Shares | GIRPX           |
| C000141554 | Class R Shares  | GRRPX           |
| C000161507 | Class R6 Shares | GERUX           |
| C000201748 | Class P Shares  | GAGPX           |

### Goldman Sachs ESG Emerging Markets Equity Fund (Series ID: S000057205)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000182038 | Class A Shares       | GEBAX           |
| C000182039 | Class C Shares       | GEBCX           |
| C000182040 | Institutional Shares | GEBIX           |
| C000182041 | Investor Shares      | GEBNX           |
| C000182042 | Class R Shares       | GEBRX           |
| C000182043 | Class R6 Shares      | GEBSX           |
| C000203335 | Class P Shares       | GEPPX           |

### Goldman Sachs Emerging Markets Equity ex. China Fund (Series ID: S000076129)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000235590 | Class A Shares       | GEMHX           |
| C000238646 | Class P Shares       | GEMPX           |
| C000238647 | Class R6 Shares      | GEMWX           |
| C000238648 | Class C Shares       | GEMLX           |
| C000238649 | Investor Shares      | GEMOX           |
| C000238650 | Institutional Shares | GEMJX           |
| C000238651 | Class R Shares       | GEMQX           |

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### Goldman Sachs Trust

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

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

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

#### Copies to:

---

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

---

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

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

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

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

The Annual Report to Shareholders for the Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, Goldman Sachs U.S. Equity Insights Fund, Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund, Goldman Sachs International Equity Income Fund, Goldman Sachs Emerging Markets Equity ex. China Fund, Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund is filed herewith.

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class A: GERAX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $154 | 1.35% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection in the consumer staples, industrials and materials sectors helped the Fund's performance relative to the MSCI Emerging Markets Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes added to relative performance. Our Market Themes & Trends investment theme contributed most positively followed at a distance by our Sentiment Analysis investment theme.

* Regarding individual stock positions, the Fund benefited from overweights versus the Index in HD Korea Shipbuilding & Offshore Engineering and Charoen Pokphand Foods. An underweight in BYD was also advantageous.

* The Fund's overweight in HD Korea Shipbuilding & Offshore Engineering, based in South Korea, was based on all four of our investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes drove the Fund's overweight in Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate.

* All four of our investment themes resulted in the Fund's underweight in BYD, a China-based manufacturer of electric vehicles, batteries and renewable energy solutions.

* Country positioning bolstered the Fund's returns. Specifically, the Fund was aided by its overweights versus the Index in South Korea, Thailand and China.

Top Detractors from Performance:

* Stock selection in the consumer discretionary, information technology and health care sectors had a negative impact on performance.

* Our Fundamental Mispricings and High-Quality Business Models investment themes detracted from the Fund's relative returns.

* As for individual stock positions, overweights compared to the Index in Infosys and Meituan and an underweight in Delta Electronics detracted from relative results.

* The Fund was overweight Infosys, an India-based technology company, mainly due to our Fundamental Mispricings, High-Quality Business Models and Sentiment Analysis investment themes.

* The Fund's overweight in Meituan, a China-based technology-driven retail company, was mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes.

* The underweight in Taiwanese electronics manufacturing company Delta Electronics was largely based on our Market Themes & Trends, High-Quality Business Models and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by a relatively neutral position in India, an overweight in Turkey and an underweight in Greece.

Goldman Sachs Emerging Markets Equity Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g36b13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9450 | $10000 |
| **10/16** | $10881 | $10283 | $10927 |
| **10/17** | $14162 | $13383 | $13817 |
| **10/18** | $12163 | $11494 | $12087 |
| **10/19** | $12862 | $12154 | $13521 |
| **10/20** | $14352 | $13563 | $14636 |
| **10/21** | $16735 | $15814 | $17119 |
| **10/22** | $11743 | $11097 | $11807 |
| **10/23** | $13256 | $12527 | $13082 |
| **10/24** | $16313 | $15416 | $16394 |
| **10/25** | $20886 | $19737 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 28.03% | 7.78% | 7.63% |
| Class A Including sale charges | 21.04% | 6.57% | 7.03% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2694359036 |
| # of Portfolio Holdings as of Period End | 336 |
| Portfolio Turnover Rate for the Period | 158% |
| Total Net Advisory Fees Paid for the Period | $21832656 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 19.1% |
| Consumer Discretionary | 10.4% |
| Industrials | 10.3% |
| Communication Services | 10.1% |
| Materials | 8.7% |
| Health Care | 4.5% |
| Energy | 2.6% |
| Utilities | 1.6% |
| Other | 0.9% |

---

Goldman Sachs Emerging Markets Equity Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38144N585-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class C: GERCX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $238 | 2.10% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection in the consumer staples, industrials and materials sectors helped the Fund's performance relative to the MSCI Emerging Markets Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes added to relative performance. Our Market Themes & Trends investment theme contributed most positively followed at a distance by our Sentiment Analysis investment theme.

* Regarding individual stock positions, the Fund benefited from overweights versus the Index in HD Korea Shipbuilding & Offshore Engineering and Charoen Pokphand Foods. An underweight in BYD was also advantageous.

* The Fund's overweight in HD Korea Shipbuilding & Offshore Engineering, based in South Korea, was based on all four of our investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes drove the Fund's overweight in Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate.

* All four of our investment themes resulted in the Fund's underweight in BYD, a China-based manufacturer of electric vehicles, batteries and renewable energy solutions.

* Country positioning bolstered the Fund's returns. Specifically, the Fund was aided by its overweights versus the Index in South Korea, Thailand and China.

Top Detractors from Performance:

* Stock selection in the consumer discretionary, information technology and health care sectors had a negative impact on performance.

* Our Fundamental Mispricings and High-Quality Business Models investment themes detracted from the Fund's relative returns.

* As for individual stock positions, overweights compared to the Index in Infosys and Meituan and an underweight in Delta Electronics detracted from relative results.

* The Fund was overweight Infosys, an India-based technology company, mainly due to our Fundamental Mispricings, High-Quality Business Models and Sentiment Analysis investment themes.

* The Fund's overweight in Meituan, a China-based technology-driven retail company, was mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes.

* The underweight in Taiwanese electronics manufacturing company Delta Electronics was largely based on our Market Themes & Trends, High-Quality Business Models and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by a relatively neutral position in India, an overweight in Turkey and an underweight in Greece.

Goldman Sachs Emerging Markets Equity Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g43c22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9900 | $10000 |
| **10/16** | $10799 | $10691 | $10927 |
| **10/17** | $13952 | $13813 | $13817 |
| **10/18** | $11887 | $11768 | $12087 |
| **10/19** | $12492 | $12368 | $13521 |
| **10/20** | $13827 | $13688 | $14636 |
| **10/21** | $16003 | $15843 | $17119 |
| **10/22** | $11144 | $11033 | $11807 |
| **10/23** | $12485 | $12360 | $13082 |
| **10/24** | $15247 | $15094 | $16394 |
| **10/25** | $19377 | $19183 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 27.09% | 6.98% | 6.83% |
| Class C Including sale charges | 26.09% | 6.98% | 6.83% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2694359036 |
| # of Portfolio Holdings as of Period End | 336 |
| Portfolio Turnover Rate for the Period | 158% |
| Total Net Advisory Fees Paid for the Period | $21832656 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 19.1% |
| Consumer Discretionary | 10.4% |
| Industrials | 10.3% |
| Communication Services | 10.1% |
| Materials | 8.7% |
| Health Care | 4.5% |
| Energy | 2.6% |
| Utilities | 1.6% |
| Other | 0.9% |

---

Goldman Sachs Emerging Markets Equity Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38144N577-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Institutional Class: GERIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $114 | 1.00% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection in the consumer staples, industrials and materials sectors helped the Fund's performance relative to the MSCI Emerging Markets Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes added to relative performance. Our Market Themes & Trends investment theme contributed most positively followed at a distance by our Sentiment Analysis investment theme.

* Regarding individual stock positions, the Fund benefited from overweights versus the Index in HD Korea Shipbuilding & Offshore Engineering and Charoen Pokphand Foods. An underweight in BYD was also advantageous.

* The Fund's overweight in HD Korea Shipbuilding & Offshore Engineering, based in South Korea, was based on all four of our investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes drove the Fund's overweight in Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate.

* All four of our investment themes resulted in the Fund's underweight in BYD, a China-based manufacturer of electric vehicles, batteries and renewable energy solutions.

* Country positioning bolstered the Fund's returns. Specifically, the Fund was aided by its overweights versus the Index in South Korea, Thailand and China.

Top Detractors from Performance:

* Stock selection in the consumer discretionary, information technology and health care sectors had a negative impact on performance.

* Our Fundamental Mispricings and High-Quality Business Models investment themes detracted from the Fund's relative returns.

* As for individual stock positions, overweights compared to the Index in Infosys and Meituan and an underweight in Delta Electronics detracted from relative results.

* The Fund was overweight Infosys, an India-based technology company, mainly due to our Fundamental Mispricings, High-Quality Business Models and Sentiment Analysis investment themes.

* The Fund's overweight in Meituan, a China-based technology-driven retail company, was mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes.

* The underweight in Taiwanese electronics manufacturing company Delta Electronics was largely based on our Market Themes & Trends, High-Quality Business Models and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by a relatively neutral position in India, an overweight in Turkey and an underweight in Greece.

Goldman Sachs Emerging Markets Equity Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g81y90.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $1093800 | $1092700 |
| **10/17** | $1429268 | $1381719 |
| **10/18** | $1231601 | $1208728 |
| **10/19** | $1307714 | $1352083 |
| **10/20** | $1463724 | $1463630 |
| **10/21** | $1713581 | $1711862 |
| **10/22** | $1205676 | $1180671 |
| **10/23** | $1365669 | $1308183 |
| **10/24** | $1687830 | $1639415 |
| **10/25** | $2168356 | $2096976 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 28.47% | 8.17% | 8.04% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2694359036 |
| # of Portfolio Holdings as of Period End | 336 |
| Portfolio Turnover Rate for the Period | 158% |
| Total Net Advisory Fees Paid for the Period | $21832656 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 19.1% |
| Consumer Discretionary | 10.4% |
| Industrials | 10.3% |
| Communication Services | 10.1% |
| Materials | 8.7% |
| Health Care | 4.5% |
| Energy | 2.6% |
| Utilities | 1.6% |
| Other | 0.9% |

---

Goldman Sachs Emerging Markets Equity Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38144N569-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Investor Class: GIRPX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $126 | 1.10% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection in the consumer staples, industrials and materials sectors helped the Fund's performance relative to the MSCI Emerging Markets Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes added to relative performance. Our Market Themes & Trends investment theme contributed most positively followed at a distance by our Sentiment Analysis investment theme.

* Regarding individual stock positions, the Fund benefited from overweights versus the Index in HD Korea Shipbuilding & Offshore Engineering and Charoen Pokphand Foods. An underweight in BYD was also advantageous.

* The Fund's overweight in HD Korea Shipbuilding & Offshore Engineering, based in South Korea, was based on all four of our investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes drove the Fund's overweight in Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate.

* All four of our investment themes resulted in the Fund's underweight in BYD, a China-based manufacturer of electric vehicles, batteries and renewable energy solutions.

* Country positioning bolstered the Fund's returns. Specifically, the Fund was aided by its overweights versus the Index in South Korea, Thailand and China.

Top Detractors from Performance:

* Stock selection in the consumer discretionary, information technology and health care sectors had a negative impact on performance.

* Our Fundamental Mispricings and High-Quality Business Models investment themes detracted from the Fund's relative returns.

* As for individual stock positions, overweights compared to the Index in Infosys and Meituan and an underweight in Delta Electronics detracted from relative results.

* The Fund was overweight Infosys, an India-based technology company, mainly due to our Fundamental Mispricings, High-Quality Business Models and Sentiment Analysis investment themes.

* The Fund's overweight in Meituan, a China-based technology-driven retail company, was mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes.

* The underweight in Taiwanese electronics manufacturing company Delta Electronics was largely based on our Market Themes & Trends, High-Quality Business Models and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by a relatively neutral position in India, an overweight in Turkey and an underweight in Greece.

Goldman Sachs Emerging Markets Equity Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g56s89.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10915 | $10927 |
| **10/17** | $14241 | $13817 |
| **10/18** | $12261 | $12087 |
| **10/19** | $13004 | $13521 |
| **10/20** | $14538 | $14636 |
| **10/21** | $17003 | $17119 |
| **10/22** | $11955 | $11807 |
| **10/23** | $13528 | $13082 |
| **10/24** | $16690 | $16394 |
| **10/25** | $21421 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 28.35% | 8.06% | 7.91% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2694359036 |
| # of Portfolio Holdings as of Period End | 336 |
| Portfolio Turnover Rate for the Period | 158% |
| Total Net Advisory Fees Paid for the Period | $21832656 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 19.1% |
| Consumer Discretionary | 10.4% |
| Industrials | 10.3% |
| Communication Services | 10.1% |
| Materials | 8.7% |
| Health Care | 4.5% |
| Energy | 2.6% |
| Utilities | 1.6% |
| Other | 0.9% |

---

Goldman Sachs Emerging Markets Equity Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38145C562-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class R6: GERUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $113 | 0.99% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection in the consumer staples, industrials and materials sectors helped the Fund's performance relative to the MSCI Emerging Markets Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes added to relative performance. Our Market Themes & Trends investment theme contributed most positively followed at a distance by our Sentiment Analysis investment theme.

* Regarding individual stock positions, the Fund benefited from overweights versus the Index in HD Korea Shipbuilding & Offshore Engineering and Charoen Pokphand Foods. An underweight in BYD was also advantageous.

* The Fund's overweight in HD Korea Shipbuilding & Offshore Engineering, based in South Korea, was based on all four of our investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes drove the Fund's overweight in Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate.

* All four of our investment themes resulted in the Fund's underweight in BYD, a China-based manufacturer of electric vehicles, batteries and renewable energy solutions.

* Country positioning bolstered the Fund's returns. Specifically, the Fund was aided by its overweights versus the Index in South Korea, Thailand and China.

Top Detractors from Performance:

* Stock selection in the consumer discretionary, information technology and health care sectors had a negative impact on performance.

* Our Fundamental Mispricings and High-Quality Business Models investment themes detracted from the Fund's relative returns.

* As for individual stock positions, overweights compared to the Index in Infosys and Meituan and an underweight in Delta Electronics detracted from relative results.

* The Fund was overweight Infosys, an India-based technology company, mainly due to our Fundamental Mispricings, High-Quality Business Models and Sentiment Analysis investment themes.

* The Fund's overweight in Meituan, a China-based technology-driven retail company, was mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes.

* The underweight in Taiwanese electronics manufacturing company Delta Electronics was largely based on our Market Themes & Trends, High-Quality Business Models and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by a relatively neutral position in India, an overweight in Turkey and an underweight in Greece.

Goldman Sachs Emerging Markets Equity Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g26w85.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10930 | $10927 |
| **10/17** | $14290 | $13817 |
| **10/18** | $12312 | $12087 |
| **10/19** | $13090 | $13521 |
| **10/20** | $14640 | $14636 |
| **10/21** | $17144 | $17119 |
| **10/22** | $12078 | $11807 |
| **10/23** | $13683 | $13082 |
| **10/24** | $16893 | $16394 |
| **10/25** | $21692 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 28.41% | 8.18% | 8.04% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2694359036 |
| # of Portfolio Holdings as of Period End | 336 |
| Portfolio Turnover Rate for the Period | 158% |
| Total Net Advisory Fees Paid for the Period | $21832656 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 19.1% |
| Consumer Discretionary | 10.4% |
| Industrials | 10.3% |
| Communication Services | 10.1% |
| Materials | 8.7% |
| Health Care | 4.5% |
| Energy | 2.6% |
| Utilities | 1.6% |
| Other | 0.9% |

---

Goldman Sachs Emerging Markets Equity Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38147X259-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class R: GRRPX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $182 | 1.60% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection in the consumer staples, industrials and materials sectors helped the Fund's performance relative to the MSCI Emerging Markets Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes added to relative performance. Our Market Themes & Trends investment theme contributed most positively followed at a distance by our Sentiment Analysis investment theme.

* Regarding individual stock positions, the Fund benefited from overweights versus the Index in HD Korea Shipbuilding & Offshore Engineering and Charoen Pokphand Foods. An underweight in BYD was also advantageous.

* The Fund's overweight in HD Korea Shipbuilding & Offshore Engineering, based in South Korea, was based on all four of our investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes drove the Fund's overweight in Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate.

* All four of our investment themes resulted in the Fund's underweight in BYD, a China-based manufacturer of electric vehicles, batteries and renewable energy solutions.

* Country positioning bolstered the Fund's returns. Specifically, the Fund was aided by its overweights versus the Index in South Korea, Thailand and China.

Top Detractors from Performance:

* Stock selection in the consumer discretionary, information technology and health care sectors had a negative impact on performance.

* Our Fundamental Mispricings and High-Quality Business Models investment themes detracted from the Fund's relative returns.

* As for individual stock positions, overweights compared to the Index in Infosys and Meituan and an underweight in Delta Electronics detracted from relative results.

* The Fund was overweight Infosys, an India-based technology company, mainly due to our Fundamental Mispricings, High-Quality Business Models and Sentiment Analysis investment themes.

* The Fund's overweight in Meituan, a China-based technology-driven retail company, was mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes.

* The underweight in Taiwanese electronics manufacturing company Delta Electronics was largely based on our Market Themes & Trends, High-Quality Business Models and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by a relatively neutral position in India, an overweight in Turkey and an underweight in Greece.

Goldman Sachs Emerging Markets Equity Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g09r74.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10860 | $10927 |
| **10/17** | $14103 | $13817 |
| **10/18** | $12080 | $12087 |
| **10/19** | $12747 | $13521 |
| **10/20** | $14178 | $14636 |
| **10/21** | $16507 | $17119 |
| **10/22** | $11542 | $11807 |
| **10/23** | $12997 | $13082 |
| **10/24** | $15960 | $16394 |
| **10/25** | $20378 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 27.68% | 7.52% | 7.37% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2694359036 |
| # of Portfolio Holdings as of Period End | 336 |
| Portfolio Turnover Rate for the Period | 158% |
| Total Net Advisory Fees Paid for the Period | $21832656 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 19.1% |
| Consumer Discretionary | 10.4% |
| Industrials | 10.3% |
| Communication Services | 10.1% |
| Materials | 8.7% |
| Health Care | 4.5% |
| Energy | 2.6% |
| Utilities | 1.6% |
| Other | 0.9% |

---

Goldman Sachs Emerging Markets Equity Insights Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38145L224-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Insights Fund

# Class P: GAGPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $113 | 0.99% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection in the consumer staples, industrials and materials sectors helped the Fund's performance relative to the MSCI Emerging Markets Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes added to relative performance. Our Market Themes & Trends investment theme contributed most positively followed at a distance by our Sentiment Analysis investment theme.

* Regarding individual stock positions, the Fund benefited from overweights versus the Index in HD Korea Shipbuilding & Offshore Engineering and Charoen Pokphand Foods. An underweight in BYD was also advantageous.

* The Fund's overweight in HD Korea Shipbuilding & Offshore Engineering, based in South Korea, was based on all four of our investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes drove the Fund's overweight in Charoen Pokphand Foods, a Thailand-based agro-industrial and food conglomerate.

* All four of our investment themes resulted in the Fund's underweight in BYD, a China-based manufacturer of electric vehicles, batteries and renewable energy solutions.

* Country positioning bolstered the Fund's returns. Specifically, the Fund was aided by its overweights versus the Index in South Korea, Thailand and China.

Top Detractors from Performance:

* Stock selection in the consumer discretionary, information technology and health care sectors had a negative impact on performance.

* Our Fundamental Mispricings and High-Quality Business Models investment themes detracted from the Fund's relative returns.

* As for individual stock positions, overweights compared to the Index in Infosys and Meituan and an underweight in Delta Electronics detracted from relative results.

* The Fund was overweight Infosys, an India-based technology company, mainly due to our Fundamental Mispricings, High-Quality Business Models and Sentiment Analysis investment themes.

* The Fund's overweight in Meituan, a China-based technology-driven retail company, was mostly because of our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes.

* The underweight in Taiwanese electronics manufacturing company Delta Electronics was largely based on our Market Themes & Trends, High-Quality Business Models and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by a relatively neutral position in India, an overweight in Turkey and an underweight in Greece.

Goldman Sachs Emerging Markets Equity Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g00o06.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **4/16/18** | $0 | $10000 |
| **10/18** | $8284 | $8360 |
| **10/19** | $8808 | $9352 |
| **10/20** | $9851 | $10123 |
| **10/21** | $11536 | $11840 |
| **10/22** | $8127 | $8166 |
| **10/23** | $9206 | $9048 |
| **10/24** | $11366 | $11339 |
| **10/25** | $14594 | $14503 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 28.40% | 8.17% | 5.13% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.05% |

---

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

Goldman Sachs Emerging Markets Equity Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2694359036 |
| # of Portfolio Holdings as of Period End | 336 |
| Portfolio Turnover Rate for the Period | 158% |
| Total Net Advisory Fees Paid for the Period | $21832656 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 29.8% |
| Financials | 19.1% |
| Consumer Discretionary | 10.4% |
| Industrials | 10.3% |
| Communication Services | 10.1% |
| Materials | 8.7% |
| Health Care | 4.5% |
| Energy | 2.6% |
| Utilities | 1.6% |
| Other | 0.9% |

---

Goldman Sachs Emerging Markets Equity Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Insights Fund

38150B848-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Class A: GCIAX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $133 | 1.16% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g93w80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9450 | $10000 |
| **10/16** | $10098 | $9543 | $9677 |
| **10/17** | $12933 | $12221 | $11945 |
| **10/18** | $11806 | $11157 | $11127 |
| **10/19** | $12583 | $11891 | $12355 |
| **10/20** | $11770 | $11123 | $11508 |
| **10/21** | $15478 | $14626 | $15441 |
| **10/22** | $11986 | $11327 | $11890 |
| **10/23** | $14044 | $13271 | $13602 |
| **10/24** | $17385 | $16429 | $16726 |
| **10/25** | $22585 | $21343 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 29.91% | 13.91% | 8.48% |
| Class A Including sale charges | 22.79% | 12.64% | 7.87% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V878-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Class C: GCICX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $219 | 1.91% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g12f25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9900 | $10000 |
| **10/16** | $10022 | $9922 | $9677 |
| **10/17** | $12739 | $12612 | $11945 |
| **10/18** | $11535 | $11420 | $11127 |
| **10/19** | $12203 | $12081 | $12355 |
| **10/20** | $11337 | $11223 | $11508 |
| **10/21** | $14798 | $14650 | $15441 |
| **10/22** | $11371 | $11257 | $11890 |
| **10/23** | $13219 | $13087 | $13602 |
| **10/24** | $16240 | $16078 | $16726 |
| **10/25** | $20953 | $20743 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 29.02% | 13.06% | 7.67% |
| Class C Including sale charges | 27.97% | 13.06% | 7.67% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V852-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Institutional Class: GCIIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $91 | 0.79% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g15y95.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $1013400 | $967700 |
| **10/17** | $1302928 | $1194529 |
| **10/18** | $1192440 | $1112704 |
| **10/19** | $1276746 | $1235546 |
| **10/20** | $1199119 | $1150788 |
| **10/21** | $1581998 | $1544127 |
| **10/22** | $1229687 | $1188978 |
| **10/23** | $1446235 | $1360191 |
| **10/24** | $1796803 | $1672626 |
| **10/25** | $2343390 | $2057832 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 30.42% | 14.33% | 8.88% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V845-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Service Class: GCISX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $149 | 1.30% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g75443g99p69.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10087 | $9677 |
| **10/17** | $12900 | $11945 |
| **10/18** | $11750 | $11127 |
| **10/19** | $12507 | $12355 |
| **10/20** | $11693 | $11508 |
| **10/21** | $15347 | $15441 |
| **10/22** | $11865 | $11890 |
| **10/23** | $13886 | $13602 |
| **10/24** | $17171 | $16726 |
| **10/25** | $22279 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 29.75% | 13.75% | 8.33% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Insights Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38142V837-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Investor Class: GCITX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $104 | 0.90% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g23r60.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10122 | $9677 |
| **10/17** | $13001 | $11945 |
| **10/18** | $11893 | $11127 |
| **10/19** | $12714 | $12355 |
| **10/20** | $11922 | $11508 |
| **10/21** | $15725 | $15441 |
| **10/22** | $12204 | $11890 |
| **10/23** | $14336 | $13602 |
| **10/24** | $17791 | $16726 |
| **10/25** | $23173 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 30.25% | 14.21% | 8.76% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38145N519-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Class R6: GCIUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $90 | 0.78% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g44v63.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10138 | $9677 |
| **10/17** | $13028 | $11945 |
| **10/18** | $11924 | $11127 |
| **10/19** | $12770 | $12355 |
| **10/20** | $11995 | $11508 |
| **10/21** | $15830 | $15441 |
| **10/22** | $12303 | $11890 |
| **10/23** | $14462 | $13602 |
| **10/24** | $17984 | $16726 |
| **10/25** | $23449 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 30.39% | 14.34% | 8.89% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38147X242-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Class R: GCIRX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $162 | 1.41% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g91s95.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10067 | $9677 |
| **10/17** | $12867 | $11945 |
| **10/18** | $11707 | $11127 |
| **10/19** | $12452 | $12355 |
| **10/20** | $11616 | $11508 |
| **10/21** | $15240 | $15441 |
| **10/22** | $11766 | $11890 |
| **10/23** | $13759 | $13602 |
| **10/24** | $16986 | $16726 |
| **10/25** | $22023 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 29.65% | 13.64% | 8.21% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38145N527-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Insights Fund

# Class P: GGFPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $90 | 0.78% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, information technology and materials sectors added to the Fund's performance versus the MSCI EAFE Standard Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns, with Market Themes & Trends our best-performing theme. The Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes also bolstered relative performance.

* In terms of individual stock positions, the Fund was aided by its overweights compared to the Index in Sumitomo Electric Industries, Banco BPM and E.ON.

* The overweight in Sumitomo Electric Industries, a Japanese manufacturer of electric wire and optical fiber cables, was largely due to our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Market Themes & Trends, Fundamental Mispricings and High-Quality Business Models investment themes led to the Fund's overweight in Italian banking group Banco BPM.

* The Fund was overweight Germany-based energy company E.ON mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund benefited from its country positioning, with overweights in Japan, Germany and France contributing positively.

Top Detractors from Performance:

* Stock selection in only one sector—communication services—detracted from relative results.

* Regarding individual stock positions, the Fund was hampered by an overweight versus the Index in SoftBank Group. Underweights in Sony Group and Banco Santander also limited returns.

* The Fund's overweight in SoftBank Group, a Japan-based telecommunications and technology company, was mostly because of our Market Themes & Trends, High-Quality Business Models and Sentiment Analysis investment themes.

* Our High-Quality Business Models, Market Themes & Trends and Sentiment Analysis investment themes resulted in the Fund's overweight in Japan-based Sony Group, a provider of electronics, gaming, entertainment and financial services.

* The overweight in Spanish retail bank Banco Santander was largely due to our Market Themes & Trends and Fundamental Mispricings investment themes.

* Within country positioning, the Fund was hampered by underweights in Spain and Sweden and by a lack of exposure to Israel.

Goldman Sachs International Equity Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g16j39.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **4/16/18** | $10000 | $10000 |
| **10/18** | $8854 | $9027 |
| **10/19** | $9476 | $10024 |
| **10/20** | $8900 | $9336 |
| **10/21** | $11748 | $12527 |
| **10/22** | $9130 | $9646 |
| **10/23** | $10733 | $11035 |
| **10/24** | $13341 | $13569 |
| **10/25** | $17399 | $16695 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 30.42% | 14.34% | 7.61% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.02% |

---

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

Goldman Sachs International Equity Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4630168125 |
| # of Portfolio Holdings as of Period End | 356 |
| Portfolio Turnover Rate for the Period | 156% |
| Total Net Advisory Fees Paid for the Period | $20649606 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 18.9% |
| Health Care | 12.3% |
| Information Technology | 10.2% |
| Consumer Discretionary | 9.1% |
| Materials | 6.8% |
| Consumer Staples | 6.0% |
| Communication Services | 3.3% |
| Energy | 3.1% |
| Other | 5.0% |

---

Goldman Sachs International Equity Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Insights Fund

38150B590-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class A: GICAX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $141 | 1.22% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, financials and materials sectors added to the Fund's performance versus the MSCI EAFE Small Cap Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns. Market Themes & Trends was our best-performing theme followed at a distance by our Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Modec, Mitsui E&S and Johnson Electric Holdings.

* The overweight in Japan-based general contractor Modec was mainly due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* Our Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Mitsui E&S, a Japanese heavy industries company.

* The Fund was overweight Johnson Electric Holdings, a Hong Kong-based manufacturer of motion systems, primarily because of our Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was helped by its country positioning, highlighted by its overweights in Japan, Australia and Switzerland.

Top Detractors from Performance:

* Stock selection in only two sectors—utilities and consumer discretionary—detracted from the Fund's relative returns.

* In terms of individual stock positions, the Fund was hindered by overweights versus the Index in Resolute Mining, Arcadis and Yue Yuen Industrial Holdings.

* Our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Australia-based Resolute Mining.

* The overweight in Arcadis, a Netherlands-based design, engineering and management consulting firm, was largely due to our Sentiment Analysis, Market Themes & Trends and Fundamental Mispricings investment themes.

* The Fund was overweight Yue Yuen Industrial Holdings, a Taiwanese footwear manufacturer, mainly because of our Market Themes & Trends and Sentiment Analysis investment themes.

* Among countries, the Fund was hampered by underweight positions in Singapore and Norway and by an overweight position in the Netherlands.

Goldman Sachs International Small Cap Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g03f40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI EAFE Small Cap Index (Net, USD, Unhedged)** | **MSCI EAFE IMI Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9450 | $10000 | $10000 |
| **10/16** | $10419 | $9846 | $10298 | $9759 |
| **10/17** | $13337 | $12604 | $13131 | $12103 |
| **10/18** | $12020 | $11359 | $12105 | $11256 |
| **10/19** | $12823 | $12117 | $13173 | $12463 |
| **10/20** | $12311 | $11634 | $12994 | $11704 |
| **10/21** | $16330 | $15432 | $17642 | $15733 |
| **10/22** | $11910 | $11255 | $12300 | $11934 |
| **10/23** | $13166 | $12442 | $13096 | $13515 |
| **10/24** | $16409 | $15507 | $16103 | $16619 |
| **10/25** | $21627 | $20438 | $20048 | $20485 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 31.80% | 11.92% | 8.01% |
| Class A Including sale charges | 24.56% | 10.66% | 7.40% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 24.50% | 9.06% | 7.20% |
| MSCI EAFE IMI Index (Net, USD, Unhedged) | 23.26% | 11.84% | 7.43% |

---

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

Goldman Sachs International Small Cap Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5705310806 |
| # of Portfolio Holdings as of Period End | 424 |
| Portfolio Turnover Rate for the Period | 165% |
| Total Net Advisory Fees Paid for the Period | $37400536 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Materials | 12.5% |
| Financials | 11.9% |
| Information Technology | 11.2% |
| Real Estate | 10.4% |
| Consumer Discretionary | 10.1% |
| Energy | 4.9% |
| Health Care | 4.4% |
| Consumer Staples | 3.1% |
| Other | 4.1% |

---

Goldman Sachs International Small Cap Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38144N627-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class C: GICCX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $227 | 1.97% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, financials and materials sectors added to the Fund's performance versus the MSCI EAFE Small Cap Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns. Market Themes & Trends was our best-performing theme followed at a distance by our Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Modec, Mitsui E&S and Johnson Electric Holdings.

* The overweight in Japan-based general contractor Modec was mainly due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* Our Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Mitsui E&S, a Japanese heavy industries company.

* The Fund was overweight Johnson Electric Holdings, a Hong Kong-based manufacturer of motion systems, primarily because of our Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was helped by its country positioning, highlighted by its overweights in Japan, Australia and Switzerland.

Top Detractors from Performance:

* Stock selection in only two sectors—utilities and consumer discretionary—detracted from the Fund's relative returns.

* In terms of individual stock positions, the Fund was hindered by overweights versus the Index in Resolute Mining, Arcadis and Yue Yuen Industrial Holdings.

* Our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Australia-based Resolute Mining.

* The overweight in Arcadis, a Netherlands-based design, engineering and management consulting firm, was largely due to our Sentiment Analysis, Market Themes & Trends and Fundamental Mispricings investment themes.

* The Fund was overweight Yue Yuen Industrial Holdings, a Taiwanese footwear manufacturer, mainly because of our Market Themes & Trends and Sentiment Analysis investment themes.

* Among countries, the Fund was hampered by underweight positions in Singapore and Norway and by an overweight position in the Netherlands.

Goldman Sachs International Small Cap Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g46f36.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI EAFE Small Cap Index (Net, USD, Unhedged)** | **MSCI EAFE IMI Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9900 | $10000 | $10000 |
| **10/16** | $10328 | $10225 | $10298 | $9759 |
| **10/17** | $13137 | $13006 | $13131 | $12103 |
| **10/18** | $11746 | $11629 | $12105 | $11256 |
| **10/19** | $12444 | $12319 | $13173 | $12463 |
| **10/20** | $11856 | $11738 | $12994 | $11704 |
| **10/21** | $15611 | $15455 | $17642 | $15733 |
| **10/22** | $11295 | $11182 | $12300 | $11934 |
| **10/23** | $12398 | $12274 | $13096 | $13515 |
| **10/24** | $15335 | $15182 | $16103 | $16619 |
| **10/25** | $20060 | $19860 | $20048 | $20485 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 30.81% | 11.08% | 7.20% |
| Class C Including sale charges | 29.78% | 11.08% | 7.20% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 24.50% | 9.06% | 7.20% |
| MSCI EAFE IMI Index (Net, USD, Unhedged) | 23.26% | 11.84% | 7.43% |

---

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

Goldman Sachs International Small Cap Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5705310806 |
| # of Portfolio Holdings as of Period End | 424 |
| Portfolio Turnover Rate for the Period | 165% |
| Total Net Advisory Fees Paid for the Period | $37400536 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Materials | 12.5% |
| Financials | 11.9% |
| Information Technology | 11.2% |
| Real Estate | 10.4% |
| Consumer Discretionary | 10.1% |
| Energy | 4.9% |
| Health Care | 4.4% |
| Consumer Staples | 3.1% |
| Other | 4.1% |

---

Goldman Sachs International Small Cap Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38144N619-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Small Cap Insights Fund

# Institutional Class: GICIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $100 | 0.86% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, financials and materials sectors added to the Fund's performance versus the MSCI EAFE Small Cap Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns. Market Themes & Trends was our best-performing theme followed at a distance by our Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Modec, Mitsui E&S and Johnson Electric Holdings.

* The overweight in Japan-based general contractor Modec was mainly due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* Our Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Mitsui E&S, a Japanese heavy industries company.

* The Fund was overweight Johnson Electric Holdings, a Hong Kong-based manufacturer of motion systems, primarily because of our Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was helped by its country positioning, highlighted by its overweights in Japan, Australia and Switzerland.

Top Detractors from Performance:

* Stock selection in only two sectors—utilities and consumer discretionary—detracted from the Fund's relative returns.

* In terms of individual stock positions, the Fund was hindered by overweights versus the Index in Resolute Mining, Arcadis and Yue Yuen Industrial Holdings.

* Our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Australia-based Resolute Mining.

* The overweight in Arcadis, a Netherlands-based design, engineering and management consulting firm, was largely due to our Sentiment Analysis, Market Themes & Trends and Fundamental Mispricings investment themes.

* The Fund was overweight Yue Yuen Industrial Holdings, a Taiwanese footwear manufacturer, mainly because of our Market Themes & Trends and Sentiment Analysis investment themes.

* Among countries, the Fund was hampered by underweight positions in Singapore and Norway and by an overweight position in the Netherlands.

Goldman Sachs International Small Cap Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g63h83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Small Cap Index (Net, USD, Unhedged)** | **MSCI EAFE IMI Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1045100 | $1029800 | $975900 |
| **10/17** | $1343894 | $1313098 | $1210311 |
| **10/18** | $1215821 | $1210545 | $1125589 |
| **10/19** | $1302144 | $1317315 | $1246253 |
| **10/20** | $1255007 | $1299400 | $1170356 |
| **10/21** | $1670539 | $1764195 | $1573309 |
| **10/22** | $1222835 | $1229997 | $1193355 |
| **10/23** | $1356858 | $1309577 | $1351475 |
| **10/24** | $1698379 | $1610256 | $1661908 |
| **10/25** | $2244407 | $2004769 | $2048468 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 32.15% | 12.32% | 8.41% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 24.50% | 9.06% | 7.20% |
| MSCI EAFE IMI Index (Net, USD, Unhedged) | 23.26% | 11.84% | 7.43% |

---

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

Goldman Sachs International Small Cap Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5705310806 |
| # of Portfolio Holdings as of Period End | 424 |
| Portfolio Turnover Rate for the Period | 165% |
| Total Net Advisory Fees Paid for the Period | $37400536 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Materials | 12.5% |
| Financials | 11.9% |
| Information Technology | 11.2% |
| Real Estate | 10.4% |
| Consumer Discretionary | 10.1% |
| Energy | 4.9% |
| Health Care | 4.4% |
| Consumer Staples | 3.1% |
| Other | 4.1% |

---

Goldman Sachs International Small Cap Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38144N593-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Small Cap Insights Fund

# Investor Class: GIRLX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $113 | 0.97% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, financials and materials sectors added to the Fund's performance versus the MSCI EAFE Small Cap Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns. Market Themes & Trends was our best-performing theme followed at a distance by our Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Modec, Mitsui E&S and Johnson Electric Holdings.

* The overweight in Japan-based general contractor Modec was mainly due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* Our Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Mitsui E&S, a Japanese heavy industries company.

* The Fund was overweight Johnson Electric Holdings, a Hong Kong-based manufacturer of motion systems, primarily because of our Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was helped by its country positioning, highlighted by its overweights in Japan, Australia and Switzerland.

Top Detractors from Performance:

* Stock selection in only two sectors—utilities and consumer discretionary—detracted from the Fund's relative returns.

* In terms of individual stock positions, the Fund was hindered by overweights versus the Index in Resolute Mining, Arcadis and Yue Yuen Industrial Holdings.

* Our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Australia-based Resolute Mining.

* The overweight in Arcadis, a Netherlands-based design, engineering and management consulting firm, was largely due to our Sentiment Analysis, Market Themes & Trends and Fundamental Mispricings investment themes.

* The Fund was overweight Yue Yuen Industrial Holdings, a Taiwanese footwear manufacturer, mainly because of our Market Themes & Trends and Sentiment Analysis investment themes.

* Among countries, the Fund was hampered by underweight positions in Singapore and Norway and by an overweight position in the Netherlands.

Goldman Sachs International Small Cap Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g76q44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **MSCI EAFE Small Cap Index (Net, USD, Unhedged)** | **MSCI EAFE IMI Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10434 | $10298 | $9759 |
| **10/17** | $13406 | $13131 | $12103 |
| **10/18** | $12103 | $12105 | $11256 |
| **10/19** | $12951 | $13173 | $12463 |
| **10/20** | $12468 | $12994 | $11704 |
| **10/21** | $16567 | $17642 | $15733 |
| **10/22** | $12111 | $12300 | $11934 |
| **10/23** | $13422 | $13096 | $13515 |
| **10/24** | $16782 | $16103 | $16619 |
| **10/25** | $22166 | $20048 | $20485 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 32.08% | 12.19% | 8.28% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 24.50% | 9.06% | 7.20% |
| MSCI EAFE IMI Index (Net, USD, Unhedged) | 23.26% | 11.84% | 7.43% |

---

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

Goldman Sachs International Small Cap Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5705310806 |
| # of Portfolio Holdings as of Period End | 424 |
| Portfolio Turnover Rate for the Period | 165% |
| Total Net Advisory Fees Paid for the Period | $37400536 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Materials | 12.5% |
| Financials | 11.9% |
| Information Technology | 11.2% |
| Real Estate | 10.4% |
| Consumer Discretionary | 10.1% |
| Energy | 4.9% |
| Health Care | 4.4% |
| Consumer Staples | 3.1% |
| Other | 4.1% |

---

Goldman Sachs International Small Cap Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38145C554-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class R6: GICUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $99 | 0.85% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, financials and materials sectors added to the Fund's performance versus the MSCI EAFE Small Cap Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns. Market Themes & Trends was our best-performing theme followed at a distance by our Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Modec, Mitsui E&S and Johnson Electric Holdings.

* The overweight in Japan-based general contractor Modec was mainly due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* Our Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Mitsui E&S, a Japanese heavy industries company.

* The Fund was overweight Johnson Electric Holdings, a Hong Kong-based manufacturer of motion systems, primarily because of our Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was helped by its country positioning, highlighted by its overweights in Japan, Australia and Switzerland.

Top Detractors from Performance:

* Stock selection in only two sectors—utilities and consumer discretionary—detracted from the Fund's relative returns.

* In terms of individual stock positions, the Fund was hindered by overweights versus the Index in Resolute Mining, Arcadis and Yue Yuen Industrial Holdings.

* Our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Australia-based Resolute Mining.

* The overweight in Arcadis, a Netherlands-based design, engineering and management consulting firm, was largely due to our Sentiment Analysis, Market Themes & Trends and Fundamental Mispricings investment themes.

* The Fund was overweight Yue Yuen Industrial Holdings, a Taiwanese footwear manufacturer, mainly because of our Market Themes & Trends and Sentiment Analysis investment themes.

* Among countries, the Fund was hampered by underweight positions in Singapore and Norway and by an overweight position in the Netherlands.

Goldman Sachs International Small Cap Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g57a96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Small Cap Index (Net, USD, Unhedged)** | **MSCI EAFE IMI Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10474 | $10298 | $9759 |
| **10/17** | $13477 | $13131 | $12103 |
| **10/18** | $12187 | $12105 | $11256 |
| **10/19** | $13054 | $13173 | $12463 |
| **10/20** | $12582 | $12994 | $11704 |
| **10/21** | $16750 | $17642 | $15733 |
| **10/22** | $12259 | $12300 | $11934 |
| **10/23** | $13613 | $13096 | $13515 |
| **10/24** | $17029 | $16103 | $16619 |
| **10/25** | $22516 | $20048 | $20485 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 32.22% | 12.34% | 8.45% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 24.50% | 9.06% | 7.20% |
| MSCI EAFE IMI Index (Net, USD, Unhedged) | 23.26% | 11.84% | 7.43% |

---

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

Goldman Sachs International Small Cap Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5705310806 |
| # of Portfolio Holdings as of Period End | 424 |
| Portfolio Turnover Rate for the Period | 165% |
| Total Net Advisory Fees Paid for the Period | $37400536 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Materials | 12.5% |
| Financials | 11.9% |
| Information Technology | 11.2% |
| Real Estate | 10.4% |
| Consumer Discretionary | 10.1% |
| Energy | 4.9% |
| Health Care | 4.4% |
| Consumer Staples | 3.1% |
| Other | 4.1% |

---

Goldman Sachs International Small Cap Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38147X234-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Small Cap Insights Fund

# Class P: GGDPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Small Cap Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $99 | 0.85% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the U.S. November 2024 Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Stock selection in the industrials, financials and materials sectors added to the Fund's performance versus the MSCI EAFE Small Cap Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes contributed positively to relative returns. Market Themes & Trends was our best-performing theme followed at a distance by our Fundamental Mispricings, Sentiment Analysis and High-Quality Business Models investment themes.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Modec, Mitsui E&S and Johnson Electric Holdings.

* The overweight in Japan-based general contractor Modec was mainly due to our Market Themes & Trends, Sentiment Analysis and High-Quality Business Models investment themes.

* Our Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Mitsui E&S, a Japanese heavy industries company.

* The Fund was overweight Johnson Electric Holdings, a Hong Kong-based manufacturer of motion systems, primarily because of our Market Themes & Trends and Sentiment Analysis investment themes.

* The Fund was helped by its country positioning, highlighted by its overweights in Japan, Australia and Switzerland.

Top Detractors from Performance:

* Stock selection in only two sectors—utilities and consumer discretionary—detracted from the Fund's relative returns.

* In terms of individual stock positions, the Fund was hindered by overweights versus the Index in Resolute Mining, Arcadis and Yue Yuen Industrial Holdings.

* Our Market Themes & Trends, Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Australia-based Resolute Mining.

* The overweight in Arcadis, a Netherlands-based design, engineering and management consulting firm, was largely due to our Sentiment Analysis, Market Themes & Trends and Fundamental Mispricings investment themes.

* The Fund was overweight Yue Yuen Industrial Holdings, a Taiwanese footwear manufacturer, mainly because of our Market Themes & Trends and Sentiment Analysis investment themes.

* Among countries, the Fund was hampered by underweight positions in Singapore and Norway and by an overweight position in the Netherlands.

Goldman Sachs International Small Cap Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g95q57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **MSCI EAFE Small Cap Index (Net, USD, Unhedged)** | **MSCI EAFE IMI Index (Net, USD, Unhedged)** |
| **4/16/18** | $10000 | $10000 | $10000 |
| **10/18** | $8570 | $8656 | $8971 |
| **10/19** | $9179 | $9420 | $9933 |
| **10/20** | $8848 | $9291 | $9328 |
| **10/21** | $11781 | $12615 | $12539 |
| **10/22** | $8623 | $8795 | $9511 |
| **10/23** | $9575 | $9364 | $10771 |
| **10/24** | $11978 | $11514 | $13245 |
| **10/25** | $15839 | $14335 | $16326 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 32.24% | 12.34% | 6.28% |
| MSCI EAFE Small Cap Index (Net, USD, Unhedged) | 24.50% | 9.06% | 4.88% |
| MSCI EAFE IMI Index (Net, USD, Unhedged) | 23.26% | 11.84% | 6.71% |

---

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

Goldman Sachs International Small Cap Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5705310806 |
| # of Portfolio Holdings as of Period End | 424 |
| Portfolio Turnover Rate for the Period | 165% |
| Total Net Advisory Fees Paid for the Period | $37400536 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 24.8% |
| Materials | 12.5% |
| Financials | 11.9% |
| Information Technology | 11.2% |
| Real Estate | 10.4% |
| Consumer Discretionary | 10.1% |
| Energy | 4.9% |
| Health Care | 4.4% |
| Consumer Staples | 3.1% |
| Other | 4.1% |

---

Goldman Sachs International Small Cap Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Small Cap Insights Fund

38150B574-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs China Equity Fund

# Class A: GSAGX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $167 | 1.45% |

---

## How did the Fund perform and what affected its performance?
The broad China equity market gained strongly overall. The early months of the Period were pressured by a strong U.S. dollar and concerns regarding potential U.S.-China trade tariff increases and semiconductor chip restrictions given the results of the November 2024 U.S. elections. Beginning in mid-January 2025, China equities staged a recovery, albeit uneven, led by a rally in technology stocks. Tailwinds included AI-related optimism, improved corporate earnings, resilient exports, increased domestic flows into its equity market, targeted Chinese government policy initiatives and an easing of select tariffs between the U.S. and China. China equities slid in October 2025 driven by renewed trade tensions with the U.S., mixed economic data, policy shifts and profit-taking after reaching a decade high early in the month.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative performance. Sector allocation as a whole also helped, albeit more modestly.

* Security selection in the industrials, health care and consumer discretionary sectors added the most value. Having overweights to industrials and health care further boosted relative results.

* An out-of-MSCI China All Shares Index position in Wuxi Lead Intelligent Equipment, a manufacturer of equipment for lithium-ion batteries, capacitors, photovoltaics and the computer, communications and consumer electronics industries, was the Fund's top relative contributor. Its share price rose as markets became enthusiastic about the prospects of a breakthrough in new technologies in solid state batteries as well as on strong fundamental demand for lithium batteries.

* An overweight in Zijin Mining Group, the largest mining conglomerate in China, added value. The firm built a sizable resource reserve in gold and copper and was seen by many as among the few companies globally that could see steady growth in gold and copper mining output in the medium term. With the secular growth of new energy vehicles and renewables in China, the consumption of copper and green metals was expected to stay elevated, supporting prices.

* An average overweight in Xiaomi, a smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales.

Top Detractors from Performance:

* Security selection in the information technology, financials and consumer staples sectors detracted most. Having an underweight to financials also hurt.

* The Fund's top detractor was Sungrow Power Supply, a manufacturer of new energy power equipment. The company enjoyed strong performance due to robust revenue growth driven by expanded sales volume, especially in its energy storage systems segment. The company also benefited from increased overseas market revenue, innovation in product offerings and economies of scale. The position proved a detractor given our untimely sale of the holding.

* An average overweight in technology-driven retail company Meituan detracted. It performed poorly due to a fierce price war with competitors like Alibaba Group Holding, which caused Meituan's profit margins to shrink despite revenue growth. Increased costs and regulatory changes added to margin pressures.

* An average overweight in BYD Electronics, which manufactures handset components and provides assembly services, hurt. Its stock was weak amid U.S. tariff concerns and soft earnings. We sold the Fund's position in BYD Electronics given the company's miss on consensus earnings expectations due to weaker margins and market share loss in the smartphone casing business.

Goldman Sachs China Equity Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g17l65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI China All Shares Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9450 | $10000 |
| **10/16** | $10394 | $9822 | $9451 |
| **10/17** | $13654 | $12903 | $12513 |
| **10/18** | $11562 | $10926 | $9787 |
| **10/19** | $13821 | $13061 | $11449 |
| **10/20** | $19877 | $18784 | $15387 |
| **10/21** | $20267 | $19152 | $15296 |
| **10/22** | $10026 | $9475 | $8783 |
| **10/23** | $10919 | $10319 | $9804 |
| **10/24** | $12372 | $11691 | $11616 |
| **10/25** | $16122 | $15235 | $14991 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 30.31% | -4.10% | 4.89% |
| Class A Including sale charges | 23.15% | -5.17% | 4.30% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 29.05% | -0.52% | 4.13% |

---

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

Goldman Sachs China Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $40926808 |
| # of Portfolio Holdings as of Period End | 74 |
| Portfolio Turnover Rate for the Period | 63% |
| Total Net Advisory Fees Paid for the Period | $356520 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 19.9% |
| Financials | 18.8% |
| Communication Services | 16.0% |
| Information Technology | 13.0% |
| Industrials | 10.4% |
| Materials | 8.4% |
| Health Care | 5.2% |
| Consumer Staples | 4.5% |
| Utilities | 1.4% |
| Other | 2.1% |

---

Goldman Sachs China Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38141W570-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs China Equity Fund

# Class C: GSACX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $252 | 2.20% |

---

## How did the Fund perform and what affected its performance?
The broad China equity market gained strongly overall. The early months of the Period were pressured by a strong U.S. dollar and concerns regarding potential U.S.-China trade tariff increases and semiconductor chip restrictions given the results of the November 2024 U.S. elections. Beginning in mid-January 2025, China equities staged a recovery, albeit uneven, led by a rally in technology stocks. Tailwinds included AI-related optimism, improved corporate earnings, resilient exports, increased domestic flows into its equity market, targeted Chinese government policy initiatives and an easing of select tariffs between the U.S. and China. China equities slid in October 2025 driven by renewed trade tensions with the U.S., mixed economic data, policy shifts and profit-taking after reaching a decade high early in the month.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative performance. Sector allocation as a whole also helped, albeit more modestly.

* Security selection in the industrials, health care and consumer discretionary sectors added the most value. Having overweights to industrials and health care further boosted relative results.

* An out-of-MSCI China All Shares Index position in Wuxi Lead Intelligent Equipment, a manufacturer of equipment for lithium-ion batteries, capacitors, photovoltaics and the computer, communications and consumer electronics industries, was the Fund's top relative contributor. Its share price rose as markets became enthusiastic about the prospects of a breakthrough in new technologies in solid state batteries as well as on strong fundamental demand for lithium batteries.

* An overweight in Zijin Mining Group, the largest mining conglomerate in China, added value. The firm built a sizable resource reserve in gold and copper and was seen by many as among the few companies globally that could see steady growth in gold and copper mining output in the medium term. With the secular growth of new energy vehicles and renewables in China, the consumption of copper and green metals was expected to stay elevated, supporting prices.

* An average overweight in Xiaomi, a smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales.

Top Detractors from Performance:

* Security selection in the information technology, financials and consumer staples sectors detracted most. Having an underweight to financials also hurt.

* The Fund's top detractor was Sungrow Power Supply, a manufacturer of new energy power equipment. The company enjoyed strong performance due to robust revenue growth driven by expanded sales volume, especially in its energy storage systems segment. The company also benefited from increased overseas market revenue, innovation in product offerings and economies of scale. The position proved a detractor given our untimely sale of the holding.

* An average overweight in technology-driven retail company Meituan detracted. It performed poorly due to a fierce price war with competitors like Alibaba Group Holding, which caused Meituan's profit margins to shrink despite revenue growth. Increased costs and regulatory changes added to margin pressures.

* An average overweight in BYD Electronics, which manufactures handset components and provides assembly services, hurt. Its stock was weak amid U.S. tariff concerns and soft earnings. We sold the Fund's position in BYD Electronics given the company's miss on consensus earnings expectations due to weaker margins and market share loss in the smartphone casing business.

Goldman Sachs China Equity Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g98i15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI China All Shares Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9900 | $10000 |
| **10/16** | $10319 | $10216 | $9451 |
| **10/17** | $13451 | $13316 | $12513 |
| **10/18** | $11307 | $11194 | $9787 |
| **10/19** | $13417 | $13282 | $11449 |
| **10/20** | $19151 | $18959 | $15387 |
| **10/21** | $19384 | $19191 | $15296 |
| **10/22** | $9520 | $9425 | $8783 |
| **10/23** | $10287 | $10184 | $9804 |
| **10/24** | $11563 | $11447 | $11616 |
| **10/25** | $14956 | $14807 | $14991 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 29.35% | -4.82% | 4.10% |
| Class C Including sale charges | 28.35% | -4.82% | 4.10% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 29.05% | -0.52% | 4.13% |

---

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

Goldman Sachs China Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $40926808 |
| # of Portfolio Holdings as of Period End | 74 |
| Portfolio Turnover Rate for the Period | 63% |
| Total Net Advisory Fees Paid for the Period | $356520 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 19.9% |
| Financials | 18.8% |
| Communication Services | 16.0% |
| Information Technology | 13.0% |
| Industrials | 10.4% |
| Materials | 8.4% |
| Health Care | 5.2% |
| Consumer Staples | 4.5% |
| Utilities | 1.4% |
| Other | 2.1% |

---

Goldman Sachs China Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38142B294-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs China Equity Fund

# Institutional Class: GSAIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $126 | 1.09% |

---

## How did the Fund perform and what affected its performance?
The broad China equity market gained strongly overall. The early months of the Period were pressured by a strong U.S. dollar and concerns regarding potential U.S.-China trade tariff increases and semiconductor chip restrictions given the results of the November 2024 U.S. elections. Beginning in mid-January 2025, China equities staged a recovery, albeit uneven, led by a rally in technology stocks. Tailwinds included AI-related optimism, improved corporate earnings, resilient exports, increased domestic flows into its equity market, targeted Chinese government policy initiatives and an easing of select tariffs between the U.S. and China. China equities slid in October 2025 driven by renewed trade tensions with the U.S., mixed economic data, policy shifts and profit-taking after reaching a decade high early in the month.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative performance. Sector allocation as a whole also helped, albeit more modestly.

* Security selection in the industrials, health care and consumer discretionary sectors added the most value. Having overweights to industrials and health care further boosted relative results.

* An out-of-MSCI China All Shares Index position in Wuxi Lead Intelligent Equipment, a manufacturer of equipment for lithium-ion batteries, capacitors, photovoltaics and the computer, communications and consumer electronics industries, was the Fund's top relative contributor. Its share price rose as markets became enthusiastic about the prospects of a breakthrough in new technologies in solid state batteries as well as on strong fundamental demand for lithium batteries.

* An overweight in Zijin Mining Group, the largest mining conglomerate in China, added value. The firm built a sizable resource reserve in gold and copper and was seen by many as among the few companies globally that could see steady growth in gold and copper mining output in the medium term. With the secular growth of new energy vehicles and renewables in China, the consumption of copper and green metals was expected to stay elevated, supporting prices.

* An average overweight in Xiaomi, a smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales.

Top Detractors from Performance:

* Security selection in the information technology, financials and consumer staples sectors detracted most. Having an underweight to financials also hurt.

* The Fund's top detractor was Sungrow Power Supply, a manufacturer of new energy power equipment. The company enjoyed strong performance due to robust revenue growth driven by expanded sales volume, especially in its energy storage systems segment. The company also benefited from increased overseas market revenue, innovation in product offerings and economies of scale. The position proved a detractor given our untimely sale of the holding.

* An average overweight in technology-driven retail company Meituan detracted. It performed poorly due to a fierce price war with competitors like Alibaba Group Holding, which caused Meituan's profit margins to shrink despite revenue growth. Increased costs and regulatory changes added to margin pressures.

* An average overweight in BYD Electronics, which manufactures handset components and provides assembly services, hurt. Its stock was weak amid U.S. tariff concerns and soft earnings. We sold the Fund's position in BYD Electronics given the company's miss on consensus earnings expectations due to weaker margins and market share loss in the smartphone casing business.

Goldman Sachs China Equity Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g01q25.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI China All Shares Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $1043300 | $945100 |
| **10/17** | $1376217 | $1251312 |
| **10/18** | $1170060 | $978651 |
| **10/19** | $1403838 | $1144924 |
| **10/20** | $2025457 | $1538664 |
| **10/21** | $2071637 | $1529586 |
| **10/22** | $1028568 | $878288 |
| **10/23** | $1123608 | $980433 |
| **10/24** | $1277317 | $1161617 |
| **10/25** | $1670220 | $1499067 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 30.76% | -3.78% | 5.26% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 29.05% | -0.52% | 4.13% |

---

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

Goldman Sachs China Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $40926808 |
| # of Portfolio Holdings as of Period End | 74 |
| Portfolio Turnover Rate for the Period | 63% |
| Total Net Advisory Fees Paid for the Period | $356520 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 19.9% |
| Financials | 18.8% |
| Communication Services | 16.0% |
| Information Technology | 13.0% |
| Industrials | 10.4% |
| Materials | 8.4% |
| Health Care | 5.2% |
| Consumer Staples | 4.5% |
| Utilities | 1.4% |
| Other | 2.1% |

---

Goldman Sachs China Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38141W455-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs China Equity Fund

# Investor Class: GSAEX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $138 | 1.20% |

---

## How did the Fund perform and what affected its performance?
The broad China equity market gained strongly overall. The early months of the Period were pressured by a strong U.S. dollar and concerns regarding potential U.S.-China trade tariff increases and semiconductor chip restrictions given the results of the November 2024 U.S. elections. Beginning in mid-January 2025, China equities staged a recovery, albeit uneven, led by a rally in technology stocks. Tailwinds included AI-related optimism, improved corporate earnings, resilient exports, increased domestic flows into its equity market, targeted Chinese government policy initiatives and an easing of select tariffs between the U.S. and China. China equities slid in October 2025 driven by renewed trade tensions with the U.S., mixed economic data, policy shifts and profit-taking after reaching a decade high early in the month.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative performance. Sector allocation as a whole also helped, albeit more modestly.

* Security selection in the industrials, health care and consumer discretionary sectors added the most value. Having overweights to industrials and health care further boosted relative results.

* An out-of-MSCI China All Shares Index position in Wuxi Lead Intelligent Equipment, a manufacturer of equipment for lithium-ion batteries, capacitors, photovoltaics and the computer, communications and consumer electronics industries, was the Fund's top relative contributor. Its share price rose as markets became enthusiastic about the prospects of a breakthrough in new technologies in solid state batteries as well as on strong fundamental demand for lithium batteries.

* An overweight in Zijin Mining Group, the largest mining conglomerate in China, added value. The firm built a sizable resource reserve in gold and copper and was seen by many as among the few companies globally that could see steady growth in gold and copper mining output in the medium term. With the secular growth of new energy vehicles and renewables in China, the consumption of copper and green metals was expected to stay elevated, supporting prices.

* An average overweight in Xiaomi, a smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales.

Top Detractors from Performance:

* Security selection in the information technology, financials and consumer staples sectors detracted most. Having an underweight to financials also hurt.

* The Fund's top detractor was Sungrow Power Supply, a manufacturer of new energy power equipment. The company enjoyed strong performance due to robust revenue growth driven by expanded sales volume, especially in its energy storage systems segment. The company also benefited from increased overseas market revenue, innovation in product offerings and economies of scale. The position proved a detractor given our untimely sale of the holding.

* An average overweight in technology-driven retail company Meituan detracted. It performed poorly due to a fierce price war with competitors like Alibaba Group Holding, which caused Meituan's profit margins to shrink despite revenue growth. Increased costs and regulatory changes added to margin pressures.

* An average overweight in BYD Electronics, which manufactures handset components and provides assembly services, hurt. Its stock was weak amid U.S. tariff concerns and soft earnings. We sold the Fund's position in BYD Electronics given the company's miss on consensus earnings expectations due to weaker margins and market share loss in the smartphone casing business.

Goldman Sachs China Equity Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g24a18.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI China All Shares Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10419 | $9451 |
| **10/17** | $13726 | $12513 |
| **10/18** | $11652 | $9787 |
| **10/19** | $13966 | $11449 |
| **10/20** | $20132 | $15387 |
| **10/21** | $20579 | $15296 |
| **10/22** | $10207 | $8783 |
| **10/23** | $11145 | $9804 |
| **10/24** | $12661 | $11616 |
| **10/25** | $16543 | $14991 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 30.66% | -3.85% | 5.16% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 29.05% | -0.52% | 4.13% |

---

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

Goldman Sachs China Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $40926808 |
| # of Portfolio Holdings as of Period End | 74 |
| Portfolio Turnover Rate for the Period | 63% |
| Total Net Advisory Fees Paid for the Period | $356520 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 19.9% |
| Financials | 18.8% |
| Communication Services | 16.0% |
| Information Technology | 13.0% |
| Industrials | 10.4% |
| Materials | 8.4% |
| Health Care | 5.2% |
| Consumer Staples | 4.5% |
| Utilities | 1.4% |
| Other | 2.1% |

---

Goldman Sachs China Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38147X804-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs China Equity Fund

# Class R6: GSAFX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $125 | 1.08% |

---

## How did the Fund perform and what affected its performance?
The broad China equity market gained strongly overall. The early months of the Period were pressured by a strong U.S. dollar and concerns regarding potential U.S.-China trade tariff increases and semiconductor chip restrictions given the results of the November 2024 U.S. elections. Beginning in mid-January 2025, China equities staged a recovery, albeit uneven, led by a rally in technology stocks. Tailwinds included AI-related optimism, improved corporate earnings, resilient exports, increased domestic flows into its equity market, targeted Chinese government policy initiatives and an easing of select tariffs between the U.S. and China. China equities slid in October 2025 driven by renewed trade tensions with the U.S., mixed economic data, policy shifts and profit-taking after reaching a decade high early in the month.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative performance. Sector allocation as a whole also helped, albeit more modestly.

* Security selection in the industrials, health care and consumer discretionary sectors added the most value. Having overweights to industrials and health care further boosted relative results.

* An out-of-MSCI China All Shares Index position in Wuxi Lead Intelligent Equipment, a manufacturer of equipment for lithium-ion batteries, capacitors, photovoltaics and the computer, communications and consumer electronics industries, was the Fund's top relative contributor. Its share price rose as markets became enthusiastic about the prospects of a breakthrough in new technologies in solid state batteries as well as on strong fundamental demand for lithium batteries.

* An overweight in Zijin Mining Group, the largest mining conglomerate in China, added value. The firm built a sizable resource reserve in gold and copper and was seen by many as among the few companies globally that could see steady growth in gold and copper mining output in the medium term. With the secular growth of new energy vehicles and renewables in China, the consumption of copper and green metals was expected to stay elevated, supporting prices.

* An average overweight in Xiaomi, a smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales.

Top Detractors from Performance:

* Security selection in the information technology, financials and consumer staples sectors detracted most. Having an underweight to financials also hurt.

* The Fund's top detractor was Sungrow Power Supply, a manufacturer of new energy power equipment. The company enjoyed strong performance due to robust revenue growth driven by expanded sales volume, especially in its energy storage systems segment. The company also benefited from increased overseas market revenue, innovation in product offerings and economies of scale. The position proved a detractor given our untimely sale of the holding.

* An average overweight in technology-driven retail company Meituan detracted. It performed poorly due to a fierce price war with competitors like Alibaba Group Holding, which caused Meituan's profit margins to shrink despite revenue growth. Increased costs and regulatory changes added to margin pressures.

* An average overweight in BYD Electronics, which manufactures handset components and provides assembly services, hurt. Its stock was weak amid U.S. tariff concerns and soft earnings. We sold the Fund's position in BYD Electronics given the company's miss on consensus earnings expectations due to weaker margins and market share loss in the smartphone casing business.

Goldman Sachs China Equity Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g22m51.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI China All Shares Index (Net, USD, Unhedged)** |
| **2/28/18** | $10000 | $10000 |
| **10/18** | $7966 | $7405 |
| **10/19** | $9556 | $8663 |
| **10/20** | $13789 | $11642 |
| **10/21** | $14105 | $11574 |
| **10/22** | $7000 | $6646 |
| **10/23** | $7653 | $7419 |
| **10/24** | $8696 | $8789 |
| **10/25** | $11375 | $11343 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced February 28, 2018) | 30.81% | -3.77% | 1.69% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 29.05% | -0.52% | 1.66% |

---

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

Goldman Sachs China Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $40926808 |
| # of Portfolio Holdings as of Period End | 74 |
| Portfolio Turnover Rate for the Period | 63% |
| Total Net Advisory Fees Paid for the Period | $356520 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 19.9% |
| Financials | 18.8% |
| Communication Services | 16.0% |
| Information Technology | 13.0% |
| Industrials | 10.4% |
| Materials | 8.4% |
| Health Care | 5.2% |
| Consumer Staples | 4.5% |
| Utilities | 1.4% |
| Other | 2.1% |

---

Goldman Sachs China Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38148U130-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs China Equity Fund

# Class P: GMEPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs China Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $125 | 1.08% |

---

## How did the Fund perform and what affected its performance?
The broad China equity market gained strongly overall. The early months of the Period were pressured by a strong U.S. dollar and concerns regarding potential U.S.-China trade tariff increases and semiconductor chip restrictions given the results of the November 2024 U.S. elections. Beginning in mid-January 2025, China equities staged a recovery, albeit uneven, led by a rally in technology stocks. Tailwinds included AI-related optimism, improved corporate earnings, resilient exports, increased domestic flows into its equity market, targeted Chinese government policy initiatives and an easing of select tariffs between the U.S. and China. China equities slid in October 2025 driven by renewed trade tensions with the U.S., mixed economic data, policy shifts and profit-taking after reaching a decade high early in the month.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative performance. Sector allocation as a whole also helped, albeit more modestly.

* Security selection in the industrials, health care and consumer discretionary sectors added the most value. Having overweights to industrials and health care further boosted relative results.

* An out-of-MSCI China All Shares Index position in Wuxi Lead Intelligent Equipment, a manufacturer of equipment for lithium-ion batteries, capacitors, photovoltaics and the computer, communications and consumer electronics industries, was the Fund's top relative contributor. Its share price rose as markets became enthusiastic about the prospects of a breakthrough in new technologies in solid state batteries as well as on strong fundamental demand for lithium batteries.

* An overweight in Zijin Mining Group, the largest mining conglomerate in China, added value. The firm built a sizable resource reserve in gold and copper and was seen by many as among the few companies globally that could see steady growth in gold and copper mining output in the medium term. With the secular growth of new energy vehicles and renewables in China, the consumption of copper and green metals was expected to stay elevated, supporting prices.

* An average overweight in Xiaomi, a smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales.

Top Detractors from Performance:

* Security selection in the information technology, financials and consumer staples sectors detracted most. Having an underweight to financials also hurt.

* The Fund's top detractor was Sungrow Power Supply, a manufacturer of new energy power equipment. The company enjoyed strong performance due to robust revenue growth driven by expanded sales volume, especially in its energy storage systems segment. The company also benefited from increased overseas market revenue, innovation in product offerings and economies of scale. The position proved a detractor given our untimely sale of the holding.

* An average overweight in technology-driven retail company Meituan detracted. It performed poorly due to a fierce price war with competitors like Alibaba Group Holding, which caused Meituan's profit margins to shrink despite revenue growth. Increased costs and regulatory changes added to margin pressures.

* An average overweight in BYD Electronics, which manufactures handset components and provides assembly services, hurt. Its stock was weak amid U.S. tariff concerns and soft earnings. We sold the Fund's position in BYD Electronics given the company's miss on consensus earnings expectations due to weaker margins and market share loss in the smartphone casing business.

Goldman Sachs China Equity Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g21n15.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI China All Shares Index (Net, USD, Unhedged)** |
| **4/16/18** | $10000 | $10000 |
| **10/18** | $8027 | $7722 |
| **10/19** | $9631 | $9034 |
| **10/20** | $13899 | $12141 |
| **10/21** | $14213 | $12069 |
| **10/22** | $7057 | $6930 |
| **10/23** | $7714 | $7736 |
| **10/24** | $8765 | $9166 |
| **10/25** | $11464 | $11828 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 30.79% | -3.78% | 1.82% |
| MSCI China All Shares Index (Net, USD, Unhedged) | 29.05% | -0.52% | 2.25% |

---

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

Goldman Sachs China Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $40926808 |
| # of Portfolio Holdings as of Period End | 74 |
| Portfolio Turnover Rate for the Period | 63% |
| Total Net Advisory Fees Paid for the Period | $356520 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 19.9% |
| Financials | 18.8% |
| Communication Services | 16.0% |
| Information Technology | 13.0% |
| Industrials | 10.4% |
| Materials | 8.4% |
| Health Care | 5.2% |
| Consumer Staples | 4.5% |
| Utilities | 1.4% |
| Other | 2.1% |

---

Goldman Sachs China Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs China Equity Fund

38150B400-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class A: GEMAX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $152 | 1.34% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection and sector allocation as a whole added value to the Fund's relative results.

* Security selection in information technology and materials contributed most positively to relative results. An overweight to information technology and an underweight to energy further boosted performance.

* From a country perspective, an overweight to Greece and stock selection in China and South Korea contributed positively to the Fund's relative results.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation overall detracted from the Fund's relative performance.

* Security selection in consumer discretionary, health care and real estate detracted. Overweights to consumer discretionary and health care also dampened performance.

* Stock selection in Indonesia, South Africa and the Philippines detracted. Overweights to Indonesia and the Philippines and an underweight in South Africa also hurt.

* The Fund's top detractor was Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* China's e-commerce retail, cloud computing and digital media giant Alibaba Group Holding detracted. Its shares fell early in 2025 amid concerns around geopolitical tensions. However, it reported strong June quarter results, which then drove a strong price rally. The Fund held a rather neutral position in the stock for much of the Period, only adding to the position in October 2025.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum. 

Goldman Sachs Emerging Markets Equity Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g48b10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9450 | $10000 |
| **10/16** | $11003 | $10398 | $10927 |
| **10/17** | $14280 | $13494 | $13817 |
| **10/18** | $11806 | $11157 | $12087 |
| **10/19** | $14053 | $13280 | $13521 |
| **10/20** | $16559 | $15648 | $14636 |
| **10/21** | $19889 | $18795 | $17119 |
| **10/22** | $11792 | $11144 | $11807 |
| **10/23** | $12895 | $12185 | $13082 |
| **10/24** | $15946 | $15069 | $16394 |
| **10/25** | $20272 | $19157 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 27.13% | 4.13% | 7.32% |
| Class A Including sale charges | 20.13% | 2.96% | 6.71% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3017556216 |
| # of Portfolio Holdings as of Period End | 129 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $25276439 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.7% |
| Financials | 24.0% |
| Consumer Discretionary | 14.6% |
| Communication Services | 10.3% |
| Industrials | 5.2% |
| Consumer Staples | 4.6% |
| Materials | 4.5% |
| Health Care | 4.3% |
| Real Estate | 1.8% |
| Other | 0.0% |

---

Goldman Sachs Emerging Markets Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B450-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class C: GEMCX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $236 | 2.09% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection and sector allocation as a whole added value to the Fund's relative results.

* Security selection in information technology and materials contributed most positively to relative results. An overweight to information technology and an underweight to energy further boosted performance.

* From a country perspective, an overweight to Greece and stock selection in China and South Korea contributed positively to the Fund's relative results.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation overall detracted from the Fund's relative performance.

* Security selection in consumer discretionary, health care and real estate detracted. Overweights to consumer discretionary and health care also dampened performance.

* Stock selection in Indonesia, South Africa and the Philippines detracted. Overweights to Indonesia and the Philippines and an underweight in South Africa also hurt.

* The Fund's top detractor was Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* China's e-commerce retail, cloud computing and digital media giant Alibaba Group Holding detracted. Its shares fell early in 2025 amid concerns around geopolitical tensions. However, it reported strong June quarter results, which then drove a strong price rally. The Fund held a rather neutral position in the stock for much of the Period, only adding to the position in October 2025.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum. 

Goldman Sachs Emerging Markets Equity Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g23h25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9900 | $10000 |
| **10/16** | $10917 | $10808 | $10927 |
| **10/17** | $14065 | $13925 | $13817 |
| **10/18** | $11546 | $11431 | $12087 |
| **10/19** | $13639 | $13502 | $13521 |
| **10/20** | $15943 | $15784 | $14636 |
| **10/21** | $19009 | $18819 | $17119 |
| **10/22** | $11189 | $11077 | $11807 |
| **10/23** | $12141 | $12020 | $13082 |
| **10/24** | $14904 | $14755 | $16394 |
| **10/25** | $18805 | $18617 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 26.17% | 3.36% | 6.51% |
| Class C Including sale charges | 25.17% | 3.36% | 6.51% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3017556216 |
| # of Portfolio Holdings as of Period End | 129 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $25276439 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.7% |
| Financials | 24.0% |
| Consumer Discretionary | 14.6% |
| Communication Services | 10.3% |
| Industrials | 5.2% |
| Consumer Staples | 4.6% |
| Materials | 4.5% |
| Health Care | 4.3% |
| Real Estate | 1.8% |
| Other | 0.0% |

---

Goldman Sachs Emerging Markets Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B252-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Institutional Class: GEMIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $118 | 1.04% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection and sector allocation as a whole added value to the Fund's relative results.

* Security selection in information technology and materials contributed most positively to relative results. An overweight to information technology and an underweight to energy further boosted performance.

* From a country perspective, an overweight to Greece and stock selection in China and South Korea contributed positively to the Fund's relative results.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation overall detracted from the Fund's relative performance.

* Security selection in consumer discretionary, health care and real estate detracted. Overweights to consumer discretionary and health care also dampened performance.

* Stock selection in Indonesia, South Africa and the Philippines detracted. Overweights to Indonesia and the Philippines and an underweight in South Africa also hurt.

* The Fund's top detractor was Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* China's e-commerce retail, cloud computing and digital media giant Alibaba Group Holding detracted. Its shares fell early in 2025 amid concerns around geopolitical tensions. However, it reported strong June quarter results, which then drove a strong price rally. The Fund held a rather neutral position in the stock for much of the Period, only adding to the position in October 2025.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum. 

Goldman Sachs Emerging Markets Equity Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g32q00.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $1104600 | $1092700 |
| **10/17** | $1439404 | $1381719 |
| **10/18** | $1194849 | $1208728 |
| **10/19** | $1427965 | $1352083 |
| **10/20** | $1687426 | $1463630 |
| **10/21** | $2033517 | $1711862 |
| **10/22** | $1209536 | $1180671 |
| **10/23** | $1326256 | $1308183 |
| **10/24** | $1645751 | $1639415 |
| **10/25** | $2097345 | $2096976 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 27.44% | 4.44% | 7.68% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3017556216 |
| # of Portfolio Holdings as of Period End | 129 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $25276439 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.7% |
| Financials | 24.0% |
| Consumer Discretionary | 14.6% |
| Communication Services | 10.3% |
| Industrials | 5.2% |
| Consumer Staples | 4.6% |
| Materials | 4.5% |
| Health Care | 4.3% |
| Real Estate | 1.8% |
| Other | 0.0% |

---

Goldman Sachs Emerging Markets Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B369-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Service Class: GEMSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $175 | 1.54% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection and sector allocation as a whole added value to the Fund's relative results.

* Security selection in information technology and materials contributed most positively to relative results. An overweight to information technology and an underweight to energy further boosted performance.

* From a country perspective, an overweight to Greece and stock selection in China and South Korea contributed positively to the Fund's relative results.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation overall detracted from the Fund's relative performance.

* Security selection in consumer discretionary, health care and real estate detracted. Overweights to consumer discretionary and health care also dampened performance.

* Stock selection in Indonesia, South Africa and the Philippines detracted. Overweights to Indonesia and the Philippines and an underweight in South Africa also hurt.

* The Fund's top detractor was Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* China's e-commerce retail, cloud computing and digital media giant Alibaba Group Holding detracted. Its shares fell early in 2025 amid concerns around geopolitical tensions. However, it reported strong June quarter results, which then drove a strong price rally. The Fund held a rather neutral position in the stock for much of the Period, only adding to the position in October 2025.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum. 

Goldman Sachs Emerging Markets Equity Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g75443g03e07.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10994 | $10927 |
| **10/17** | $14254 | $13817 |
| **10/18** | $11776 | $12087 |
| **10/19** | $13996 | $13521 |
| **10/20** | $16460 | $14636 |
| **10/21** | $19735 | $17119 |
| **10/22** | $11683 | $11807 |
| **10/23** | $12745 | $13082 |
| **10/24** | $15731 | $16394 |
| **10/25** | $19958 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 26.87% | 3.93% | 7.15% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3017556216 |
| # of Portfolio Holdings as of Period End | 129 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $25276439 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.7% |
| Financials | 24.0% |
| Consumer Discretionary | 14.6% |
| Communication Services | 10.3% |
| Industrials | 5.2% |
| Consumer Staples | 4.6% |
| Materials | 4.5% |
| Health Care | 4.3% |
| Real Estate | 1.8% |
| Other | 0.0% |

---

Goldman Sachs Emerging Markets Equity Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38142B351-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Investor Class: GIRMX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $124 | 1.09% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection and sector allocation as a whole added value to the Fund's relative results.

* Security selection in information technology and materials contributed most positively to relative results. An overweight to information technology and an underweight to energy further boosted performance.

* From a country perspective, an overweight to Greece and stock selection in China and South Korea contributed positively to the Fund's relative results.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation overall detracted from the Fund's relative performance.

* Security selection in consumer discretionary, health care and real estate detracted. Overweights to consumer discretionary and health care also dampened performance.

* Stock selection in Indonesia, South Africa and the Philippines detracted. Overweights to Indonesia and the Philippines and an underweight in South Africa also hurt.

* The Fund's top detractor was Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* China's e-commerce retail, cloud computing and digital media giant Alibaba Group Holding detracted. Its shares fell early in 2025 amid concerns around geopolitical tensions. However, it reported strong June quarter results, which then drove a strong price rally. The Fund held a rather neutral position in the stock for much of the Period, only adding to the position in October 2025.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum. 

Goldman Sachs Emerging Markets Equity Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g62p39.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $11029 | $10927 |
| **10/17** | $14350 | $13817 |
| **10/18** | $11900 | $12087 |
| **10/19** | $14198 | $13521 |
| **10/20** | $16765 | $14636 |
| **10/21** | $20190 | $17119 |
| **10/22** | $12001 | $11807 |
| **10/23** | $13153 | $13082 |
| **10/24** | $16313 | $16394 |
| **10/25** | $20789 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 27.44% | 4.39% | 7.59% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3017556216 |
| # of Portfolio Holdings as of Period End | 129 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $25276439 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.7% |
| Financials | 24.0% |
| Consumer Discretionary | 14.6% |
| Communication Services | 10.3% |
| Industrials | 5.2% |
| Consumer Staples | 4.6% |
| Materials | 4.5% |
| Health Care | 4.3% |
| Real Estate | 1.8% |
| Other | 0.0% |

---

Goldman Sachs Emerging Markets Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38145C596-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class R6: GEMUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $117 | 1.03% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection and sector allocation as a whole added value to the Fund's relative results.

* Security selection in information technology and materials contributed most positively to relative results. An overweight to information technology and an underweight to energy further boosted performance.

* From a country perspective, an overweight to Greece and stock selection in China and South Korea contributed positively to the Fund's relative results.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation overall detracted from the Fund's relative performance.

* Security selection in consumer discretionary, health care and real estate detracted. Overweights to consumer discretionary and health care also dampened performance.

* Stock selection in Indonesia, South Africa and the Philippines detracted. Overweights to Indonesia and the Philippines and an underweight in South Africa also hurt.

* The Fund's top detractor was Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* China's e-commerce retail, cloud computing and digital media giant Alibaba Group Holding detracted. Its shares fell early in 2025 amid concerns around geopolitical tensions. However, it reported strong June quarter results, which then drove a strong price rally. The Fund held a rather neutral position in the stock for much of the Period, only adding to the position in October 2025.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum. 

Goldman Sachs Emerging Markets Equity Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g46v13.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $11055 | $10927 |
| **10/17** | $14410 | $13817 |
| **10/18** | $11966 | $12087 |
| **10/19** | $14302 | $13521 |
| **10/20** | $16904 | $14636 |
| **10/21** | $20370 | $17119 |
| **10/22** | $12118 | $11807 |
| **10/23** | $13287 | $13082 |
| **10/24** | $16489 | $16394 |
| **10/25** | $21023 | $20970 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 27.50% | 4.46% | 7.71% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 7.68% |

---

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

Goldman Sachs Emerging Markets Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3017556216 |
| # of Portfolio Holdings as of Period End | 129 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $25276439 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.7% |
| Financials | 24.0% |
| Consumer Discretionary | 14.6% |
| Communication Services | 10.3% |
| Industrials | 5.2% |
| Consumer Staples | 4.6% |
| Materials | 4.5% |
| Health Care | 4.3% |
| Real Estate | 1.8% |
| Other | 0.0% |

---

Goldman Sachs Emerging Markets Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38147X226-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity Fund

# Class P: GAHPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $117 | 1.03% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Stock selection and sector allocation as a whole added value to the Fund's relative results.

* Security selection in information technology and materials contributed most positively to relative results. An overweight to information technology and an underweight to energy further boosted performance.

* From a country perspective, an overweight to Greece and stock selection in China and South Korea contributed positively to the Fund's relative results.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation overall detracted from the Fund's relative performance.

* Security selection in consumer discretionary, health care and real estate detracted. Overweights to consumer discretionary and health care also dampened performance.

* Stock selection in Indonesia, South Africa and the Philippines detracted. Overweights to Indonesia and the Philippines and an underweight in South Africa also hurt.

* The Fund's top detractor was Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* China's e-commerce retail, cloud computing and digital media giant Alibaba Group Holding detracted. Its shares fell early in 2025 amid concerns around geopolitical tensions. However, it reported strong June quarter results, which then drove a strong price rally. The Fund held a rather neutral position in the stock for much of the Period, only adding to the position in October 2025.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum. 

Goldman Sachs Emerging Markets Equity Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g32a63.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **4/16/18** | $10000 | $10000 |
| **10/18** | $7894 | $8360 |
| **10/19** | $9431 | $9352 |
| **10/20** | $11146 | $10123 |
| **10/21** | $13431 | $11840 |
| **10/22** | $7990 | $8166 |
| **10/23** | $8763 | $9048 |
| **10/24** | $10875 | $11339 |
| **10/25** | $13864 | $14503 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 27.49% | 4.46% | 4.42% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.05% |

---

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

Goldman Sachs Emerging Markets Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3017556216 |
| # of Portfolio Holdings as of Period End | 129 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $25276439 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.7% |
| Financials | 24.0% |
| Consumer Discretionary | 14.6% |
| Communication Services | 10.3% |
| Industrials | 5.2% |
| Consumer Staples | 4.6% |
| Materials | 4.5% |
| Health Care | 4.3% |
| Real Estate | 1.8% |
| Other | 0.0% |

---

Goldman Sachs Emerging Markets Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity Fund

38150B855-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class A: GEMHX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $154 | 1.38% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, trade negotiations, regional reforms, targeted stimulus measures, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in the information technology and energy sectors contributed most positively to the Fund's relative results. An overweight to information technology and underweights to energy and utilities also added value.

* From a country perspective, stock selection in Taiwan and Brazil contributed most positively to relative results. An overweight to Greece and an underweight to Brazil also buoyed results.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An overweight to National Bank of Greece, which offers retail and corporate banking services, added value. Its shares rose after the bank reported strong profitability in the first quarter of 2025.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was a top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

Top Detractors from Performance:

* Country allocation and sector allocation overall detracted from the Fund's relative results. Individual stock selection had a rather neutral effect during the Period.

* Security selection in consumer discretionary and real estate detracted. So, too, did overweights to consumer discretionary and consumer staples.

* Stock selection in Indonesia, South Africa and the United Arab Emirates detracted from the Fund's results. An overweight to Indonesia and an underweight to South Africa also hurt.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum.

Goldman Sachs Emerging Markets Equity ex. China Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g02f64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged)** |
| **12/6/22** | $10000 | $9450 | $10000 |
| **10/23** | $10017 | $9466 | $9999 |
| **10/24** | $12480 | $11794 | $12718 |
| **10/25** | $15416 | $14568 | $16005 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class A Excluding sale charges (Commenced December 6, 2022) | 23.52% | 16.07% |
| Class A Including sale charges (Commenced on December 6, 2022) | 16.72% | 13.84% |
| MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged) | 25.85% | 17.58% |

---

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

Goldman Sachs Emerging Markets Equity ex. China Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13691129 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 39% |
| Total Net Advisory Fees Paid for the Period | $104658 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Taiwan was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 42.1% |
| Financials | 25.4% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.7% |
| Health Care | 4.3% |
| Materials | 4.0% |
| Industrials | 3.3% |
| Communication Services | 2.9% |
| Real Estate | 1.8% |
| Other | 1.0% |

---

Goldman Sachs Emerging Markets Equity ex. China Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C440-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class C: GEMLX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $237 | 2.13% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, trade negotiations, regional reforms, targeted stimulus measures, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in the information technology and energy sectors contributed most positively to the Fund's relative results. An overweight to information technology and underweights to energy and utilities also added value.

* From a country perspective, stock selection in Taiwan and Brazil contributed most positively to relative results. An overweight to Greece and an underweight to Brazil also buoyed results.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An overweight to National Bank of Greece, which offers retail and corporate banking services, added value. Its shares rose after the bank reported strong profitability in the first quarter of 2025.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was a top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

Top Detractors from Performance:

* Country allocation and sector allocation overall detracted from the Fund's relative results. Individual stock selection had a rather neutral effect during the Period.

* Security selection in consumer discretionary and real estate detracted. So, too, did overweights to consumer discretionary and consumer staples.

* Stock selection in Indonesia, South Africa and the United Arab Emirates detracted from the Fund's results. An overweight to Indonesia and an underweight to South Africa also hurt.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum.

Goldman Sachs Emerging Markets Equity ex. China Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g90h65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged)** |
| **12/6/22** | $10000 | $9900 | $10000 |
| **10/23** | $9946 | $9847 | $9999 |
| **10/24** | $12302 | $12179 | $12718 |
| **10/25** | $15080 | $14929 | $16005 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class C Excluding sale charges (Commenced December 6, 2022) | 22.58% | 15.19% |
| Class C Including sale charges (Commenced on December 6, 2022) | 21.58% | 15.19% |
| MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged) | 25.85% | 17.58% |

---

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

Goldman Sachs Emerging Markets Equity ex. China Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13691129 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 39% |
| Total Net Advisory Fees Paid for the Period | $104658 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Taiwan was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 42.1% |
| Financials | 25.4% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.7% |
| Health Care | 4.3% |
| Materials | 4.0% |
| Industrials | 3.3% |
| Communication Services | 2.9% |
| Real Estate | 1.8% |
| Other | 1.0% |

---

Goldman Sachs Emerging Markets Equity ex. China Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C432-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Institutional Class: GEMJX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $116 | 1.04% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, trade negotiations, regional reforms, targeted stimulus measures, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in the information technology and energy sectors contributed most positively to the Fund's relative results. An overweight to information technology and underweights to energy and utilities also added value.

* From a country perspective, stock selection in Taiwan and Brazil contributed most positively to relative results. An overweight to Greece and an underweight to Brazil also buoyed results.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An overweight to National Bank of Greece, which offers retail and corporate banking services, added value. Its shares rose after the bank reported strong profitability in the first quarter of 2025.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was a top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

Top Detractors from Performance:

* Country allocation and sector allocation overall detracted from the Fund's relative results. Individual stock selection had a rather neutral effect during the Period.

* Security selection in consumer discretionary and real estate detracted. So, too, did overweights to consumer discretionary and consumer staples.

* Stock selection in Indonesia, South Africa and the United Arab Emirates detracted from the Fund's results. An overweight to Indonesia and an underweight to South Africa also hurt.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum.

Goldman Sachs Emerging Markets Equity ex. China Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g53j69.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged)** |
| **12/6/22** | $1000000 | $1000000 |
| **10/23** | $1004600 | $999900 |
| **10/24** | $1256152 | $1271773 |
| **10/25** | $1556498 | $1600526 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Institutional (Commenced December 6, 2022) | 23.91% | 16.46% |
| MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged) | 25.85% | 17.58% |

---

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

Goldman Sachs Emerging Markets Equity ex. China Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13691129 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 39% |
| Total Net Advisory Fees Paid for the Period | $104658 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Taiwan was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 42.1% |
| Financials | 25.4% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.7% |
| Health Care | 4.3% |
| Materials | 4.0% |
| Industrials | 3.3% |
| Communication Services | 2.9% |
| Real Estate | 1.8% |
| Other | 1.0% |

---

Goldman Sachs Emerging Markets Equity ex. China Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C424-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Investor Class: GEMOX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $126 | 1.13% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, trade negotiations, regional reforms, targeted stimulus measures, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in the information technology and energy sectors contributed most positively to the Fund's relative results. An overweight to information technology and underweights to energy and utilities also added value.

* From a country perspective, stock selection in Taiwan and Brazil contributed most positively to relative results. An overweight to Greece and an underweight to Brazil also buoyed results.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An overweight to National Bank of Greece, which offers retail and corporate banking services, added value. Its shares rose after the bank reported strong profitability in the first quarter of 2025.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was a top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

Top Detractors from Performance:

* Country allocation and sector allocation overall detracted from the Fund's relative results. Individual stock selection had a rather neutral effect during the Period.

* Security selection in consumer discretionary and real estate detracted. So, too, did overweights to consumer discretionary and consumer staples.

* Stock selection in Indonesia, South Africa and the United Arab Emirates detracted from the Fund's results. An overweight to Indonesia and an underweight to South Africa also hurt.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum.

Goldman Sachs Emerging Markets Equity ex. China Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g16g75.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged)** |
| **12/6/22** | $10000 | $10000 |
| **10/23** | $10033 | $9999 |
| **10/24** | $12532 | $12718 |
| **10/25** | $15515 | $16005 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Investor (Commenced December 6, 2022) | 23.80% | 16.33% |
| MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged) | 25.85% | 17.58% |

---

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

Goldman Sachs Emerging Markets Equity ex. China Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13691129 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 39% |
| Total Net Advisory Fees Paid for the Period | $104658 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Taiwan was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 42.1% |
| Financials | 25.4% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.7% |
| Health Care | 4.3% |
| Materials | 4.0% |
| Industrials | 3.3% |
| Communication Services | 2.9% |
| Real Estate | 1.8% |
| Other | 1.0% |

---

Goldman Sachs Emerging Markets Equity ex. China Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C416-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class R6: GEMWX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $115 | 1.03% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, trade negotiations, regional reforms, targeted stimulus measures, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in the information technology and energy sectors contributed most positively to the Fund's relative results. An overweight to information technology and underweights to energy and utilities also added value.

* From a country perspective, stock selection in Taiwan and Brazil contributed most positively to relative results. An overweight to Greece and an underweight to Brazil also buoyed results.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An overweight to National Bank of Greece, which offers retail and corporate banking services, added value. Its shares rose after the bank reported strong profitability in the first quarter of 2025.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was a top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

Top Detractors from Performance:

* Country allocation and sector allocation overall detracted from the Fund's relative results. Individual stock selection had a rather neutral effect during the Period.

* Security selection in consumer discretionary and real estate detracted. So, too, did overweights to consumer discretionary and consumer staples.

* Stock selection in Indonesia, South Africa and the United Arab Emirates detracted from the Fund's results. An overweight to Indonesia and an underweight to South Africa also hurt.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum.

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g70m68.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged)** |
| **12/6/22** | $10000 | $10000 |
| **10/23** | $10048 | $9999 |
| **10/24** | $12564 | $12718 |
| **10/25** | $15569 | $16005 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class R6 (Commenced December 6, 2022) | 23.92% | 16.47% |
| MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged) | 25.85% | 17.58% |

---

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

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13691129 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 39% |
| Total Net Advisory Fees Paid for the Period | $104658 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Taiwan was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 42.1% |
| Financials | 25.4% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.7% |
| Health Care | 4.3% |
| Materials | 4.0% |
| Industrials | 3.3% |
| Communication Services | 2.9% |
| Real Estate | 1.8% |
| Other | 1.0% |

---

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C382-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class R: GEMQX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $182 | 1.63% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, trade negotiations, regional reforms, targeted stimulus measures, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in the information technology and energy sectors contributed most positively to the Fund's relative results. An overweight to information technology and underweights to energy and utilities also added value.

* From a country perspective, stock selection in Taiwan and Brazil contributed most positively to relative results. An overweight to Greece and an underweight to Brazil also buoyed results.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An overweight to National Bank of Greece, which offers retail and corporate banking services, added value. Its shares rose after the bank reported strong profitability in the first quarter of 2025.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was a top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

Top Detractors from Performance:

* Country allocation and sector allocation overall detracted from the Fund's relative results. Individual stock selection had a rather neutral effect during the Period.

* Security selection in consumer discretionary and real estate detracted. So, too, did overweights to consumer discretionary and consumer staples.

* Stock selection in Indonesia, South Africa and the United Arab Emirates detracted from the Fund's results. An overweight to Indonesia and an underweight to South Africa also hurt.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum.

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g29o05.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged)** |
| **12/6/22** | $10000 | $10000 |
| **10/23** | $9997 | $9999 |
| **10/24** | $12425 | $12718 |
| **10/25** | $15297 | $16005 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class R (Commenced December 6, 2022) | 23.11% | 15.76% |
| MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged) | 25.85% | 17.58% |

---

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

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13691129 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 39% |
| Total Net Advisory Fees Paid for the Period | $104658 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Taiwan was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 42.1% |
| Financials | 25.4% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.7% |
| Health Care | 4.3% |
| Materials | 4.0% |
| Industrials | 3.3% |
| Communication Services | 2.9% |
| Real Estate | 1.8% |
| Other | 1.0% |

---

Goldman Sachs Emerging Markets Equity ex. China Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C390-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Emerging Markets Equity ex. China Fund

# Class P: GEMPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Emerging Markets Equity ex. China Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $115 | 1.03% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, trade negotiations, regional reforms, targeted stimulus measures, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in the information technology and energy sectors contributed most positively to the Fund's relative results. An overweight to information technology and underweights to energy and utilities also added value.

* From a country perspective, stock selection in Taiwan and Brazil contributed most positively to relative results. An overweight to Greece and an underweight to Brazil also buoyed results.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An overweight to National Bank of Greece, which offers retail and corporate banking services, added value. Its shares rose after the bank reported strong profitability in the first quarter of 2025.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was a top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

Top Detractors from Performance:

* Country allocation and sector allocation overall detracted from the Fund's relative results. Individual stock selection had a rather neutral effect during the Period.

* Security selection in consumer discretionary and real estate detracted. So, too, did overweights to consumer discretionary and consumer staples.

* Stock selection in Indonesia, South Africa and the United Arab Emirates detracted from the Fund's results. An overweight to Indonesia and an underweight to South Africa also hurt.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight in India-based real estate development company Godrej Properties hurt. Its share price declined amid concerns around high valuations and muted sales momentum.

Goldman Sachs Emerging Markets Equity ex. China Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g52u49.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged)** |
| **12/6/22** | $10000 | $10000 |
| **10/23** | $10048 | $9999 |
| **10/24** | $12555 | $12718 |
| **10/25** | $15561 | $16005 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Class P (Commenced December 6, 2022) | 23.94% | 16.45% |
| MSCI<sup>®</sup> Emerging Markets ex China Index (Net, USD, Unhedged) | 25.85% | 17.58% |

---

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

Goldman Sachs Emerging Markets Equity ex. China Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13691129 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 39% |
| Total Net Advisory Fees Paid for the Period | $104658 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Taiwan was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 42.1% |
| Financials | 25.4% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 5.7% |
| Health Care | 4.3% |
| Materials | 4.0% |
| Industrials | 3.3% |
| Communication Services | 2.9% |
| Real Estate | 1.8% |
| Other | 1.0% |

---

Goldman Sachs Emerging Markets Equity ex. China Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Emerging Markets Equity ex. China Fund

38150C374-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class A: GEBAX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $155 | 1.38% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in and overweights to the information technology and communication services sectors contributed most positively to the Fund's relative results. Having no exposure to the energy sector, which lagged the MSCI Emerging Markets Index during the Period, also buoyed results.

* From a country perspective, stock selection in China and Taiwan and an overweight to Greece contributed most positively.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation, sector allocation and individual stock selection overall detracted from the Fund's relative results.

* Security selection in and overweights to consumer discretionary, health care and consumer staples detracted.

* Stock selection in South Africa, Indonesia and the Philippines detracted. So, too, did an underweight to South Africa and overweights to Indonesia and the Philippines.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight to ICICI Bank, an India-based financial institution, detracted. The bank was affected primarily by the broad brush of India's weak performance within the MSCI Emerging Markets Index during the Period.

Goldman Sachs ESG Emerging Markets Equity Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g67o94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **5/31/18** | $10000 | $9450 | $10000 |
| **10/18** | $8400 | $7938 | $8654 |
| **10/19** | $9974 | $9426 | $9680 |
| **10/20** | $11820 | $11170 | $10479 |
| **10/21** | $14128 | $13351 | $12256 |
| **10/22** | $8492 | $8025 | $8453 |
| **10/23** | $9154 | $8650 | $9366 |
| **10/24** | $11394 | $10767 | $11738 |
| **10/25** | $14186 | $13406 | $15013 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class A Excluding sale charges (Commenced May 31, 2018) | 24.51% | 3.72% | 4.82% |
| Class A Including sale charges (Commenced on May 31, 2018) | 17.70% | 2.55% | 4.03% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.62% |

---

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

Goldman Sachs ESG Emerging Markets Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $25629985 |
| # of Portfolio Holdings as of Period End | 99 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $208573 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.4% |
| Financials | 25.2% |
| Consumer Discretionary | 15.2% |
| Communication Services | 12.0% |
| Health Care | 5.0% |
| Consumer Staples | 4.7% |
| Industrials | 3.6% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Other | 1.0% |

---

Goldman Sachs ESG Emerging Markets Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C861-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class C: GEBCX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $238 | 2.13% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in and overweights to the information technology and communication services sectors contributed most positively to the Fund's relative results. Having no exposure to the energy sector, which lagged the MSCI Emerging Markets Index during the Period, also buoyed results.

* From a country perspective, stock selection in China and Taiwan and an overweight to Greece contributed most positively.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation, sector allocation and individual stock selection overall detracted from the Fund's relative results.

* Security selection in and overweights to consumer discretionary, health care and consumer staples detracted.

* Stock selection in South Africa, Indonesia and the Philippines detracted. So, too, did an underweight to South Africa and overweights to Indonesia and the Philippines.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight to ICICI Bank, an India-based financial institution, detracted. The bank was affected primarily by the broad brush of India's weak performance within the MSCI Emerging Markets Index during the Period.

Goldman Sachs ESG Emerging Markets Equity Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g59a46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **5/31/18** | $10000 | $9900 | $10000 |
| **10/18** | $8370 | $8286 | $8654 |
| **10/19** | $9870 | $9771 | $9680 |
| **10/20** | $11610 | $11494 | $10479 |
| **10/21** | $13769 | $13632 | $12256 |
| **10/22** | $8222 | $8140 | $8453 |
| **10/23** | $8791 | $8703 | $9366 |
| **10/24** | $10852 | $10744 | $11738 |
| **10/25** | $13426 | $13292 | $15013 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class C Excluding sale charges (Commenced May 31, 2018) | 23.72% | 2.95% | 4.05% |
| Class C Including sale charges (Commenced on May 31, 2018) | 22.72% | 2.95% | 4.05% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.62% |

---

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

Goldman Sachs ESG Emerging Markets Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $25629985 |
| # of Portfolio Holdings as of Period End | 99 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $208573 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.4% |
| Financials | 25.2% |
| Consumer Discretionary | 15.2% |
| Communication Services | 12.0% |
| Health Care | 5.0% |
| Consumer Staples | 4.7% |
| Industrials | 3.6% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Other | 1.0% |

---

Goldman Sachs ESG Emerging Markets Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C853-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Institutional Class: GEBIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## 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 | $117 | 1.04% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in and overweights to the information technology and communication services sectors contributed most positively to the Fund's relative results. Having no exposure to the energy sector, which lagged the MSCI Emerging Markets Index during the Period, also buoyed results.

* From a country perspective, stock selection in China and Taiwan and an overweight to Greece contributed most positively.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation, sector allocation and individual stock selection overall detracted from the Fund's relative results.

* Security selection in and overweights to consumer discretionary, health care and consumer staples detracted.

* Stock selection in South Africa, Indonesia and the Philippines detracted. So, too, did an underweight to South Africa and overweights to Indonesia and the Philippines.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight to ICICI Bank, an India-based financial institution, detracted. The bank was affected primarily by the broad brush of India's weak performance within the MSCI Emerging Markets Index during the Period.

Goldman Sachs ESG Emerging Markets Equity Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g06f90.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **5/31/18** | $1000000 | $1000000 |
| **10/18** | $841000 | $865400 |
| **10/19** | $1002977 | $968036 |
| **10/20** | $1193241 | $1047899 |
| **10/21** | $1429622 | $1225623 |
| **10/22** | $862634 | $845312 |
| **10/23** | $933284 | $936606 |
| **10/24** | $1163992 | $1173755 |
| **10/25** | $1454873 | $1501350 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Institutional (Commenced May 31, 2018) | 24.99% | 4.04% | 5.18% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.62% |

---

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

Goldman Sachs ESG Emerging Markets Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $25629985 |
| # of Portfolio Holdings as of Period End | 99 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $208573 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.4% |
| Financials | 25.2% |
| Consumer Discretionary | 15.2% |
| Communication Services | 12.0% |
| Health Care | 5.0% |
| Consumer Staples | 4.7% |
| Industrials | 3.6% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Other | 1.0% |

---

Goldman Sachs ESG Emerging Markets Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C846-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Investor Class: GEBNX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $127 | 1.13% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in and overweights to the information technology and communication services sectors contributed most positively to the Fund's relative results. Having no exposure to the energy sector, which lagged the MSCI Emerging Markets Index during the Period, also buoyed results.

* From a country perspective, stock selection in China and Taiwan and an overweight to Greece contributed most positively.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation, sector allocation and individual stock selection overall detracted from the Fund's relative results.

* Security selection in and overweights to consumer discretionary, health care and consumer staples detracted.

* Stock selection in South Africa, Indonesia and the Philippines detracted. So, too, did an underweight to South Africa and overweights to Indonesia and the Philippines.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight to ICICI Bank, an India-based financial institution, detracted. The bank was affected primarily by the broad brush of India's weak performance within the MSCI Emerging Markets Index during the Period.

Goldman Sachs ESG Emerging Markets Equity Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g02y79.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **5/31/18** | $10000 | $10000 |
| **10/18** | $8410 | $8654 |
| **10/19** | $10010 | $9680 |
| **10/20** | $11896 | $10479 |
| **10/21** | $14254 | $12256 |
| **10/22** | $8595 | $8453 |
| **10/23** | $9283 | $9366 |
| **10/24** | $11572 | $11738 |
| **10/25** | $14452 | $15013 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Investor (Commenced May 31, 2018) | 24.89% | 3.97% | 5.08% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.62% |

---

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

Goldman Sachs ESG Emerging Markets Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $25629985 |
| # of Portfolio Holdings as of Period End | 99 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $208573 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.4% |
| Financials | 25.2% |
| Consumer Discretionary | 15.2% |
| Communication Services | 12.0% |
| Health Care | 5.0% |
| Consumer Staples | 4.7% |
| Industrials | 3.6% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Other | 1.0% |

---

Goldman Sachs ESG Emerging Markets Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C838-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class R6: GEBSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $116 | 1.03% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in and overweights to the information technology and communication services sectors contributed most positively to the Fund's relative results. Having no exposure to the energy sector, which lagged the MSCI Emerging Markets Index during the Period, also buoyed results.

* From a country perspective, stock selection in China and Taiwan and an overweight to Greece contributed most positively.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation, sector allocation and individual stock selection overall detracted from the Fund's relative results.

* Security selection in and overweights to consumer discretionary, health care and consumer staples detracted.

* Stock selection in South Africa, Indonesia and the Philippines detracted. So, too, did an underweight to South Africa and overweights to Indonesia and the Philippines.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight to ICICI Bank, an India-based financial institution, detracted. The bank was affected primarily by the broad brush of India's weak performance within the MSCI Emerging Markets Index during the Period.

Goldman Sachs ESG Emerging Markets Equity Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g53n90.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **5/31/18** | $10000 | $10000 |
| **10/18** | $8410 | $8654 |
| **10/19** | $10030 | $9680 |
| **10/20** | $11933 | $10479 |
| **10/21** | $14308 | $12256 |
| **10/22** | $8629 | $8453 |
| **10/23** | $9336 | $9366 |
| **10/24** | $11640 | $11738 |
| **10/25** | $14559 | $15013 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced May 31, 2018) | 25.08% | 4.06% | 5.19% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.62% |

---

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

Goldman Sachs ESG Emerging Markets Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $25629985 |
| # of Portfolio Holdings as of Period End | 99 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $208573 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.4% |
| Financials | 25.2% |
| Consumer Discretionary | 15.2% |
| Communication Services | 12.0% |
| Health Care | 5.0% |
| Consumer Staples | 4.7% |
| Industrials | 3.6% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Other | 1.0% |

---

Goldman Sachs ESG Emerging Markets Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C812-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class R: GEBRX

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

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $183 | 1.63% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in and overweights to the information technology and communication services sectors contributed most positively to the Fund's relative results. Having no exposure to the energy sector, which lagged the MSCI Emerging Markets Index during the Period, also buoyed results.

* From a country perspective, stock selection in China and Taiwan and an overweight to Greece contributed most positively.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation, sector allocation and individual stock selection overall detracted from the Fund's relative results.

* Security selection in and overweights to consumer discretionary, health care and consumer staples detracted.

* Stock selection in South Africa, Indonesia and the Philippines detracted. So, too, did an underweight to South Africa and overweights to Indonesia and the Philippines.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight to ICICI Bank, an India-based financial institution, detracted. The bank was affected primarily by the broad brush of India's weak performance within the MSCI Emerging Markets Index during the Period.

Goldman Sachs ESG Emerging Markets Equity Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g63o75.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **5/31/18** | $10000 | $10000 |
| **10/18** | $8390 | $8654 |
| **10/19** | $9948 | $9680 |
| **10/20** | $11755 | $10479 |
| **10/21** | $14009 | $12256 |
| **10/22** | $8401 | $8453 |
| **10/23** | $9038 | $9366 |
| **10/24** | $11209 | $11738 |
| **10/25** | $13932 | $15013 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R (Commenced May 31, 2018) | 24.29% | 3.45% | 4.57% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 5.62% |

---

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

Goldman Sachs ESG Emerging Markets Equity Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $25629985 |
| # of Portfolio Holdings as of Period End | 99 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $208573 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.4% |
| Financials | 25.2% |
| Consumer Discretionary | 15.2% |
| Communication Services | 12.0% |
| Health Care | 5.0% |
| Consumer Staples | 4.7% |
| Industrials | 3.6% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Other | 1.0% |

---

Goldman Sachs ESG Emerging Markets Equity Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C820-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs ESG Emerging Markets Equity Fund

# Class P: GEPPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ESG Emerging Markets Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $116 | 1.03% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market fell in the first months of the Period amid foreign equity outflows, a strengthening U.S. dollar, trade tariff risks and a domestic consumption slowdown. However, emerging markets equities performed strongly overall in year-to-date 2025 with 10 consecutive monthly gains, supported by a China tech sector rally, a sharp rotation toward under-positioned cyclical and laggard pockets in Europe and Latin America, an easing of trade tariffs between the U.S. and China, robust economic growth in major emerging economies, a weakening U.S. dollar, higher commodity prices, a reversal of foreign investor flows following the selloffs of late 2024 and the U.S. Federal Reserve's interest rate cuts toward the end of the Period.

Top Contributors to Performance:

* Security selection in and overweights to the information technology and communication services sectors contributed most positively to the Fund's relative results. Having no exposure to the energy sector, which lagged the MSCI Emerging Markets Index during the Period, also buoyed results.

* From a country perspective, stock selection in China and Taiwan and an overweight to Greece contributed most positively.

* An overweight to SK Hynix, a South Korean provider of products and services for the electronic components industries, including semiconductors, was the Fund's top contributor. Its stock's strong performance was driven by select commodity semiconductor spot price increases across major suppliers.

* An overweight to Delta Electronics, a Taiwan-based provider of power and thermal management solutions, electronic components and smart energy-saving systems, added value. The company's revenue results improved with its margins consistently beating consensus expectations given an increasing proportion of AI-related products, such as cooling modules and power supply units.

* An average overweight in Xiaomi, a Chinese smartphone manufacturer, boosted results. In addition to its smartphone business, the company has been developing its Internet of Things and Internet service businesses and expanding into the new energy vehicle space. Its shares rallied on better than consensus expected third quarter earnings as well as on strong energy vehicle sales. We sold the position by the end of the Period.

Top Detractors from Performance:

* Country allocation, sector allocation and individual stock selection overall detracted from the Fund's relative results.

* Security selection in and overweights to consumer discretionary, health care and consumer staples detracted.

* Stock selection in South Africa, Indonesia and the Philippines detracted. So, too, did an underweight to South Africa and overweights to Indonesia and the Philippines.

* The Fund's top detractor was an overweight in Bank Central Asia, based in Indonesia. The bank's share price performed poorly amid U.S. tariff-related uncertainties during the Period.

* Hon Hai Precision, a Taiwan-based electronics manufacturer and technology solutions provider, detracted significantly. The Fund's underweight position hurt because the company's stock rose as investors favored Taiwan technology names following a reversal of U.S. Liberation Day tariffs. We sold the position by the end of the Period.

* An overweight to ICICI Bank, an India-based financial institution, detracted. The bank was affected primarily by the broad brush of India's weak performance within the MSCI Emerging Markets Index during the Period.

Goldman Sachs ESG Emerging Markets Equity Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g29h79.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **1/21/20** | $10000 | $10000 |
| **10/20** | $10828 | $9976 |
| **10/21** | $12985 | $11668 |
| **10/22** | $7831 | $8047 |
| **10/23** | $8473 | $8917 |
| **10/24** | $10567 | $11174 |
| **10/25** | $13218 | $14293 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced January 21, 2020) | 25.09% | 4.07% | 4.94% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 27.91% | 7.45% | 6.37% |

---

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

Goldman Sachs ESG Emerging Markets Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $25629985 |
| # of Portfolio Holdings as of Period End | 99 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $208573 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 28, 2025, investments related to Greater China was added as a principal risk of the Fund.

At a meeting held on December 9-10, 2025, the Board of Trustees of Goldman Sachs Trust approved the liquidation of the Fund (the "Liquidation"). The Liquidation is anticipated to occur on or about February 13, 2026.

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 30.4% |
| Financials | 25.2% |
| Consumer Discretionary | 15.2% |
| Communication Services | 12.0% |
| Health Care | 5.0% |
| Consumer Staples | 4.7% |
| Industrials | 3.6% |
| Materials | 1.9% |
| Real Estate | 1.7% |
| Other | 1.0% |

---

Goldman Sachs ESG Emerging Markets Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ESG Emerging Markets Equity Fund

38150C796-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity ESG Fund

# Class A: GSIFX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $126 | 1.17% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation contributed positively to the Fund's relative results.

* Security selection in the consumer discretionary, utilities and consumer staples sectors contributed most positively. Underweights to consumer discretionary and consumer staples and an overweight to utilities also helped.

* From a country perspective, having no exposure to Australia, an out-of-MSCI EAFE Index allocation to Taiwan and stock selection in Sweden contributed most positively.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was the Fund's top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

* An out-of-Index position in Taiwan's semiconductor foundry Taiwan Semiconductor Manufacturing was a top contributor, benefiting from robust quarterly revenue and earnings results on the back of increased demand for its chips for AI applications. The company's leadership in node technology and ongoing global expansion further boosted its stock.

* An overweight to Iberdrola, a Spain-based energy company that focuses on renewable energy, smart grids and energy storage, added value. The company delivered strong financial results, with a solid net profit increase in the first nine months of 2025 and an upward revision of its full-year profit guidance, achieved through record investments in expanding networks and renewable capacity in key international markets, reducing net debt and raising its dividend.

Top Detractors from Performance:

* Individual stock selection detracted from the Fund's relative results.

* Security selection in industrials, financials and communication services detracted most from the Fund's relative results. An underweight to financials also hurt.

* Stock selection in the U.K., Japan and France detracted from the Fund's relative results.

* The Fund's top detractor was Spain-based wireless telecommunications infrastructure operator Cellnex Telecom. Despite revenue growth, the company reported in the fourth quarter of 2024 a significant net loss for 2024 through September. Also, investor concern grew around the company's elevated debt levels.

* Capgemini, a French information technology services and engineering company, detracted. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to Ashtead Group, a U.K.-based equipment rental company, hurt. The company's revenue fell short of consensus estimates as did its rental revenue growth. The company also suffered from challenging U.S. residential markets due to high interest rates, repriced rate cut expectations and weak housing data points.

Goldman Sachs International Equity ESG Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g88q34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9450 | $10000 |
| **10/16** | $9344 | $8830 | $9677 |
| **10/17** | $11520 | $10887 | $11945 |
| **10/18** | $10471 | $9895 | $11127 |
| **10/19** | $12285 | $11610 | $12355 |
| **10/20** | $12692 | $11994 | $11508 |
| **10/21** | $18295 | $17289 | $15441 |
| **10/22** | $13813 | $13053 | $11890 |
| **10/23** | $15335 | $14492 | $13602 |
| **10/24** | $18424 | $17410 | $16726 |
| **10/25** | $21388 | $20212 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 16.09% | 10.99% | 7.89% |
| Class A Including sale charges | 9.70% | 9.75% | 7.28% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity ESG Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1011212580 |
| # of Portfolio Holdings as of Period End | 42 |
| Portfolio Turnover Rate for the Period | 40% |
| Total Net Advisory Fees Paid for the Period | $8249698 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 22.7% |
| Information Technology | 13.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.4% |
| Utilities | 6.7% |
| Communication Services | 4.8% |
| Consumer Staples | 4.5% |
| Materials | 1.9% |
| Other | 1.8% |

---

Goldman Sachs International Equity ESG Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38141W596-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity ESG Fund

# Class C: GSICX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $207 | 1.92% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation contributed positively to the Fund's relative results.

* Security selection in the consumer discretionary, utilities and consumer staples sectors contributed most positively. Underweights to consumer discretionary and consumer staples and an overweight to utilities also helped.

* From a country perspective, having no exposure to Australia, an out-of-MSCI EAFE Index allocation to Taiwan and stock selection in Sweden contributed most positively.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was the Fund's top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

* An out-of-Index position in Taiwan's semiconductor foundry Taiwan Semiconductor Manufacturing was a top contributor, benefiting from robust quarterly revenue and earnings results on the back of increased demand for its chips for AI applications. The company's leadership in node technology and ongoing global expansion further boosted its stock.

* An overweight to Iberdrola, a Spain-based energy company that focuses on renewable energy, smart grids and energy storage, added value. The company delivered strong financial results, with a solid net profit increase in the first nine months of 2025 and an upward revision of its full-year profit guidance, achieved through record investments in expanding networks and renewable capacity in key international markets, reducing net debt and raising its dividend.

Top Detractors from Performance:

* Individual stock selection detracted from the Fund's relative results.

* Security selection in industrials, financials and communication services detracted most from the Fund's relative results. An underweight to financials also hurt.

* Stock selection in the U.K., Japan and France detracted from the Fund's relative results.

* The Fund's top detractor was Spain-based wireless telecommunications infrastructure operator Cellnex Telecom. Despite revenue growth, the company reported in the fourth quarter of 2024 a significant net loss for 2024 through September. Also, investor concern grew around the company's elevated debt levels.

* Capgemini, a French information technology services and engineering company, detracted. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to Ashtead Group, a U.K.-based equipment rental company, hurt. The company's revenue fell short of consensus estimates as did its rental revenue growth. The company also suffered from challenging U.S. residential markets due to high interest rates, repriced rate cut expectations and weak housing data points.

Goldman Sachs International Equity ESG Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g74g26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9900 | $10000 |
| **10/16** | $9271 | $9178 | $9677 |
| **10/17** | $11348 | $11234 | $11945 |
| **10/18** | $10237 | $10134 | $11127 |
| **10/19** | $11925 | $11806 | $12355 |
| **10/20** | $12227 | $12104 | $11508 |
| **10/21** | $17494 | $17319 | $15441 |
| **10/22** | $13106 | $12975 | $11890 |
| **10/23** | $14448 | $14304 | $13602 |
| **10/24** | $17222 | $17050 | $16726 |
| **10/25** | $19845 | $19647 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 15.23% | 10.16% | 7.09% |
| Class C Including sale charges | 14.21% | 10.16% | 7.09% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity ESG Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1011212580 |
| # of Portfolio Holdings as of Period End | 42 |
| Portfolio Turnover Rate for the Period | 40% |
| Total Net Advisory Fees Paid for the Period | $8249698 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 22.7% |
| Information Technology | 13.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.4% |
| Utilities | 6.7% |
| Communication Services | 4.8% |
| Consumer Staples | 4.5% |
| Materials | 1.9% |
| Other | 1.8% |

---

Goldman Sachs International Equity ESG Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38142B328-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity ESG Fund

# Institutional Class: GSIEX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $93 | 0.86% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation contributed positively to the Fund's relative results.

* Security selection in the consumer discretionary, utilities and consumer staples sectors contributed most positively. Underweights to consumer discretionary and consumer staples and an overweight to utilities also helped.

* From a country perspective, having no exposure to Australia, an out-of-MSCI EAFE Index allocation to Taiwan and stock selection in Sweden contributed most positively.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was the Fund's top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

* An out-of-Index position in Taiwan's semiconductor foundry Taiwan Semiconductor Manufacturing was a top contributor, benefiting from robust quarterly revenue and earnings results on the back of increased demand for its chips for AI applications. The company's leadership in node technology and ongoing global expansion further boosted its stock.

* An overweight to Iberdrola, a Spain-based energy company that focuses on renewable energy, smart grids and energy storage, added value. The company delivered strong financial results, with a solid net profit increase in the first nine months of 2025 and an upward revision of its full-year profit guidance, achieved through record investments in expanding networks and renewable capacity in key international markets, reducing net debt and raising its dividend.

Top Detractors from Performance:

* Individual stock selection detracted from the Fund's relative results.

* Security selection in industrials, financials and communication services detracted most from the Fund's relative results. An underweight to financials also hurt.

* Stock selection in the U.K., Japan and France detracted from the Fund's relative results.

* The Fund's top detractor was Spain-based wireless telecommunications infrastructure operator Cellnex Telecom. Despite revenue growth, the company reported in the fourth quarter of 2024 a significant net loss for 2024 through September. Also, investor concern grew around the company's elevated debt levels.

* Capgemini, a French information technology services and engineering company, detracted. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to Ashtead Group, a U.K.-based equipment rental company, hurt. The company's revenue fell short of consensus estimates as did its rental revenue growth. The company also suffered from challenging U.S. residential markets due to high interest rates, repriced rate cut expectations and weak housing data points.

Goldman Sachs International Equity ESG Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g08v84.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $937700 | $967700 |
| **10/17** | $1160685 | $1194529 |
| **10/18** | $1059009 | $1112704 |
| **10/19** | $1247089 | $1235546 |
| **10/20** | $1292358 | $1150788 |
| **10/21** | $1869009 | $1544127 |
| **10/22** | $1415400 | $1188978 |
| **10/23** | $1577181 | $1360191 |
| **10/24** | $1900503 | $1672626 |
| **10/25** | $2212945 | $2057832 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 16.44% | 11.35% | 8.26% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity ESG Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1011212580 |
| # of Portfolio Holdings as of Period End | 42 |
| Portfolio Turnover Rate for the Period | 40% |
| Total Net Advisory Fees Paid for the Period | $8249698 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 22.7% |
| Information Technology | 13.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.4% |
| Utilities | 6.7% |
| Communication Services | 4.8% |
| Consumer Staples | 4.5% |
| Materials | 1.9% |
| Other | 1.8% |

---

Goldman Sachs International Equity ESG Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38141W448-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity ESG Fund

# Service Class: GSISX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $147 | 1.36% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation contributed positively to the Fund's relative results.

* Security selection in the consumer discretionary, utilities and consumer staples sectors contributed most positively. Underweights to consumer discretionary and consumer staples and an overweight to utilities also helped.

* From a country perspective, having no exposure to Australia, an out-of-MSCI EAFE Index allocation to Taiwan and stock selection in Sweden contributed most positively.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was the Fund's top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

* An out-of-Index position in Taiwan's semiconductor foundry Taiwan Semiconductor Manufacturing was a top contributor, benefiting from robust quarterly revenue and earnings results on the back of increased demand for its chips for AI applications. The company's leadership in node technology and ongoing global expansion further boosted its stock.

* An overweight to Iberdrola, a Spain-based energy company that focuses on renewable energy, smart grids and energy storage, added value. The company delivered strong financial results, with a solid net profit increase in the first nine months of 2025 and an upward revision of its full-year profit guidance, achieved through record investments in expanding networks and renewable capacity in key international markets, reducing net debt and raising its dividend.

Top Detractors from Performance:

* Individual stock selection detracted from the Fund's relative results.

* Security selection in industrials, financials and communication services detracted most from the Fund's relative results. An underweight to financials also hurt.

* Stock selection in the U.K., Japan and France detracted from the Fund's relative results.

* The Fund's top detractor was Spain-based wireless telecommunications infrastructure operator Cellnex Telecom. Despite revenue growth, the company reported in the fourth quarter of 2024 a significant net loss for 2024 through September. Also, investor concern grew around the company's elevated debt levels.

* Capgemini, a French information technology services and engineering company, detracted. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to Ashtead Group, a U.K.-based equipment rental company, hurt. The company's revenue fell short of consensus estimates as did its rental revenue growth. The company also suffered from challenging U.S. residential markets due to high interest rates, repriced rate cut expectations and weak housing data points.

Goldman Sachs International Equity ESG Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g75443g70x03.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $9332 | $9677 |
| **10/17** | $11494 | $11945 |
| **10/18** | $10444 | $11127 |
| **10/19** | $12240 | $12355 |
| **10/20** | $12628 | $11508 |
| **10/21** | $18172 | $15441 |
| **10/22** | $13694 | $11890 |
| **10/23** | $15177 | $13602 |
| **10/24** | $18199 | $16726 |
| **10/25** | $21089 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 15.88% | 10.79% | 7.74% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity ESG Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1011212580 |
| # of Portfolio Holdings as of Period End | 42 |
| Portfolio Turnover Rate for the Period | 40% |
| Total Net Advisory Fees Paid for the Period | $8249698 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 22.7% |
| Information Technology | 13.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.4% |
| Utilities | 6.7% |
| Communication Services | 4.8% |
| Consumer Staples | 4.5% |
| Materials | 1.9% |
| Other | 1.8% |

---

Goldman Sachs International Equity ESG Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38141W430-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity ESG Fund

# Investor Class: GIRNX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $100 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation contributed positively to the Fund's relative results.

* Security selection in the consumer discretionary, utilities and consumer staples sectors contributed most positively. Underweights to consumer discretionary and consumer staples and an overweight to utilities also helped.

* From a country perspective, having no exposure to Australia, an out-of-MSCI EAFE Index allocation to Taiwan and stock selection in Sweden contributed most positively.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was the Fund's top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

* An out-of-Index position in Taiwan's semiconductor foundry Taiwan Semiconductor Manufacturing was a top contributor, benefiting from robust quarterly revenue and earnings results on the back of increased demand for its chips for AI applications. The company's leadership in node technology and ongoing global expansion further boosted its stock.

* An overweight to Iberdrola, a Spain-based energy company that focuses on renewable energy, smart grids and energy storage, added value. The company delivered strong financial results, with a solid net profit increase in the first nine months of 2025 and an upward revision of its full-year profit guidance, achieved through record investments in expanding networks and renewable capacity in key international markets, reducing net debt and raising its dividend.

Top Detractors from Performance:

* Individual stock selection detracted from the Fund's relative results.

* Security selection in industrials, financials and communication services detracted most from the Fund's relative results. An underweight to financials also hurt.

* Stock selection in the U.K., Japan and France detracted from the Fund's relative results.

* The Fund's top detractor was Spain-based wireless telecommunications infrastructure operator Cellnex Telecom. Despite revenue growth, the company reported in the fourth quarter of 2024 a significant net loss for 2024 through September. Also, investor concern grew around the company's elevated debt levels.

* Capgemini, a French information technology services and engineering company, detracted. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to Ashtead Group, a U.K.-based equipment rental company, hurt. The company's revenue fell short of consensus estimates as did its rental revenue growth. The company also suffered from challenging U.S. residential markets due to high interest rates, repriced rate cut expectations and weak housing data points.

Goldman Sachs International Equity ESG Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g42v01.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $9364 | $9677 |
| **10/17** | $11577 | $11945 |
| **10/18** | $10544 | $11127 |
| **10/19** | $12404 | $12355 |
| **10/20** | $12847 | $11508 |
| **10/21** | $18566 | $15441 |
| **10/22** | $14055 | $11890 |
| **10/23** | $15644 | $13602 |
| **10/24** | $18842 | $16726 |
| **10/25** | $21923 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 16.35% | 11.27% | 8.16% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity ESG Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1011212580 |
| # of Portfolio Holdings as of Period End | 42 |
| Portfolio Turnover Rate for the Period | 40% |
| Total Net Advisory Fees Paid for the Period | $8249698 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 22.7% |
| Information Technology | 13.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.4% |
| Utilities | 6.7% |
| Communication Services | 4.8% |
| Consumer Staples | 4.5% |
| Materials | 1.9% |
| Other | 1.8% |

---

Goldman Sachs International Equity ESG Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38145C588-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity ESG Fund

# Class R6: GSIWX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $92 | 0.85% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation contributed positively to the Fund's relative results.

* Security selection in the consumer discretionary, utilities and consumer staples sectors contributed most positively. Underweights to consumer discretionary and consumer staples and an overweight to utilities also helped.

* From a country perspective, having no exposure to Australia, an out-of-MSCI EAFE Index allocation to Taiwan and stock selection in Sweden contributed most positively.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was the Fund's top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

* An out-of-Index position in Taiwan's semiconductor foundry Taiwan Semiconductor Manufacturing was a top contributor, benefiting from robust quarterly revenue and earnings results on the back of increased demand for its chips for AI applications. The company's leadership in node technology and ongoing global expansion further boosted its stock.

* An overweight to Iberdrola, a Spain-based energy company that focuses on renewable energy, smart grids and energy storage, added value. The company delivered strong financial results, with a solid net profit increase in the first nine months of 2025 and an upward revision of its full-year profit guidance, achieved through record investments in expanding networks and renewable capacity in key international markets, reducing net debt and raising its dividend.

Top Detractors from Performance:

* Individual stock selection detracted from the Fund's relative results.

* Security selection in industrials, financials and communication services detracted most from the Fund's relative results. An underweight to financials also hurt.

* Stock selection in the U.K., Japan and France detracted from the Fund's relative results.

* The Fund's top detractor was Spain-based wireless telecommunications infrastructure operator Cellnex Telecom. Despite revenue growth, the company reported in the fourth quarter of 2024 a significant net loss for 2024 through September. Also, investor concern grew around the company's elevated debt levels.

* Capgemini, a French information technology services and engineering company, detracted. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to Ashtead Group, a U.K.-based equipment rental company, hurt. The company's revenue fell short of consensus estimates as did its rental revenue growth. The company also suffered from challenging U.S. residential markets due to high interest rates, repriced rate cut expectations and weak housing data points.

Goldman Sachs International Equity ESG Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g39f94.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **2/26/16** | $10000 | $10000 |
| **10/16** | $10668 | $10944 |
| **10/17** | $13207 | $13509 |
| **10/18** | $12053 | $12584 |
| **10/19** | $14193 | $13973 |
| **10/20** | $14710 | $13015 |
| **10/21** | $21278 | $17463 |
| **10/22** | $16114 | $13446 |
| **10/23** | $17954 | $15383 |
| **10/24** | $21643 | $18916 |
| **10/25** | $25204 | $23273 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced February 26, 2016) | 16.45% | 11.36% | 10.01% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 9.11% |

---

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

Goldman Sachs International Equity ESG Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1011212580 |
| # of Portfolio Holdings as of Period End | 42 |
| Portfolio Turnover Rate for the Period | 40% |
| Total Net Advisory Fees Paid for the Period | $8249698 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 22.7% |
| Information Technology | 13.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.4% |
| Utilities | 6.7% |
| Communication Services | 4.8% |
| Consumer Staples | 4.5% |
| Materials | 1.9% |
| Other | 1.8% |

---

Goldman Sachs International Equity ESG Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38148U486-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity ESG Fund

# Class P: GTFPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity ESG Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $92 | 0.85% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation contributed positively to the Fund's relative results.

* Security selection in the consumer discretionary, utilities and consumer staples sectors contributed most positively. Underweights to consumer discretionary and consumer staples and an overweight to utilities also helped.

* From a country perspective, having no exposure to Australia, an out-of-MSCI EAFE Index allocation to Taiwan and stock selection in Sweden contributed most positively.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was the Fund's top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

* An out-of-Index position in Taiwan's semiconductor foundry Taiwan Semiconductor Manufacturing was a top contributor, benefiting from robust quarterly revenue and earnings results on the back of increased demand for its chips for AI applications. The company's leadership in node technology and ongoing global expansion further boosted its stock.

* An overweight to Iberdrola, a Spain-based energy company that focuses on renewable energy, smart grids and energy storage, added value. The company delivered strong financial results, with a solid net profit increase in the first nine months of 2025 and an upward revision of its full-year profit guidance, achieved through record investments in expanding networks and renewable capacity in key international markets, reducing net debt and raising its dividend.

Top Detractors from Performance:

* Individual stock selection detracted from the Fund's relative results.

* Security selection in industrials, financials and communication services detracted most from the Fund's relative results. An underweight to financials also hurt.

* Stock selection in the U.K., Japan and France detracted from the Fund's relative results.

* The Fund's top detractor was Spain-based wireless telecommunications infrastructure operator Cellnex Telecom. Despite revenue growth, the company reported in the fourth quarter of 2024 a significant net loss for 2024 through September. Also, investor concern grew around the company's elevated debt levels.

* Capgemini, a French information technology services and engineering company, detracted. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to Ashtead Group, a U.K.-based equipment rental company, hurt. The company's revenue fell short of consensus estimates as did its rental revenue growth. The company also suffered from challenging U.S. residential markets due to high interest rates, repriced rate cut expectations and weak housing data points.

Goldman Sachs International Equity ESG Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g05x29.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **4/16/18** | $10000 | $10000 |
| **10/18** | $8748 | $9027 |
| **10/19** | $10299 | $10024 |
| **10/20** | $10678 | $9336 |
| **10/21** | $15445 | $12527 |
| **10/22** | $11699 | $9646 |
| **10/23** | $13032 | $11035 |
| **10/24** | $15709 | $13569 |
| **10/25** | $18291 | $16695 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 16.44% | 11.36% | 8.33% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.02% |

---

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

Goldman Sachs International Equity ESG Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1011212580 |
| # of Portfolio Holdings as of Period End | 42 |
| Portfolio Turnover Rate for the Period | 40% |
| Total Net Advisory Fees Paid for the Period | $8249698 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 22.7% |
| Information Technology | 13.4% |
| Health Care | 11.1% |
| Consumer Discretionary | 9.4% |
| Utilities | 6.7% |
| Communication Services | 4.8% |
| Consumer Staples | 4.5% |
| Materials | 1.9% |
| Other | 1.8% |

---

Goldman Sachs International Equity ESG Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity ESG Fund

38150B152-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Income Fund

# Class A: GSAKX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $127 | 1.13% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation overall contributed positively to the Fund's relative results. So, too, did a value bias when growth stocks underperformed.

* Security selection in the financials, consumer staples and materials sectors contributed positively. An overweight to financials and an underweight to materials also helped.

* From a country perspective, stock selection in and overweights to the U.K. and Spain contributed most positively. An underweight to Australia, with exposure eliminated by the end of the Period, also buoyed results.

* An overweight to Societe Generale, a French bank, was the Fund's top relative contributor, benefiting primarily from quarterly results that surpassed consensus estimates.

* An overweight to HSBC Holdings, a U.K.-based banking and financial services firm, added value. The firm posted strong quarterly results and also announced a $2 billion share buyback and divisional restructuring, which was well received by investors.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was a top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

Top Detractors from Performance:

* Stock selection as a whole detracted from the Fund's relative results, albeit modestly. 

* Security selection in industrials, communication services and energy detracted. An underweight to industrials and an overweight to energy also hurt.

* Stock selection in France, Germany and Japan detracted. An overweight to France and underweights to Germany and Japan also dampened results.

* The Fund's top detractor was Capgemini, a French information technology services and engineering company, a newly initiated position for the Fund during the Period. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to LVMH Moët Hennessy Louis Vuitton ("LVMH"), a French luxury goods conglomerate, detracted. The company missed consensus expectations across all segments in the second quarter of 2025 and saw small sequential deceleration in European Union and mainland China but significant deceleration in the U.S. and Japan. We sold the Fund's position as holdings in the luxury sector, including LVMH, have been a drag on performance given a global slowdown in consumer trends.

* An overweight in Total Energies, a French integrated energy company, detracted. Broadly, lower oil prices affected oil companies' profits and margins. Further, the company suffered from production disruptions in Libya and Australia.

Goldman Sachs International Equity Income Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g59d10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9450 | $10000 |
| **10/16** | $9330 | $8817 | $9677 |
| **10/17** | $11511 | $10878 | $11945 |
| **10/18** | $10708 | $10119 | $11127 |
| **10/19** | $12523 | $11834 | $12355 |
| **10/20** | $11113 | $10502 | $11508 |
| **10/21** | $14899 | $14079 | $15441 |
| **10/22** | $12640 | $11945 | $11890 |
| **10/23** | $14963 | $14141 | $13602 |
| **10/24** | $18303 | $17297 | $16726 |
| **10/25** | $22694 | $21446 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 23.99% | 15.34% | 8.53% |
| Class A Including sale charges | 17.19% | 14.05% | 7.92% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Income Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3104823467 |
| # of Portfolio Holdings as of Period End | 40 |
| Portfolio Turnover Rate for the Period | 49% |
| Total Net Advisory Fees Paid for the Period | $17591777 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.7% |
| Industrials | 12.7% |
| Consumer Discretionary | 9.9% |
| Utilities | 9.0% |
| Health Care | 7.5% |
| Information Technology | 7.0% |
| Energy | 5.9% |
| Consumer Staples | 5.7% |
| Communication Services | 4.2% |
| Other | 6.0% |

---

Goldman Sachs International Equity Income Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38144N502-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Income Fund

# Class C: GSCKX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $210 | 1.88% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation overall contributed positively to the Fund's relative results. So, too, did a value bias when growth stocks underperformed.

* Security selection in the financials, consumer staples and materials sectors contributed positively. An overweight to financials and an underweight to materials also helped.

* From a country perspective, stock selection in and overweights to the U.K. and Spain contributed most positively. An underweight to Australia, with exposure eliminated by the end of the Period, also buoyed results.

* An overweight to Societe Generale, a French bank, was the Fund's top relative contributor, benefiting primarily from quarterly results that surpassed consensus estimates.

* An overweight to HSBC Holdings, a U.K.-based banking and financial services firm, added value. The firm posted strong quarterly results and also announced a $2 billion share buyback and divisional restructuring, which was well received by investors.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was a top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

Top Detractors from Performance:

* Stock selection as a whole detracted from the Fund's relative results, albeit modestly. 

* Security selection in industrials, communication services and energy detracted. An underweight to industrials and an overweight to energy also hurt.

* Stock selection in France, Germany and Japan detracted. An overweight to France and underweights to Germany and Japan also dampened results.

* The Fund's top detractor was Capgemini, a French information technology services and engineering company, a newly initiated position for the Fund during the Period. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to LVMH Moët Hennessy Louis Vuitton ("LVMH"), a French luxury goods conglomerate, detracted. The company missed consensus expectations across all segments in the second quarter of 2025 and saw small sequential deceleration in European Union and mainland China but significant deceleration in the U.S. and Japan. We sold the Fund's position as holdings in the luxury sector, including LVMH, have been a drag on performance given a global slowdown in consumer trends.

* An overweight in Total Energies, a French integrated energy company, detracted. Broadly, lower oil prices affected oil companies' profits and margins. Further, the company suffered from production disruptions in Libya and Australia.

Goldman Sachs International Equity Income Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g68v89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $9900 | $10000 |
| **10/16** | $9262 | $9169 | $9677 |
| **10/17** | $11340 | $11227 | $11945 |
| **10/18** | $10480 | $10375 | $11127 |
| **10/19** | $12157 | $12036 | $12355 |
| **10/20** | $10709 | $10602 | $11508 |
| **10/21** | $14246 | $14103 | $15441 |
| **10/22** | $12001 | $11881 | $11890 |
| **10/23** | $14103 | $13962 | $13602 |
| **10/24** | $17111 | $16940 | $16726 |
| **10/25** | $21067 | $20857 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 23.12% | 14.48% | 7.73% |
| Class C Including sale charges | 22.10% | 14.48% | 7.73% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Income Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3104823467 |
| # of Portfolio Holdings as of Period End | 40 |
| Portfolio Turnover Rate for the Period | 49% |
| Total Net Advisory Fees Paid for the Period | $17591777 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.7% |
| Industrials | 12.7% |
| Consumer Discretionary | 9.9% |
| Utilities | 9.0% |
| Health Care | 7.5% |
| Information Technology | 7.0% |
| Energy | 5.9% |
| Consumer Staples | 5.7% |
| Communication Services | 4.2% |
| Other | 6.0% |

---

Goldman Sachs International Equity Income Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38144N700-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Income Fund

# Institutional Class: GSIKX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $90 | 0.80% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation overall contributed positively to the Fund's relative results. So, too, did a value bias when growth stocks underperformed.

* Security selection in the financials, consumer staples and materials sectors contributed positively. An overweight to financials and an underweight to materials also helped.

* From a country perspective, stock selection in and overweights to the U.K. and Spain contributed most positively. An underweight to Australia, with exposure eliminated by the end of the Period, also buoyed results.

* An overweight to Societe Generale, a French bank, was the Fund's top relative contributor, benefiting primarily from quarterly results that surpassed consensus estimates.

* An overweight to HSBC Holdings, a U.K.-based banking and financial services firm, added value. The firm posted strong quarterly results and also announced a $2 billion share buyback and divisional restructuring, which was well received by investors.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was a top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

Top Detractors from Performance:

* Stock selection as a whole detracted from the Fund's relative results, albeit modestly. 

* Security selection in industrials, communication services and energy detracted. An underweight to industrials and an overweight to energy also hurt.

* Stock selection in France, Germany and Japan detracted. An overweight to France and underweights to Germany and Japan also dampened results.

* The Fund's top detractor was Capgemini, a French information technology services and engineering company, a newly initiated position for the Fund during the Period. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to LVMH Moët Hennessy Louis Vuitton ("LVMH"), a French luxury goods conglomerate, detracted. The company missed consensus expectations across all segments in the second quarter of 2025 and saw small sequential deceleration in European Union and mainland China but significant deceleration in the U.S. and Japan. We sold the Fund's position as holdings in the luxury sector, including LVMH, have been a drag on performance given a global slowdown in consumer trends.

* An overweight in Total Energies, a French integrated energy company, detracted. Broadly, lower oil prices affected oil companies' profits and margins. Further, the company suffered from production disruptions in Libya and Australia.

Goldman Sachs International Equity Income Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g24r14.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $936700 | $967700 |
| **10/17** | $1160384 | $1194529 |
| **10/18** | $1083915 | $1112704 |
| **10/19** | $1271324 | $1235546 |
| **10/20** | $1132876 | $1150788 |
| **10/21** | $1523152 | $1544127 |
| **10/22** | $1296660 | $1188978 |
| **10/23** | $1540432 | $1360191 |
| **10/24** | $1890880 | $1672626 |
| **10/25** | $2352443 | $2057832 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 24.41% | 15.72% | 8.92% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Income Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3104823467 |
| # of Portfolio Holdings as of Period End | 40 |
| Portfolio Turnover Rate for the Period | 49% |
| Total Net Advisory Fees Paid for the Period | $17591777 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.7% |
| Industrials | 12.7% |
| Consumer Discretionary | 9.9% |
| Utilities | 9.0% |
| Health Care | 7.5% |
| Information Technology | 7.0% |
| Energy | 5.9% |
| Consumer Staples | 5.7% |
| Communication Services | 4.2% |
| Other | 6.0% |

---

Goldman Sachs International Equity Income Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38144N809-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Income Fund

# Investor Class: GSTKX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $99 | 0.88% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation overall contributed positively to the Fund's relative results. So, too, did a value bias when growth stocks underperformed.

* Security selection in the financials, consumer staples and materials sectors contributed positively. An overweight to financials and an underweight to materials also helped.

* From a country perspective, stock selection in and overweights to the U.K. and Spain contributed most positively. An underweight to Australia, with exposure eliminated by the end of the Period, also buoyed results.

* An overweight to Societe Generale, a French bank, was the Fund's top relative contributor, benefiting primarily from quarterly results that surpassed consensus estimates.

* An overweight to HSBC Holdings, a U.K.-based banking and financial services firm, added value. The firm posted strong quarterly results and also announced a $2 billion share buyback and divisional restructuring, which was well received by investors.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was a top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

Top Detractors from Performance:

* Stock selection as a whole detracted from the Fund's relative results, albeit modestly. 

* Security selection in industrials, communication services and energy detracted. An underweight to industrials and an overweight to energy also hurt.

* Stock selection in France, Germany and Japan detracted. An overweight to France and underweights to Germany and Japan also dampened results.

* The Fund's top detractor was Capgemini, a French information technology services and engineering company, a newly initiated position for the Fund during the Period. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to LVMH Moët Hennessy Louis Vuitton ("LVMH"), a French luxury goods conglomerate, detracted. The company missed consensus expectations across all segments in the second quarter of 2025 and saw small sequential deceleration in European Union and mainland China but significant deceleration in the U.S. and Japan. We sold the Fund's position as holdings in the luxury sector, including LVMH, have been a drag on performance given a global slowdown in consumer trends.

* An overweight in Total Energies, a French integrated energy company, detracted. Broadly, lower oil prices affected oil companies' profits and margins. Further, the company suffered from production disruptions in Libya and Australia.

Goldman Sachs International Equity Income Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g69e95.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $9355 | $9677 |
| **10/17** | $11577 | $11945 |
| **10/18** | $10797 | $11127 |
| **10/19** | $12655 | $12355 |
| **10/20** | $11260 | $11508 |
| **10/21** | $15117 | $15441 |
| **10/22** | $12863 | $11890 |
| **10/23** | $15268 | $13602 |
| **10/24** | $18719 | $16726 |
| **10/25** | $23277 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 24.35% | 15.62% | 8.81% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Income Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3104823467 |
| # of Portfolio Holdings as of Period End | 40 |
| Portfolio Turnover Rate for the Period | 49% |
| Total Net Advisory Fees Paid for the Period | $17591777 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.7% |
| Industrials | 12.7% |
| Consumer Discretionary | 9.9% |
| Utilities | 9.0% |
| Health Care | 7.5% |
| Information Technology | 7.0% |
| Energy | 5.9% |
| Consumer Staples | 5.7% |
| Communication Services | 4.2% |
| Other | 6.0% |

---

Goldman Sachs International Equity Income Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38145N444-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Income Fund

# Class R6: GSUKX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $89 | 0.79% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation overall contributed positively to the Fund's relative results. So, too, did a value bias when growth stocks underperformed.

* Security selection in the financials, consumer staples and materials sectors contributed positively. An overweight to financials and an underweight to materials also helped.

* From a country perspective, stock selection in and overweights to the U.K. and Spain contributed most positively. An underweight to Australia, with exposure eliminated by the end of the Period, also buoyed results.

* An overweight to Societe Generale, a French bank, was the Fund's top relative contributor, benefiting primarily from quarterly results that surpassed consensus estimates.

* An overweight to HSBC Holdings, a U.K.-based banking and financial services firm, added value. The firm posted strong quarterly results and also announced a $2 billion share buyback and divisional restructuring, which was well received by investors.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was a top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

Top Detractors from Performance:

* Stock selection as a whole detracted from the Fund's relative results, albeit modestly. 

* Security selection in industrials, communication services and energy detracted. An underweight to industrials and an overweight to energy also hurt.

* Stock selection in France, Germany and Japan detracted. An overweight to France and underweights to Germany and Japan also dampened results.

* The Fund's top detractor was Capgemini, a French information technology services and engineering company, a newly initiated position for the Fund during the Period. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to LVMH Moët Hennessy Louis Vuitton ("LVMH"), a French luxury goods conglomerate, detracted. The company missed consensus expectations across all segments in the second quarter of 2025 and saw small sequential deceleration in European Union and mainland China but significant deceleration in the U.S. and Japan. We sold the Fund's position as holdings in the luxury sector, including LVMH, have been a drag on performance given a global slowdown in consumer trends.

* An overweight in Total Energies, a French integrated energy company, detracted. Broadly, lower oil prices affected oil companies' profits and margins. Further, the company suffered from production disruptions in Libya and Australia.

Goldman Sachs International Equity Income Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g55a27.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **2/26/16** | $10000 | $10000 |
| **10/16** | $10599 | $10944 |
| **10/17** | $13133 | $13509 |
| **10/18** | $12264 | $12584 |
| **10/19** | $14399 | $13973 |
| **10/20** | $12822 | $13015 |
| **10/21** | $17248 | $17463 |
| **10/22** | $14680 | $13446 |
| **10/23** | $17444 | $15383 |
| **10/24** | $21408 | $18916 |
| **10/25** | $26646 | $23273 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced February 26, 2016) | 24.47% | 15.75% | 10.65% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 9.11% |

---

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

Goldman Sachs International Equity Income Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3104823467 |
| # of Portfolio Holdings as of Period End | 40 |
| Portfolio Turnover Rate for the Period | 49% |
| Total Net Advisory Fees Paid for the Period | $17591777 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.7% |
| Industrials | 12.7% |
| Consumer Discretionary | 9.9% |
| Utilities | 9.0% |
| Health Care | 7.5% |
| Information Technology | 7.0% |
| Energy | 5.9% |
| Consumer Staples | 5.7% |
| Communication Services | 4.2% |
| Other | 6.0% |

---

Goldman Sachs International Equity Income Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38148U478-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Income Fund

# Class R: GSRKX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $154 | 1.38% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation overall contributed positively to the Fund's relative results. So, too, did a value bias when growth stocks underperformed.

* Security selection in the financials, consumer staples and materials sectors contributed positively. An overweight to financials and an underweight to materials also helped.

* From a country perspective, stock selection in and overweights to the U.K. and Spain contributed most positively. An underweight to Australia, with exposure eliminated by the end of the Period, also buoyed results.

* An overweight to Societe Generale, a French bank, was the Fund's top relative contributor, benefiting primarily from quarterly results that surpassed consensus estimates.

* An overweight to HSBC Holdings, a U.K.-based banking and financial services firm, added value. The firm posted strong quarterly results and also announced a $2 billion share buyback and divisional restructuring, which was well received by investors.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was a top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

Top Detractors from Performance:

* Stock selection as a whole detracted from the Fund's relative results, albeit modestly. 

* Security selection in industrials, communication services and energy detracted. An underweight to industrials and an overweight to energy also hurt.

* Stock selection in France, Germany and Japan detracted. An overweight to France and underweights to Germany and Japan also dampened results.

* The Fund's top detractor was Capgemini, a French information technology services and engineering company, a newly initiated position for the Fund during the Period. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to LVMH Moët Hennessy Louis Vuitton ("LVMH"), a French luxury goods conglomerate, detracted. The company missed consensus expectations across all segments in the second quarter of 2025 and saw small sequential deceleration in European Union and mainland China but significant deceleration in the U.S. and Japan. We sold the Fund's position as holdings in the luxury sector, including LVMH, have been a drag on performance given a global slowdown in consumer trends.

* An overweight in Total Energies, a French integrated energy company, detracted. Broadly, lower oil prices affected oil companies' profits and margins. Further, the company suffered from production disruptions in Libya and Australia.

Goldman Sachs International Equity Income Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g22t24.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $9311 | $9677 |
| **10/17** | $11452 | $11945 |
| **10/18** | $10628 | $11127 |
| **10/19** | $12396 | $12355 |
| **10/20** | $10974 | $11508 |
| **10/21** | $14663 | $15441 |
| **10/22** | $12411 | $11890 |
| **10/23** | $14662 | $13602 |
| **10/24** | $17890 | $16726 |
| **10/25** | $22133 | $20578 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 23.72% | 15.05% | 8.26% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

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

Goldman Sachs International Equity Income Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3104823467 |
| # of Portfolio Holdings as of Period End | 40 |
| Portfolio Turnover Rate for the Period | 49% |
| Total Net Advisory Fees Paid for the Period | $17591777 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.7% |
| Industrials | 12.7% |
| Consumer Discretionary | 9.9% |
| Utilities | 9.0% |
| Health Care | 7.5% |
| Information Technology | 7.0% |
| Energy | 5.9% |
| Consumer Staples | 5.7% |
| Communication Services | 4.2% |
| Other | 6.0% |

---

Goldman Sachs International Equity Income Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38145N451-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs International Equity Income Fund

# Class P: GSNPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $89 | 0.79% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market fell in the first months of the Period amid trade tariff uncertainty given the results of the November 2024 U.S. Presidential election, recession concerns and political instability, particularly in France and Germany. However, international equities performed strongly overall in year-to-date 2025, supported by an improving economic outlook in Europe, European Central Bank and Bank of England interest rate cuts, steadiness maintained by the Bank of Japan, increased defense spending, favorable currency movements and stabilizing global demand—all despite the volatility and sector-specific impacts caused by the persistent overhangs of shifting U.S. tariff and trade policy and geopolitical tensions in the Middle East.

Top Contributors to Performance:

* Sector allocation and country allocation overall contributed positively to the Fund's relative results. So, too, did a value bias when growth stocks underperformed.

* Security selection in the financials, consumer staples and materials sectors contributed positively. An overweight to financials and an underweight to materials also helped.

* From a country perspective, stock selection in and overweights to the U.K. and Spain contributed most positively. An underweight to Australia, with exposure eliminated by the end of the Period, also buoyed results.

* An overweight to Societe Generale, a French bank, was the Fund's top relative contributor, benefiting primarily from quarterly results that surpassed consensus estimates.

* An overweight to HSBC Holdings, a U.K.-based banking and financial services firm, added value. The firm posted strong quarterly results and also announced a $2 billion share buyback and divisional restructuring, which was well received by investors.

* An overweight to Banco Bilbao Vizcaya Argentaria, a Spain-based financial services company, was a top relative contributor. Its stock rose on the company's strong earnings and earnings momentum, supported by growth in recurring revenues and net interest income. It also benefited from supportive tailwinds in the European banking industry.

Top Detractors from Performance:

* Stock selection as a whole detracted from the Fund's relative results, albeit modestly. 

* Security selection in industrials, communication services and energy detracted. An underweight to industrials and an overweight to energy also hurt.

* Stock selection in France, Germany and Japan detracted. An overweight to France and underweights to Germany and Japan also dampened results.

* The Fund's top detractor was Capgemini, a French information technology services and engineering company, a newly initiated position for the Fund during the Period. The company cut its guidance amid a persistent slowdown in construction and demand for its services, particularly in the auto industry. Its stock price further declined as investors feared its services may be disrupted by AI and following an unexpected reduction in its annual revenue forecast.

* An overweight to LVMH Moët Hennessy Louis Vuitton ("LVMH"), a French luxury goods conglomerate, detracted. The company missed consensus expectations across all segments in the second quarter of 2025 and saw small sequential deceleration in European Union and mainland China but significant deceleration in the U.S. and Japan. We sold the Fund's position as holdings in the luxury sector, including LVMH, have been a drag on performance given a global slowdown in consumer trends.

* An overweight in Total Energies, a French integrated energy company, detracted. Broadly, lower oil prices affected oil companies' profits and margins. Further, the company suffered from production disruptions in Libya and Australia.

Goldman Sachs International Equity Income Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g28d15.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **4/16/18** | $10000 | $10000 |
| **10/18** | $8924 | $9027 |
| **10/19** | $10471 | $10024 |
| **10/20** | $9328 | $9336 |
| **10/21** | $12551 | $12527 |
| **10/22** | $10681 | $9646 |
| **10/23** | $12693 | $11035 |
| **10/24** | $15579 | $13569 |
| **10/25** | $19392 | $16695 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 24.47% | 15.75% | 9.17% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.02% |

---

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

Goldman Sachs International Equity Income Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3104823467 |
| # of Portfolio Holdings as of Period End | 40 |
| Portfolio Turnover Rate for the Period | 49% |
| Total Net Advisory Fees Paid for the Period | $17591777 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 31.7% |
| Industrials | 12.7% |
| Consumer Discretionary | 9.9% |
| Utilities | 9.0% |
| Health Care | 7.5% |
| Information Technology | 7.0% |
| Energy | 5.9% |
| Consumer Staples | 5.7% |
| Communication Services | 4.2% |
| Other | 6.0% |

---

Goldman Sachs International Equity Income Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs International Equity Income Fund

38150B269-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class A: GLCGX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $103 | 0.91% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g97q19.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9450 | $10000 | $10000 |
| **10/16** | $10193 | $9632 | $10228 | $10426 |
| **10/17** | $13262 | $12533 | $13267 | $12894 |
| **10/18** | $14184 | $13404 | $14688 | $13794 |
| **10/19** | $15784 | $14916 | $17199 | $15746 |
| **10/20** | $19559 | $18483 | $22225 | $17457 |
| **10/21** | $27909 | $26374 | $31828 | $25053 |
| **10/22** | $21136 | $19973 | $23998 | $20949 |
| **10/23** | $23906 | $22592 | $28546 | $22935 |
| **10/24** | $34664 | $32758 | $41041 | $31667 |
| **10/25** | $43885 | $41471 | $53566 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 26.60% | 17.53% | 15.93% |
| Class A Including sale charges | 19.62% | 16.21% | 15.27% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 18.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B435-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class C: GLCCX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $187 | 1.66% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g07e26.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9900 | $10000 | $10000 |
| **10/16** | $10119 | $10018 | $10228 | $10426 |
| **10/17** | $13070 | $12939 | $13267 | $12894 |
| **10/18** | $13877 | $13739 | $14688 | $13794 |
| **10/19** | $15323 | $15170 | $17199 | $15746 |
| **10/20** | $18854 | $18665 | $22225 | $17457 |
| **10/21** | $26695 | $26428 | $31828 | $25053 |
| **10/22** | $20064 | $19864 | $23998 | $20949 |
| **10/23** | $22528 | $22303 | $28546 | $22935 |
| **10/24** | $32422 | $32098 | $41041 | $31667 |
| **10/25** | $40732 | $40325 | $53566 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 25.63% | 16.65% | 15.06% |
| Class C Including sale charges | 24.45% | 16.65% | 15.06% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 18.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B260-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Institutional Class: GCGIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $62 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g62p80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1023600 | $1022800 | $1042600 |
| **10/17** | $1337129 | $1326674 | $1289383 |
| **10/18** | $1435809 | $1468761 | $1379382 |
| **10/19** | $1603798 | $1719919 | $1574565 |
| **10/20** | $1995286 | $2222479 | $1745720 |
| **10/21** | $2856850 | $3182812 | $2505283 |
| **10/22** | $2171206 | $2399840 | $2094918 |
| **10/23** | $2464536 | $2854610 | $2293516 |
| **10/24** | $3587378 | $4104073 | $3166657 |
| **10/25** | $4558482 | $5356636 | $3836089 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 27.07% | 17.96% | 16.37% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 18.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B385-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Service Class: GSCLX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $119 | 1.05% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g75443g55t42.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10183 | $10228 | $10426 |
| **10/17** | $13242 | $13267 | $12894 |
| **10/18** | $14145 | $14688 | $13794 |
| **10/19** | $15722 | $17199 | $15746 |
| **10/20** | $19456 | $22225 | $17457 |
| **10/21** | $27725 | $31828 | $25053 |
| **10/22** | $20971 | $23998 | $20949 |
| **10/23** | $23679 | $28546 | $22935 |
| **10/24** | $34301 | $41041 | $31667 |
| **10/25** | $43363 | $53566 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 26.42% | 17.37% | 15.79% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 18.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights 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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38142B377-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Investor Class: GLCTX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $75 | 0.66% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g16c47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10218 | $10228 | $10426 |
| **10/17** | $13327 | $13267 | $12894 |
| **10/18** | $14291 | $14688 | $13794 |
| **10/19** | $15943 | $17199 | $15746 |
| **10/20** | $19807 | $22225 | $17457 |
| **10/21** | $28331 | $31828 | $25053 |
| **10/22** | $21503 | $23998 | $20949 |
| **10/23** | $24387 | $28546 | $22935 |
| **10/24** | $35453 | $41041 | $31667 |
| **10/25** | $45001 | $53566 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 26.93% | 17.82% | 16.22% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 18.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38145N592-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class R6: GLCUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $61 | 0.54% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g62m30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10238 | $10228 | $10426 |
| **10/17** | $13375 | $13267 | $12894 |
| **10/18** | $14361 | $14688 | $13794 |
| **10/19** | $16044 | $17199 | $15746 |
| **10/20** | $19965 | $22225 | $17457 |
| **10/21** | $28588 | $31828 | $25053 |
| **10/22** | $21735 | $23998 | $20949 |
| **10/23** | $24669 | $28546 | $22935 |
| **10/24** | $35909 | $41041 | $31667 |
| **10/25** | $45629 | $53566 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 27.07% | 17.97% | 16.38% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 18.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38147X523-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class R: GLCRX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $131 | 1.16% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g47t49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10166 | $10228 | $10426 |
| **10/17** | $13196 | $13267 | $12894 |
| **10/18** | $14079 | $14688 | $13794 |
| **10/19** | $15625 | $17199 | $15746 |
| **10/20** | $19316 | $22225 | $17457 |
| **10/21** | $27492 | $31828 | $25053 |
| **10/22** | $20768 | $23998 | $20949 |
| **10/23** | $23426 | $28546 | $22935 |
| **10/24** | $33895 | $41041 | $31667 |
| **10/25** | $42803 | $53566 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 26.28% | 17.24% | 15.64% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 18.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38145N618-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Growth Insights Fund

# Class P: GMZPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $61 | 0.54% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the industrials sector and, to a smaller degree, the financials and materials sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* In terms of individual stock positions, the Fund was helped by overweight positions versus the Index in Broadcom, Comfort Systems USA and Fiserv.

* The overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products, was largely due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Fundamental Mispricings, Market Themes & Trends and Sentiment Analysis investment themes led to the Fund's overweight in Comfort Systems USA, a provider of mechanical and electrical contracting services.

* The Fund was overweight financial technology company Fiserv based primarily on our Fundamental Mispricings investment theme. 

Top Detractors from Performance:

* All four of our investment themes detracted from the Fund's relative performance. High-Quality Business Models was our worst-performing investment theme followed by Sentiment Analysis, Fundamental Mispricings and Market Themes & Trends.

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and communications services sectors detracted from relative returns.

* Among individual stock positions, an underweight position versus the Index in Palantir Technologies and overweight positions in Zoetis and Sprouts Farmers Market hurt relative performance.

* The Fund's underweight in Palantir Technologies, a software company specializing in data analytics and artificial intelligence, was established mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Sentiment Analysis and Fundamental Mispricings investment themes drove the Fund's overweight in Zoetis, an animal health company.

* The overweight in specialty grocer Sprouts Farmers Market was mostly due to our Sentiment Analysis investment theme. 

Goldman Sachs Large Cap Growth Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g16d04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **4/16/18** | $10000 | $10000 | $10000 |
| **10/18** | $10025 | $10366 | $10193 |
| **10/19** | $11199 | $12139 | $11635 |
| **10/20** | $13934 | $15685 | $12900 |
| **10/21** | $19954 | $22463 | $18513 |
| **10/22** | $15165 | $16937 | $15480 |
| **10/23** | $17220 | $20147 | $16948 |
| **10/24** | $25064 | $28965 | $23400 |
| **10/25** | $31854 | $37805 | $28347 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 27.09% | 17.97% | 16.58% |
| Russell 1000<sup>®</sup> Growth Index | 30.52% | 19.23% | 19.26% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.80% |

---

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

Goldman Sachs Large Cap Growth Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1656218347 |
| # of Portfolio Holdings as of Period End | 85 |
| Portfolio Turnover Rate for the Period | 209% |
| Total Net Advisory Fees Paid for the Period | $7449942 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 55.2% |
| Consumer Discretionary | 13.6% |
| Communication Services | 10.1% |
| Health Care | 8.4% |
| Industrials | 7.0% |
| Financials | 2.9% |
| Consumer Staples | 1.3% |
| Real Estate | 0.8% |
| Materials | 0.3% |

---

Goldman Sachs Large Cap Growth Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Growth Insights Fund

38150B541-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class A: GCVAX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $97 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g23v81.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9450 | $10000 | $10000 |
| **10/16** | $10336 | $9768 | $10637 | $10426 |
| **10/17** | $12766 | $12064 | $12528 | $12894 |
| **10/18** | $13254 | $12525 | $12908 | $13794 |
| **10/19** | $13956 | $13189 | $14355 | $15746 |
| **10/20** | $12789 | $12086 | $13268 | $17457 |
| **10/21** | $18272 | $17267 | $19074 | $25053 |
| **10/22** | $17282 | $16331 | $17739 | $20949 |
| **10/23** | $17201 | $16255 | $17762 | $22935 |
| **10/24** | $22457 | $21222 | $23265 | $31667 |
| **10/25** | $25024 | $23648 | $25859 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 11.43% | 14.36% | 9.60% |
| Class A Including sale charges | 5.31% | 13.07% | 8.98% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V225-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class C: GCVCX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $176 | 1.67% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g99z92.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9900 | $10000 | $10000 |
| **10/16** | $10257 | $10154 | $10637 | $10426 |
| **10/17** | $12574 | $12448 | $12528 | $12894 |
| **10/18** | $12951 | $12822 | $12908 | $13794 |
| **10/19** | $13538 | $13403 | $14355 | $15746 |
| **10/20** | $12313 | $12190 | $13268 | $17457 |
| **10/21** | $17466 | $17291 | $19074 | $25053 |
| **10/22** | $16393 | $16229 | $17739 | $20949 |
| **10/23** | $16197 | $16035 | $17762 | $22935 |
| **10/24** | $20986 | $20776 | $23265 | $31667 |
| **10/25** | $23210 | $22978 | $25859 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 10.60% | 13.51% | 8.78% |
| Class C Including sale charges | 9.49% | 13.51% | 8.78% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V191-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Institutional Class: GCVIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $59 | 0.56% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g50j43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1037000 | $1063700 | $1042600 |
| **10/17** | $1286087 | $1252826 | $1289383 |
| **10/18** | $1340360 | $1290786 | $1379382 |
| **10/19** | $1416493 | $1435484 | $1574565 |
| **10/20** | $1303173 | $1326818 | $1745720 |
| **10/21** | $1868751 | $1907433 | $2505283 |
| **10/22** | $1773818 | $1773913 | $2094918 |
| **10/23** | $1772044 | $1776219 | $2293516 |
| **10/24** | $2322618 | $2326491 | $3166657 |
| **10/25** | $2596920 | $2585895 | $3836089 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 11.81% | 14.78% | 10.01% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V183-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Service Class: GCLSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $112 | 1.06% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g75443g76h06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10323 | $10637 | $10426 |
| **10/17** | $12735 | $12528 | $12894 |
| **10/18** | $13207 | $12908 | $13794 |
| **10/19** | $13892 | $14355 | $15746 |
| **10/20** | $12717 | $13268 | $17457 |
| **10/21** | $18144 | $19074 | $25053 |
| **10/22** | $17137 | $17739 | $20949 |
| **10/23** | $17031 | $17762 | $22935 |
| **10/24** | $22207 | $23265 | $31667 |
| **10/25** | $24703 | $25859 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 11.24% | 14.19% | 9.46% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights 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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38142V175-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Investor Class: GCVTX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $71 | 0.67% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g37m10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10358 | $10637 | $10426 |
| **10/17** | $12822 | $12528 | $12894 |
| **10/18** | $13344 | $12908 | $13794 |
| **10/19** | $14085 | $14355 | $15746 |
| **10/20** | $12942 | $13268 | $17457 |
| **10/21** | $18539 | $19074 | $25053 |
| **10/22** | $17580 | $17739 | $20949 |
| **10/23** | $17542 | $17762 | $22935 |
| **10/24** | $22958 | $23265 | $31667 |
| **10/25** | $25640 | $25859 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 11.68% | 14.64% | 9.87% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38145N626-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class R6: GCVUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $58 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g99s33.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10377 | $10637 | $10426 |
| **10/17** | $12873 | $12528 | $12894 |
| **10/18** | $13412 | $12908 | $13794 |
| **10/19** | $14181 | $14355 | $15746 |
| **10/20** | $13048 | $13268 | $17457 |
| **10/21** | $18713 | $19074 | $25053 |
| **10/22** | $17764 | $17739 | $20949 |
| **10/23** | $17748 | $17762 | $22935 |
| **10/24** | $23259 | $23265 | $31667 |
| **10/25** | $26010 | $25859 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 11.83% | 14.78% | 10.02% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38147X515-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class R: GCVRX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $124 | 1.17% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g35w78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10308 | $10637 | $10426 |
| **10/17** | $12698 | $12528 | $12894 |
| **10/18** | $13150 | $12908 | $13794 |
| **10/19** | $13809 | $14355 | $15746 |
| **10/20** | $12622 | $13268 | $17457 |
| **10/21** | $17995 | $19074 | $25053 |
| **10/22** | $16976 | $17739 | $20949 |
| **10/23** | $16852 | $17762 | $22935 |
| **10/24** | $21952 | $23265 | $31667 |
| **10/25** | $24395 | $25859 | $38361 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 11.13% | 14.08% | 9.32% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.96% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.38% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38145N634-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Large Cap Value Insights Fund

# Class P: GMXPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $58 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials sector and, to a smaller extent, the materials and information technology sectors added to the Fund's performance versus the Russell 1000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Two of our four investment themes—Sentiment Analysis and Market Themes & Trends—contributed positively to the Fund's relative returns. The performance of our Fundamental Mispricings investment theme was rather flat.

* Among individual stock positions, the Fund was helped by overweights relative to the Index in UnitedHealth Group, Invesco and Southern Copper.

* Our Sentiment Analysis investment theme drove the Fund's overweight in UnitedHealth Group, a health insurance and services company.

* The overweight in investment management firm Invesco was mainly due to our Sentiment Analysis investment theme.

* The Fund was overweight Southern Copper, which owns copper mines, smelters and refineries, largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* The Fund was hampered by stock selection in the consumer staples, consumer discretionary and utilities sectors.

* Our High-Quality Business Models investment theme detracted slightly from relative performance.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in United Parcel Service and Target and by an underweight in Wells Fargo & Company.

* The Fund's overweight in shipping and logistics company United Parcel Service was based on our Fundamental Mispricings and Sentiment Analysis investment themes.

* The overweight position in retailer Target was due in large part to our Fundamental Mispricings and Sentiment Analysis investment themes.

* Our Sentiment Analysis investment theme led to the Fund's underweight in financial services company Wells Fargo & Company. 

Goldman Sachs Large Cap Value Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g51d72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **4/16/18** | $10000 | $10000 | $10000 |
| **10/18** | $9923 | $9999 | $10193 |
| **10/19** | $10493 | $11120 | $11635 |
| **10/20** | $9654 | $10278 | $12900 |
| **10/21** | $13848 | $14776 | $18513 |
| **10/22** | $13146 | $13742 | $15480 |
| **10/23** | $13134 | $13759 | $16948 |
| **10/24** | $17214 | $18022 | $23400 |
| **10/25** | $19250 | $20031 | $28347 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 11.83% | 14.79% | 9.06% |
| Russell 1000<sup>®</sup> Value Index | 11.15% | 14.27% | 9.64% |
| Russell 1000<sup>®</sup> Index | 21.14% | 17.04% | 14.80% |

---

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

Goldman Sachs Large Cap Value Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $569356461 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 213% |
| Total Net Advisory Fees Paid for the Period | $2720603 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.9% |
| Industrials | 15.8% |
| Health Care | 12.1% |
| Information Technology | 9.6% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 7.0% |
| Materials | 6.7% |
| Real Estate | 6.5% |
| Communication Services | 5.9% |
| Other | 5.5% |

---

Goldman Sachs Large Cap Value Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Insights Fund

38150B525-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class A: GCSAX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $129 | 1.20% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g75o80.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9450 | $10000 | $10000 |
| **10/16** | $10345 | $9776 | $10411 | $10424 |
| **10/17** | $13021 | $12305 | $13310 | $12924 |
| **10/18** | $13532 | $12787 | $13557 | $13777 |
| **10/19** | $14295 | $13509 | $14221 | $15635 |
| **10/20** | $12835 | $12129 | $14201 | $17222 |
| **10/21** | $19796 | $18707 | $21415 | $24783 |
| **10/22** | $16304 | $15407 | $17445 | $20688 |
| **10/23** | $15547 | $14692 | $15952 | $22422 |
| **10/24** | $21771 | $20574 | $21386 | $30911 |
| **10/25** | $25091 | $23711 | $24468 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 15.25% | 14.34% | 9.63% |
| Class A Including sale charges | 8.92% | 13.05% | 9.01% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V506-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class C: GCSCX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $209 | 1.95% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g75i71.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9900 | $10000 | $10000 |
| **10/16** | $10262 | $10159 | $10411 | $10424 |
| **10/17** | $12820 | $12692 | $13310 | $12924 |
| **10/18** | $13225 | $13093 | $13557 | $13777 |
| **10/19** | $13868 | $13730 | $14221 | $15635 |
| **10/20** | $12363 | $12240 | $14201 | $17222 |
| **10/21** | $18919 | $18729 | $21415 | $24783 |
| **10/22** | $15468 | $15313 | $17445 | $20688 |
| **10/23** | $14643 | $14497 | $15952 | $22422 |
| **10/24** | $20349 | $20145 | $21386 | $30911 |
| **10/25** | $23273 | $23040 | $24468 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 14.37% | 13.48% | 8.80% |
| Class C Including sale charges | 13.22% | 13.48% | 8.80% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V704-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Institutional Class: GCSIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $91 | 0.84% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g01t70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1037800 | $1041100 | $1042400 |
| **10/17** | $1312194 | $1331046 | $1292368 |
| **10/18** | $1368881 | $1355671 | $1377664 |
| **10/19** | $1451425 | $1422099 | $1563511 |
| **10/20** | $1308604 | $1420108 | $1722207 |
| **10/21** | $2024804 | $2141522 | $2478256 |
| **10/22** | $1674310 | $1744484 | $2068848 |
| **10/23** | $1602650 | $1595156 | $2242217 |
| **10/24** | $2251883 | $2138626 | $3091121 |
| **10/25** | $2603852 | $2446802 | $3734383 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 15.63% | 14.74% | 10.03% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V803-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Service Class: GCSSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $144 | 1.34% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g75443g05x17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10329 | $10411 | $10424 |
| **10/17** | $12991 | $13310 | $12924 |
| **10/18** | $13486 | $13557 | $13777 |
| **10/19** | $14230 | $14221 | $15635 |
| **10/20** | $12762 | $14201 | $17222 |
| **10/21** | $19661 | $21415 | $24783 |
| **10/22** | $16175 | $17445 | $20688 |
| **10/23** | $15405 | $15952 | $22422 |
| **10/24** | $21531 | $21386 | $30911 |
| **10/25** | $24778 | $24468 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 15.08% | 14.18% | 9.49% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights 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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38142V886-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Investor Class: GDSTX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $102 | 0.95% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g59w63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10364 | $10411 | $10424 |
| **10/17** | $13081 | $13310 | $12924 |
| **10/18** | $13630 | $13557 | $13777 |
| **10/19** | $14434 | $14221 | $15635 |
| **10/20** | $12993 | $14201 | $17222 |
| **10/21** | $20089 | $21415 | $24783 |
| **10/22** | $16589 | $17445 | $20688 |
| **10/23** | $15863 | $15952 | $22422 |
| **10/24** | $22262 | $21386 | $30911 |
| **10/25** | $25719 | $24468 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 15.53% | 14.62% | 9.90% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38145N576-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class R6: GCSUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $90 | 0.83% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g42h96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10382 | $10411 | $10424 |
| **10/17** | $13128 | $13310 | $12924 |
| **10/18** | $13699 | $13557 | $13777 |
| **10/19** | $14528 | $14221 | $15635 |
| **10/20** | $13098 | $14201 | $17222 |
| **10/21** | $20279 | $21415 | $24783 |
| **10/22** | $16771 | $17445 | $20688 |
| **10/23** | $16049 | $15952 | $22422 |
| **10/24** | $22556 | $21386 | $30911 |
| **10/25** | $26090 | $24468 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 15.67% | 14.77% | 10.06% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38147X499-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class R: GDSRX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $156 | 1.45% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g42l90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10312 | $10411 | $10424 |
| **10/17** | $12952 | $13310 | $12924 |
| **10/18** | $13426 | $13557 | $13777 |
| **10/19** | $14144 | $14221 | $15635 |
| **10/20** | $12670 | $14201 | $17222 |
| **10/21** | $19491 | $21415 | $24783 |
| **10/22** | $16016 | $17445 | $20688 |
| **10/23** | $15240 | $15952 | $22422 |
| **10/24** | $21276 | $21386 | $30911 |
| **10/25** | $24459 | $24468 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 14.96% | 14.05% | 9.35% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 9.35% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38145N584-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Equity Insights Fund

# Class P: GMAPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $89 | 0.83% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer staples and financials sectors added to the Fund's performance versus the Russell 2000<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* Three of our four investment themes contributed positively to the Fund's relative returns. Our best-performing investment theme was Market Themes & Trends followed by Sentiment Analysis and Fundamental Mispricings.

* Regarding individual stock positions, the Fund benefited from its underweight versus the Index in Praxis Precision Medicines and its overweights in Rocket Lab USA and Adaptive Biotechnologies.

* The Fund was underweight Praxis Precision Medicines, a clinical-stage biopharmaceutical company, mainly because of our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes led to the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was overweight Adaptive Biotechnologies largely due to our Sentiment Analysis and Market Themes & Trends investment themes. 

Top Detractors from Performance:

* Our High-Quality Business Models investment theme detracted from the Fund's relative returns.

* The Fund was hampered by stock selection in the energy, real estate and information technology sectors.

* In terms of individual stock positions, the Fund was hurt by overweights compared to the Index in Alight, LGI Homes and Keros Therapeutics.

* Our Fundamental Mispricings and Sentiment Analysis investment themes were mostly responsible for the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The overweight in homebuilder LGI Homes was mainly the result of our Sentiment Analysis and Fundamental Mispricings investment themes.

* The Fund was overweight biotechnology company Keros Therapeutics primarily because of our Sentiment Analysis investment theme. 

Goldman Sachs Small Cap Equity Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g13r60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **4/16/18** | $10000 | $10000 | $10000 |
| **10/18** | $9838 | $9732 | $10159 |
| **10/19** | $10434 | $10209 | $11529 |
| **10/20** | $9408 | $10195 | $12700 |
| **10/21** | $14561 | $15373 | $18275 |
| **10/22** | $12040 | $12523 | $15256 |
| **10/23** | $11527 | $11451 | $16534 |
| **10/24** | $16195 | $15353 | $22794 |
| **10/25** | $18728 | $17565 | $27538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 15.64% | 14.76% | 8.67% |
| Russell 2000<sup>®</sup> Index | 14.41% | 11.49% | 7.75% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.36% |

---

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

Goldman Sachs Small Cap Equity Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $521568277 |
| # of Portfolio Holdings as of Period End | 509 |
| Portfolio Turnover Rate for the Period | 162% |
| Total Net Advisory Fees Paid for the Period | $3564721 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 18.2% |
| Health Care | 16.7% |
| Financials | 15.8% |
| Information Technology | 14.4% |
| Consumer Discretionary | 11.8% |
| Real Estate | 6.3% |
| Materials | 4.3% |
| Energy | 4.0% |
| Utilities | 2.7% |
| Other | 4.2% |

---

Goldman Sachs Small Cap Equity Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity Insights Fund

38150B368-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class A: GSAOX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $132 | 1.20% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes added to the Fund's relative performance. Market Themes & Trends was our best-performing investment theme followed at a distance by Sentiment Analysis, High-Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped by overweights compared to the Index in American Superconductor and Rocket Lab USA. An underweight position in Vaxcyte was also advantageous.

* The overweight in American Superconductor, a provider of megawatt-scale power resiliency solutions, was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes were mainly responsible for the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was underweight clinical stage vaccine company Vaxcyte largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the communication services, health care and energy sectors detracted from the Fund's relative returns.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in Amphastar Pharmaceuticals and Alight and by an underweight in Kratos Defense & Security Solutions.

* The Fund's overweight in biotechnology company Amphastar Pharmaceuticals was based primarily on our Fundamental Mispricings and Market Themes & Trends investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The underweight in technology firm Kratos Defense & Security Solutions was mainly the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Goldman Sachs Small Cap Growth Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g89m32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9450 | $10000 | $10000 |
| **10/16** | $9963 | $9415 | $9951 | $10424 |
| **10/17** | $12905 | $12195 | $13036 | $12924 |
| **10/18** | $13663 | $12911 | $13574 | $13777 |
| **10/19** | $14435 | $13641 | $14443 | $15635 |
| **10/20** | $14297 | $13511 | $16374 | $17222 |
| **10/21** | $20375 | $19255 | $22670 | $24783 |
| **10/22** | $15133 | $14300 | $16771 | $20688 |
| **10/23** | $14505 | $13707 | $15491 | $22422 |
| **10/24** | $20526 | $19397 | $21144 | $30911 |
| **10/25** | $24721 | $23361 | $25122 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 20.44% | 11.56% | 9.46% |
| Class A Including sale charges | 13.82% | 10.31% | 8.85% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.93% | 9.64% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Growth Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $173269424 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 167% |
| Total Net Advisory Fees Paid for the Period | $1138163 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 23.0% |
| Industrials | 22.2% |
| Information Technology | 20.6% |
| Consumer Discretionary | 11.1% |
| Financials | 9.0% |
| Materials | 3.4% |
| Consumer Staples | 2.5% |
| Communication Services | 2.0% |
| Energy | 2.0% |
| Other | 2.6% |

---

Goldman Sachs Small Cap Growth Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38143H225-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class C: GSCOX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $214 | 1.95% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes added to the Fund's relative performance. Market Themes & Trends was our best-performing investment theme followed at a distance by Sentiment Analysis, High-Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped by overweights compared to the Index in American Superconductor and Rocket Lab USA. An underweight position in Vaxcyte was also advantageous.

* The overweight in American Superconductor, a provider of megawatt-scale power resiliency solutions, was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes were mainly responsible for the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was underweight clinical stage vaccine company Vaxcyte largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the communication services, health care and energy sectors detracted from the Fund's relative returns.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in Amphastar Pharmaceuticals and Alight and by an underweight in Kratos Defense & Security Solutions.

* The Fund's overweight in biotechnology company Amphastar Pharmaceuticals was based primarily on our Fundamental Mispricings and Market Themes & Trends investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The underweight in technology firm Kratos Defense & Security Solutions was mainly the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Goldman Sachs Small Cap Growth Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g73e66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9900 | $10000 | $10000 |
| **10/16** | $9886 | $9787 | $9951 | $10424 |
| **10/17** | $12715 | $12588 | $13036 | $12924 |
| **10/18** | $13355 | $13221 | $13574 | $13777 |
| **10/19** | $14012 | $13872 | $14443 | $15635 |
| **10/20** | $13774 | $13636 | $16374 | $17222 |
| **10/21** | $19486 | $19291 | $22670 | $24783 |
| **10/22** | $14324 | $14181 | $16771 | $20688 |
| **10/23** | $13636 | $13500 | $15491 | $22422 |
| **10/24** | $19140 | $18949 | $21144 | $30911 |
| **10/25** | $22894 | $22665 | $25122 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 19.61% | 10.69% | 8.63% |
| Class C Including sale charges | 18.61% | 10.69% | 8.63% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.93% | 9.64% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Growth Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $173269424 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 167% |
| Total Net Advisory Fees Paid for the Period | $1138163 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 23.0% |
| Industrials | 22.2% |
| Information Technology | 20.6% |
| Consumer Discretionary | 11.1% |
| Financials | 9.0% |
| Materials | 3.4% |
| Consumer Staples | 2.5% |
| Communication Services | 2.0% |
| Energy | 2.0% |
| Other | 2.6% |

---

Goldman Sachs Small Cap Growth Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38143H191-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Institutional Class: GSIOX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $93 | 0.84% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes added to the Fund's relative performance. Market Themes & Trends was our best-performing investment theme followed at a distance by Sentiment Analysis, High-Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped by overweights compared to the Index in American Superconductor and Rocket Lab USA. An underweight position in Vaxcyte was also advantageous.

* The overweight in American Superconductor, a provider of megawatt-scale power resiliency solutions, was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes were mainly responsible for the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was underweight clinical stage vaccine company Vaxcyte largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the communication services, health care and energy sectors detracted from the Fund's relative returns.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in Amphastar Pharmaceuticals and Alight and by an underweight in Kratos Defense & Security Solutions.

* The Fund's overweight in biotechnology company Amphastar Pharmaceuticals was based primarily on our Fundamental Mispricings and Market Themes & Trends investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The underweight in technology firm Kratos Defense & Security Solutions was mainly the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Goldman Sachs Small Cap Growth Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g82b14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1000100 | $995100 | $1042400 |
| **10/17** | $1300530 | $1303581 | $1292368 |
| **10/18** | $1381943 | $1357419 | $1377664 |
| **10/19** | $1465965 | $1444294 | $1563511 |
| **10/20** | $1457463 | $1637396 | $1722207 |
| **10/21** | $2084755 | $2266974 | $2478256 |
| **10/22** | $1553559 | $1677108 | $2068848 |
| **10/23** | $1494835 | $1549144 | $2242217 |
| **10/24** | $2122366 | $2114427 | $3091121 |
| **10/25** | $2566153 | $2512151 | $3734383 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 20.91% | 11.97% | 9.88% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.93% | 9.64% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Growth Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $173269424 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 167% |
| Total Net Advisory Fees Paid for the Period | $1138163 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 23.0% |
| Industrials | 22.2% |
| Information Technology | 20.6% |
| Consumer Discretionary | 11.1% |
| Financials | 9.0% |
| Materials | 3.4% |
| Consumer Staples | 2.5% |
| Communication Services | 2.0% |
| Energy | 2.0% |
| Other | 2.6% |

---

Goldman Sachs Small Cap Growth Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38143H183-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Investor Class: GSTOX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $105 | 0.95% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes added to the Fund's relative performance. Market Themes & Trends was our best-performing investment theme followed at a distance by Sentiment Analysis, High-Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped by overweights compared to the Index in American Superconductor and Rocket Lab USA. An underweight position in Vaxcyte was also advantageous.

* The overweight in American Superconductor, a provider of megawatt-scale power resiliency solutions, was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes were mainly responsible for the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was underweight clinical stage vaccine company Vaxcyte largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the communication services, health care and energy sectors detracted from the Fund's relative returns.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in Amphastar Pharmaceuticals and Alight and by an underweight in Kratos Defense & Security Solutions.

* The Fund's overweight in biotechnology company Amphastar Pharmaceuticals was based primarily on our Fundamental Mispricings and Market Themes & Trends investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The underweight in technology firm Kratos Defense & Security Solutions was mainly the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Goldman Sachs Small Cap Growth Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g31i34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $9985 | $9951 | $10424 |
| **10/17** | $12968 | $13036 | $12924 |
| **10/18** | $13762 | $13574 | $13777 |
| **10/19** | $14579 | $14443 | $15635 |
| **10/20** | $14474 | $16374 | $17222 |
| **10/21** | $20681 | $22670 | $24783 |
| **10/22** | $15389 | $16771 | $20688 |
| **10/23** | $14796 | $15491 | $22422 |
| **10/24** | $20980 | $21144 | $30911 |
| **10/25** | $25346 | $25122 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 20.81% | 11.85% | 9.74% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.93% | 9.64% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Growth Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $173269424 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 167% |
| Total Net Advisory Fees Paid for the Period | $1138163 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 23.0% |
| Industrials | 22.2% |
| Information Technology | 20.6% |
| Consumer Discretionary | 11.1% |
| Financials | 9.0% |
| Materials | 3.4% |
| Consumer Staples | 2.5% |
| Communication Services | 2.0% |
| Energy | 2.0% |
| Other | 2.6% |

---

Goldman Sachs Small Cap Growth Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38145N535-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class R6: GINUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $92 | 0.83% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes added to the Fund's relative performance. Market Themes & Trends was our best-performing investment theme followed at a distance by Sentiment Analysis, High-Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped by overweights compared to the Index in American Superconductor and Rocket Lab USA. An underweight position in Vaxcyte was also advantageous.

* The overweight in American Superconductor, a provider of megawatt-scale power resiliency solutions, was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes were mainly responsible for the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was underweight clinical stage vaccine company Vaxcyte largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the communication services, health care and energy sectors detracted from the Fund's relative returns.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in Amphastar Pharmaceuticals and Alight and by an underweight in Kratos Defense & Security Solutions.

* The Fund's overweight in biotechnology company Amphastar Pharmaceuticals was based primarily on our Fundamental Mispricings and Market Themes & Trends investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The underweight in technology firm Kratos Defense & Security Solutions was mainly the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Goldman Sachs Small Cap Growth Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g29c70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10007 | $9951 | $10424 |
| **10/17** | $13014 | $13036 | $12924 |
| **10/18** | $13827 | $13574 | $13777 |
| **10/19** | $14668 | $14443 | $15635 |
| **10/20** | $14585 | $16374 | $17222 |
| **10/21** | $20866 | $22670 | $24783 |
| **10/22** | $15556 | $16771 | $20688 |
| **10/23** | $14968 | $15491 | $22422 |
| **10/24** | $21254 | $21144 | $30911 |
| **10/25** | $25698 | $25122 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 20.91% | 11.99% | 9.89% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.93% | 9.64% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Growth Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $173269424 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 167% |
| Total Net Advisory Fees Paid for the Period | $1138163 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 23.0% |
| Industrials | 22.2% |
| Information Technology | 20.6% |
| Consumer Discretionary | 11.1% |
| Financials | 9.0% |
| Materials | 3.4% |
| Consumer Staples | 2.5% |
| Communication Services | 2.0% |
| Energy | 2.0% |
| Other | 2.6% |

---

Goldman Sachs Small Cap Growth Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38147X481-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class R: GSROX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $160 | 1.45% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes added to the Fund's relative performance. Market Themes & Trends was our best-performing investment theme followed at a distance by Sentiment Analysis, High-Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped by overweights compared to the Index in American Superconductor and Rocket Lab USA. An underweight position in Vaxcyte was also advantageous.

* The overweight in American Superconductor, a provider of megawatt-scale power resiliency solutions, was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes were mainly responsible for the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was underweight clinical stage vaccine company Vaxcyte largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the communication services, health care and energy sectors detracted from the Fund's relative returns.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in Amphastar Pharmaceuticals and Alight and by an underweight in Kratos Defense & Security Solutions.

* The Fund's overweight in biotechnology company Amphastar Pharmaceuticals was based primarily on our Fundamental Mispricings and Market Themes & Trends investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The underweight in technology firm Kratos Defense & Security Solutions was mainly the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Goldman Sachs Small Cap Growth Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g68c50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $9937 | $9951 | $10424 |
| **10/17** | $12844 | $13036 | $12924 |
| **10/18** | $13560 | $13574 | $13777 |
| **10/19** | $14295 | $14443 | $15635 |
| **10/20** | $14119 | $16374 | $17222 |
| **10/21** | $20078 | $22670 | $24783 |
| **10/22** | $14874 | $16771 | $20688 |
| **10/23** | $14215 | $15491 | $22422 |
| **10/24** | $20070 | $21144 | $30911 |
| **10/25** | $24122 | $25122 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 20.19% | 11.30% | 9.20% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.93% | 9.64% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Growth Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $173269424 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 167% |
| Total Net Advisory Fees Paid for the Period | $1138163 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 23.0% |
| Industrials | 22.2% |
| Information Technology | 20.6% |
| Consumer Discretionary | 11.1% |
| Financials | 9.0% |
| Materials | 3.4% |
| Consumer Staples | 2.5% |
| Communication Services | 2.0% |
| Energy | 2.0% |
| Other | 2.6% |

---

Goldman Sachs Small Cap Growth Insights Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38145N543-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Growth Insights Fund

# Class P: GSZPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $92 | 0.83% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, consumer discretionary and materials sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Growth Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* All four of our investment themes added to the Fund's relative performance. Market Themes & Trends was our best-performing investment theme followed at a distance by Sentiment Analysis, High-Quality Business Models and Fundamental Mispricings.

* Among individual stock positions, the Fund was helped by overweights compared to the Index in American Superconductor and Rocket Lab USA. An underweight position in Vaxcyte was also advantageous.

* The overweight in American Superconductor, a provider of megawatt-scale power resiliency solutions, was driven by our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our High-Quality Business Models and Sentiment Analysis investment themes were mainly responsible for the Fund's overweight in Rocket Lab USA, a space company specializing in launch services and spacecraft systems.

* The Fund was underweight clinical stage vaccine company Vaxcyte largely because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the communication services, health care and energy sectors detracted from the Fund's relative returns.

* Regarding individual stock positions, the Fund was hurt by overweights versus the Index in Amphastar Pharmaceuticals and Alight and by an underweight in Kratos Defense & Security Solutions.

* The Fund's overweight in biotechnology company Amphastar Pharmaceuticals was based primarily on our Fundamental Mispricings and Market Themes & Trends investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Alight, a cloud-based human capital management solutions provider.

* The underweight in technology firm Kratos Defense & Security Solutions was mainly the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Goldman Sachs Small Cap Growth Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g34k96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **4/16/18** | $10000 | $10000 | $10000 |
| **10/18** | $9831 | $9680 | $10159 |
| **10/19** | $10429 | $10300 | $11529 |
| **10/20** | $10369 | $11677 | $12700 |
| **10/21** | $14835 | $16166 | $18275 |
| **10/22** | $11055 | $11960 | $15256 |
| **10/23** | $10642 | $11047 | $16534 |
| **10/24** | $15107 | $15078 | $22794 |
| **10/25** | $18275 | $17915 | $27538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 20.97% | 11.99% | 8.31% |
| Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.93% | 8.03% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.36% |

---

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

Goldman Sachs Small Cap Growth Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $173269424 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 167% |
| Total Net Advisory Fees Paid for the Period | $1138163 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 23.0% |
| Industrials | 22.2% |
| Information Technology | 20.6% |
| Consumer Discretionary | 11.1% |
| Financials | 9.0% |
| Materials | 3.4% |
| Consumer Staples | 2.5% |
| Communication Services | 2.0% |
| Energy | 2.0% |
| Other | 2.6% |

---

Goldman Sachs Small Cap Growth Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Insights Fund

38150B350-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class A: GSATX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $125 | 1.20% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, financials and consumer staples sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Market Themes & Trends—added to the Fund's relative returns.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Praxis Precision Medicines, Tutor Perini and CommScope Holding.

* Our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends were mainly responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund's overweight in construction company Tutor Perini was largely due to our Sentiment Analysis and Market Themes & Trends investment themes.

* The Sentiment Analysis investment theme drove the Fund's overweight in network infrastructure provider CommScope Holding. 

Top Detractors from Performance:

* Stock selection in the energy, real estate and materials sectors hurt relative performance.

* Our High-Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes detracted from relative returns.

* In terms of stock positions, the Fund was hampered by overweights compared to the Index in Alight and LGI Homes and by an underweight in EchoStar.

* The Fund's overweight in Alight, a cloud-based human capital management solutions provider, was mostly due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* The Fund was overweight homebuilder LGI Homes primarily because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in EchoStar, a communications and content delivery provider. 

Goldman Sachs Small Cap Value Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g09t19.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9450 | $10000 | $10000 |
| **10/16** | $10801 | $10207 | $10881 | $10424 |
| **10/17** | $13391 | $12655 | $13581 | $12924 |
| **10/18** | $13670 | $12918 | $13500 | $13777 |
| **10/19** | $14271 | $13486 | $13935 | $15635 |
| **10/20** | $11912 | $11257 | $11995 | $17222 |
| **10/21** | $19625 | $18546 | $19708 | $24783 |
| **10/22** | $17727 | $16752 | $17594 | $20688 |
| **10/23** | $16430 | $15526 | $15847 | $22422 |
| **10/24** | $22307 | $21080 | $20881 | $30911 |
| **10/25** | $24209 | $22878 | $22942 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 8.53% | 15.23% | 9.24% |
| Class A Including sale charges | 2.56% | 13.93% | 8.62% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.84% | 8.65% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Value Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $845352876 |
| # of Portfolio Holdings as of Period End | 471 |
| Portfolio Turnover Rate for the Period | 139% |
| Total Net Advisory Fees Paid for the Period | $6869366 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.8% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.6% |
| Real Estate | 10.7% |
| Health Care | 9.9% |
| Information Technology | 9.6% |
| Energy | 6.5% |
| Utilities | 5.2% |
| Materials | 5.2% |
| Other | 3.0% |

---

Goldman Sachs Small Cap Value Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38143H282-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class C: GSCTX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $202 | 1.95% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, financials and consumer staples sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Market Themes & Trends—added to the Fund's relative returns.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Praxis Precision Medicines, Tutor Perini and CommScope Holding.

* Our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends were mainly responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund's overweight in construction company Tutor Perini was largely due to our Sentiment Analysis and Market Themes & Trends investment themes.

* The Sentiment Analysis investment theme drove the Fund's overweight in network infrastructure provider CommScope Holding. 

Top Detractors from Performance:

* Stock selection in the energy, real estate and materials sectors hurt relative performance.

* Our High-Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes detracted from relative returns.

* In terms of stock positions, the Fund was hampered by overweights compared to the Index in Alight and LGI Homes and by an underweight in EchoStar.

* The Fund's overweight in Alight, a cloud-based human capital management solutions provider, was mostly due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* The Fund was overweight homebuilder LGI Homes primarily because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in EchoStar, a communications and content delivery provider. 

Goldman Sachs Small Cap Value Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g44n59.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9900 | $10000 | $10000 |
| **10/16** | $10717 | $10610 | $10881 | $10424 |
| **10/17** | $13192 | $13060 | $13581 | $12924 |
| **10/18** | $13364 | $13231 | $13500 | $13777 |
| **10/19** | $13855 | $13716 | $13935 | $15635 |
| **10/20** | $11479 | $11364 | $11995 | $17222 |
| **10/21** | $18767 | $18579 | $19708 | $24783 |
| **10/22** | $16828 | $16660 | $17594 | $20688 |
| **10/23** | $15480 | $15325 | $15847 | $22422 |
| **10/24** | $20864 | $20655 | $20881 | $30911 |
| **10/25** | $22466 | $22242 | $22942 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 7.68% | 14.36% | 8.42% |
| Class C Including sale charges | 6.61% | 14.36% | 8.42% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.84% | 8.65% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Value Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $845352876 |
| # of Portfolio Holdings as of Period End | 471 |
| Portfolio Turnover Rate for the Period | 139% |
| Total Net Advisory Fees Paid for the Period | $6869366 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.8% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.6% |
| Real Estate | 10.7% |
| Health Care | 9.9% |
| Information Technology | 9.6% |
| Energy | 6.5% |
| Utilities | 5.2% |
| Materials | 5.2% |
| Other | 3.0% |

---

Goldman Sachs Small Cap Value Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38143H266-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Institutional Class: GSITX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $88 | 0.84% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, financials and consumer staples sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Market Themes & Trends—added to the Fund's relative returns.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Praxis Precision Medicines, Tutor Perini and CommScope Holding.

* Our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends were mainly responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund's overweight in construction company Tutor Perini was largely due to our Sentiment Analysis and Market Themes & Trends investment themes.

* The Sentiment Analysis investment theme drove the Fund's overweight in network infrastructure provider CommScope Holding. 

Top Detractors from Performance:

* Stock selection in the energy, real estate and materials sectors hurt relative performance.

* Our High-Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes detracted from relative returns.

* In terms of stock positions, the Fund was hampered by overweights compared to the Index in Alight and LGI Homes and by an underweight in EchoStar.

* The Fund's overweight in Alight, a cloud-based human capital management solutions provider, was mostly due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* The Fund was overweight homebuilder LGI Homes primarily because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in EchoStar, a communications and content delivery provider. 

Goldman Sachs Small Cap Value Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g32z11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1084400 | $1088100 | $1042400 |
| **10/17** | $1349970 | $1358058 | $1292368 |
| **10/18** | $1383179 | $1350045 | $1377664 |
| **10/19** | $1449710 | $1393517 | $1563511 |
| **10/20** | $1214422 | $1199539 | $1722207 |
| **10/21** | $2008289 | $1970843 | $2478256 |
| **10/22** | $1821117 | $1759371 | $2068848 |
| **10/23** | $1694003 | $1584666 | $2242217 |
| **10/24** | $2308079 | $2088114 | $3091121 |
| **10/25** | $2513960 | $2294211 | $3734383 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 8.92% | 15.65% | 9.65% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.84% | 8.65% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Value Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $845352876 |
| # of Portfolio Holdings as of Period End | 471 |
| Portfolio Turnover Rate for the Period | 139% |
| Total Net Advisory Fees Paid for the Period | $6869366 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.8% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.6% |
| Real Estate | 10.7% |
| Health Care | 9.9% |
| Information Technology | 9.6% |
| Energy | 6.5% |
| Utilities | 5.2% |
| Materials | 5.2% |
| Other | 3.0% |

---

Goldman Sachs Small Cap Value Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38143H241-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Investor Class: GTTTX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $99 | 0.95% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, financials and consumer staples sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Market Themes & Trends—added to the Fund's relative returns.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Praxis Precision Medicines, Tutor Perini and CommScope Holding.

* Our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends were mainly responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund's overweight in construction company Tutor Perini was largely due to our Sentiment Analysis and Market Themes & Trends investment themes.

* The Sentiment Analysis investment theme drove the Fund's overweight in network infrastructure provider CommScope Holding. 

Top Detractors from Performance:

* Stock selection in the energy, real estate and materials sectors hurt relative performance.

* Our High-Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes detracted from relative returns.

* In terms of stock positions, the Fund was hampered by overweights compared to the Index in Alight and LGI Homes and by an underweight in EchoStar.

* The Fund's overweight in Alight, a cloud-based human capital management solutions provider, was mostly due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* The Fund was overweight homebuilder LGI Homes primarily because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in EchoStar, a communications and content delivery provider. 

Goldman Sachs Small Cap Value Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g42h36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10829 | $10881 | $10424 |
| **10/17** | $13460 | $13581 | $12924 |
| **10/18** | $13774 | $13500 | $13777 |
| **10/19** | $14420 | $13935 | $15635 |
| **10/20** | $12061 | $11995 | $17222 |
| **10/21** | $19921 | $19708 | $24783 |
| **10/22** | $18041 | $17594 | $20688 |
| **10/23** | $16765 | $15847 | $22422 |
| **10/24** | $22822 | $20881 | $30911 |
| **10/25** | $24831 | $22942 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 8.80% | 15.53% | 9.51% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.84% | 8.65% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Value Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $845352876 |
| # of Portfolio Holdings as of Period End | 471 |
| Portfolio Turnover Rate for the Period | 139% |
| Total Net Advisory Fees Paid for the Period | $6869366 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.8% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.6% |
| Real Estate | 10.7% |
| Health Care | 9.9% |
| Information Technology | 9.6% |
| Energy | 6.5% |
| Utilities | 5.2% |
| Materials | 5.2% |
| Other | 3.0% |

---

Goldman Sachs Small Cap Value Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38145N550-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class R6: GTTUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $87 | 0.83% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, financials and consumer staples sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Market Themes & Trends—added to the Fund's relative returns.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Praxis Precision Medicines, Tutor Perini and CommScope Holding.

* Our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends were mainly responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund's overweight in construction company Tutor Perini was largely due to our Sentiment Analysis and Market Themes & Trends investment themes.

* The Sentiment Analysis investment theme drove the Fund's overweight in network infrastructure provider CommScope Holding. 

Top Detractors from Performance:

* Stock selection in the energy, real estate and materials sectors hurt relative performance.

* Our High-Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes detracted from relative returns.

* In terms of stock positions, the Fund was hampered by overweights compared to the Index in Alight and LGI Homes and by an underweight in EchoStar.

* The Fund's overweight in Alight, a cloud-based human capital management solutions provider, was mostly due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* The Fund was overweight homebuilder LGI Homes primarily because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in EchoStar, a communications and content delivery provider. 

Goldman Sachs Small Cap Value Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g82x26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10844 | $10881 | $10424 |
| **10/17** | $13500 | $13581 | $12924 |
| **10/18** | $13836 | $13500 | $13777 |
| **10/19** | $14504 | $13935 | $15635 |
| **10/20** | $12153 | $11995 | $17222 |
| **10/21** | $20096 | $19708 | $24783 |
| **10/22** | $18225 | $17594 | $20688 |
| **10/23** | $16955 | $15847 | $22422 |
| **10/24** | $23104 | $20881 | $30911 |
| **10/25** | $25168 | $22942 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 8.93% | 15.66% | 9.66% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.84% | 8.65% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Value Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $845352876 |
| # of Portfolio Holdings as of Period End | 471 |
| Portfolio Turnover Rate for the Period | 139% |
| Total Net Advisory Fees Paid for the Period | $6869366 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.8% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.6% |
| Real Estate | 10.7% |
| Health Care | 9.9% |
| Information Technology | 9.6% |
| Energy | 6.5% |
| Utilities | 5.2% |
| Materials | 5.2% |
| Other | 3.0% |

---

Goldman Sachs Small Cap Value Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38147X473-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class R: GTTRX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $151 | 1.45% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, financials and consumer staples sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Market Themes & Trends—added to the Fund's relative returns.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Praxis Precision Medicines, Tutor Perini and CommScope Holding.

* Our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends were mainly responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund's overweight in construction company Tutor Perini was largely due to our Sentiment Analysis and Market Themes & Trends investment themes.

* The Sentiment Analysis investment theme drove the Fund's overweight in network infrastructure provider CommScope Holding. 

Top Detractors from Performance:

* Stock selection in the energy, real estate and materials sectors hurt relative performance.

* Our High-Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes detracted from relative returns.

* In terms of stock positions, the Fund was hampered by overweights compared to the Index in Alight and LGI Homes and by an underweight in EchoStar.

* The Fund's overweight in Alight, a cloud-based human capital management solutions provider, was mostly due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* The Fund was overweight homebuilder LGI Homes primarily because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in EchoStar, a communications and content delivery provider. 

Goldman Sachs Small Cap Value Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g61b00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $10774 | $10881 | $10424 |
| **10/17** | $13324 | $13581 | $12924 |
| **10/18** | $13568 | $13500 | $13777 |
| **10/19** | $14130 | $13935 | $15635 |
| **10/20** | $11764 | $11995 | $17222 |
| **10/21** | $19330 | $19708 | $24783 |
| **10/22** | $17420 | $17594 | $20688 |
| **10/23** | $16103 | $15847 | $22422 |
| **10/24** | $21814 | $20881 | $30911 |
| **10/25** | $23611 | $22942 | $37344 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 8.24% | 14.94% | 8.96% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.84% | 8.65% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.07% |

---

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

Goldman Sachs Small Cap Value Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $845352876 |
| # of Portfolio Holdings as of Period End | 471 |
| Portfolio Turnover Rate for the Period | 139% |
| Total Net Advisory Fees Paid for the Period | $6869366 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.8% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.6% |
| Real Estate | 10.7% |
| Health Care | 9.9% |
| Information Technology | 9.6% |
| Energy | 6.5% |
| Utilities | 5.2% |
| Materials | 5.2% |
| Other | 3.0% |

---

Goldman Sachs Small Cap Value Insights Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38145N568-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Small Cap Value Insights Fund

# Class P: GSXPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $87 | 0.83% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. Investor sentiment shifted rapidly, driven by speculative behavior. Sector dispersion was notable amid changing interest rate expectations, ongoing tariff developments, narrow market leadership and trends related to AI and commodities. Rallies were generally led by higher-risk stocks and companies tied to AI, while fundamentals took a back seat to momentum and macro trends.

Top Contributors to Performance:

* Stock selection in the industrials, financials and consumer staples sectors contributed positively to the Fund's returns versus the Russell 2000<sup>®</sup> Value Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Market Themes & Trends—added to the Fund's relative returns.

* Regarding individual stock positions, the Fund benefited from its overweights relative to the Index in Praxis Precision Medicines, Tutor Perini and CommScope Holding.

* Our Fundamental Mispricings, Sentiment Analysis and Market Themes & Trends were mainly responsible for the Fund's overweight in Praxis Precision Medicines, a clinical-stage biopharmaceutical company.

* The Fund's overweight in construction company Tutor Perini was largely due to our Sentiment Analysis and Market Themes & Trends investment themes.

* The Sentiment Analysis investment theme drove the Fund's overweight in network infrastructure provider CommScope Holding. 

Top Detractors from Performance:

* Stock selection in the energy, real estate and materials sectors hurt relative performance.

* Our High-Quality Business Models investment theme and, to a lesser extent, our Sentiment Analysis and Fundamental Mispricings investment themes detracted from relative returns.

* In terms of stock positions, the Fund was hampered by overweights compared to the Index in Alight and LGI Homes and by an underweight in EchoStar.

* The Fund's overweight in Alight, a cloud-based human capital management solutions provider, was mostly due to our Fundamental Mispricings and Sentiment Analysis investment themes.

* The Fund was overweight homebuilder LGI Homes primarily because of our Sentiment Analysis and Fundamental Mispricings investment themes.

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in EchoStar, a communications and content delivery provider. 

Goldman Sachs Small Cap Value Insights Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g75443g64q01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **4/16/18** | $10000 | $10000 | $10000 |
| **10/18** | $9763 | $9787 | $10159 |
| **10/19** | $10234 | $10102 | $11529 |
| **10/20** | $8574 | $8696 | $12700 |
| **10/21** | $14177 | $14287 | $18275 |
| **10/22** | $12856 | $12754 | $15256 |
| **10/23** | $11960 | $11488 | $16534 |
| **10/24** | $16300 | $15138 | $22794 |
| **10/25** | $17756 | $16632 | $27538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 8.93% | 15.67% | 7.90% |
| Russell 2000<sup>®</sup> Value Index | 9.87% | 13.84% | 6.97% |
| Russell 3000<sup>®</sup> Index | 20.81% | 16.73% | 14.36% |

---

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

Goldman Sachs Small Cap Value Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $845352876 |
| # of Portfolio Holdings as of Period End | 471 |
| Portfolio Turnover Rate for the Period | 139% |
| Total Net Advisory Fees Paid for the Period | $6869366 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.8% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.6% |
| Real Estate | 10.7% |
| Health Care | 9.9% |
| Information Technology | 9.6% |
| Energy | 6.5% |
| Utilities | 5.2% |
| Materials | 5.2% |
| Other | 3.0% |

---

Goldman Sachs Small Cap Value Insights Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Insights Fund

38150B335-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class A: GSSQX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $101 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g75443g14t31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9450 | $10000 |
| **10/16** | $10225 | $9663 | $10451 |
| **10/17** | $12975 | $12261 | $12921 |
| **10/18** | $13744 | $12988 | $13870 |
| **10/19** | $14841 | $14024 | $15858 |
| **10/20** | $16335 | $15437 | $17398 |
| **10/21** | $23075 | $21806 | $24863 |
| **10/22** | $19644 | $18563 | $21230 |
| **10/23** | $20895 | $19746 | $23383 |
| **10/24** | $29017 | $27421 | $32274 |
| **10/25** | $34716 | $32806 | $39196 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 19.64% | 16.26% | 13.24% |
| Class A Including sale charges | 13.05% | 14.96% | 12.61% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

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

Goldman Sachs U.S. Equity Insights Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38141W620-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class C: GSUSX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $183 | 1.67% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g75443g97x78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $9900 | $10000 |
| **10/16** | $10148 | $10047 | $10451 |
| **10/17** | $12779 | $12652 | $12921 |
| **10/18** | $13438 | $13303 | $13870 |
| **10/19** | $14405 | $14261 | $15858 |
| **10/20** | $15740 | $15583 | $17398 |
| **10/21** | $22071 | $21850 | $24863 |
| **10/22** | $18650 | $18464 | $21230 |
| **10/23** | $19687 | $19490 | $23383 |
| **10/24** | $27137 | $26865 | $32274 |
| **10/25** | $32222 | $31900 | $39196 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 18.74% | 15.40% | 12.40% |
| Class C Including sale charges | 17.55% | 15.40% | 12.40% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

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

Goldman Sachs U.S. Equity Insights Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38142B278-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Institutional Class: GSELX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $62 | 0.56% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g75443g41i00.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $1026600 | $1045100 |
| **10/17** | $1307888 | $1292057 |
| **10/18** | $1390809 | $1387023 |
| **10/19** | $1507497 | $1585784 |
| **10/20** | $1665785 | $1739763 |
| **10/21** | $2361916 | $2486296 |
| **10/22** | $2018257 | $2123048 |
| **10/23** | $2154490 | $2338325 |
| **10/24** | $3002712 | $3227356 |
| **10/25** | $3605356 | $3919624 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 20.07% | 16.69% | 13.67% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

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

Goldman Sachs U.S. Equity Insights Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38141W372-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Service Class: GSESX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service | $116 | 1.06% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g75443g86h61.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10215 | $10451 |
| **10/17** | $12949 | $12921 |
| **10/18** | $13701 | $13870 |
| **10/19** | $14778 | $15858 |
| **10/20** | $16250 | $17398 |
| **10/21** | $22925 | $24863 |
| **10/22** | $19491 | $21230 |
| **10/23** | $20699 | $23383 |
| **10/24** | $28706 | $32274 |
| **10/25** | $34298 | $39196 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 19.48% | 16.10% | 13.11% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

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

Goldman Sachs U.S. Equity Insights Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38141W463-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Investor Class: GSUTX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $74 | 0.67% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g75443g10c04.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10249 | $10451 |
| **10/17** | $13038 | $12921 |
| **10/18** | $13846 | $13870 |
| **10/19** | $14988 | $15858 |
| **10/20** | $16541 | $17398 |
| **10/21** | $23424 | $24863 |
| **10/22** | $19992 | $21230 |
| **10/23** | $21316 | $23383 |
| **10/24** | $29672 | $32274 |
| **10/25** | $35594 | $39196 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 19.96% | 16.55% | 13.53% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

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

Goldman Sachs U.S. Equity Insights Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38145N642-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class R6: GSEUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $61 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g75443g01w67.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10267 | $10451 |
| **10/17** | $13081 | $12921 |
| **10/18** | $13914 | $13870 |
| **10/19** | $15080 | $15858 |
| **10/20** | $16667 | $17398 |
| **10/21** | $23630 | $24863 |
| **10/22** | $20195 | $21230 |
| **10/23** | $21558 | $23383 |
| **10/24** | $30051 | $32274 |
| **10/25** | $36092 | $39196 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 20.10% | 16.70% | 13.68% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

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

Goldman Sachs U.S. Equity Insights Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

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

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38147X465-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class R: GSURX

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $128 | 1.17% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g75443g19u31.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $10000 | $10000 |
| **10/16** | $10199 | $10451 |
| **10/17** | $12910 | $12921 |
| **10/18** | $13639 | $13870 |
| **10/19** | $14692 | $15858 |
| **10/20** | $16135 | $17398 |
| **10/21** | $22736 | $24863 |
| **10/22** | $19307 | $21230 |
| **10/23** | $20485 | $23383 |
| **10/24** | $28376 | $32274 |
| **10/25** | $33867 | $39196 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 19.35% | 15.98% | 12.96% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs U.S. Equity Insights Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Class R

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38145N659-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g75443g83c35.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs U.S. Equity Insights Fund

# Class P: GSEPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $61 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, softer economic data and concern over elevated valuations but generated strong positive returns for the Period overall. The market's advance was supported by trade negotiations progress, robust corporate earnings results, better than consensus anticipated inflation data and resumption of the Federal Reserve's easing cycle. Optimism about the AI growth theme was persistent, as the earnings of AI companies exceeded expectations and consumer spending remained strong, underscoring the potential longevity of the theme.

Top Contributors to Performance:

* Stock selection in the financials, energy and materials sectors contributed positively to the Fund's performance relative to the S&P 500<sup>®</sup> Index ("Index"). To select stocks for the Fund, we use a quantitative model and four investment themes, overweighting or underweighting those chosen by the model.

* One of our four investment themes—Sentiment Analysis—added to the Fund's relative returns.

* In terms of individual stock positions, the Fund benefited from overweights versus the Index in Broadcom, UnitedHealth Group and Southern Copper.

* Our Fundamental Mispricings and Sentiment Analysis investment themes drove the Fund's overweight in Broadcom, a designer and manufacturer of semiconductor and infrastructure software products.

* The Fund was overweight UnitedHealth Group, a health insurance and services company, primarily due to our Sentiment Analysis investment theme.

* The overweight in Southern Copper, which owns copper mines, smelters and refineries, was mostly because of our Fundamental Mispricings and Sentiment Analysis investment themes. 

Top Detractors from Performance:

* Stock selection in the information technology sector and, to a lesser extent, the consumer discretionary and health care sectors weighed on the Fund's relative performance.

* Our High-Quality Business Models investment theme and, to smaller degree, our Fundamental Mispricings and Market Themes & Trends investment themes detracted from relative returns.

* Among individual stock positions, the Fund was hurt by overweights compared to the Index in Oracle and Zoetis. An underweight in Visa also detracted from performance.

* The Fund's overweight in Oracle, a database software and cloud computing company, was largely the result of our Fundamental Mispricings and Sentiment Analysis investment themes. 

* Our Fundamental Mispricings and Sentiment Analysis investment themes led to the Fund's overweight in Zoetis, an animal health company.

* The Fund was underweight global payments technology company Visa mainly because of our Sentiment Analysis and Fundamental Mispricings investment themes.

Goldman Sachs U.S. Equity Insights Fund

Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g75443g72g30.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **S&P 500<sup>®</sup> Index** |
| **4/16/18** | $0 | $10000 |
| **10/18** | $10039 | $10228 |
| **10/19** | $10882 | $11694 |
| **10/20** | $12027 | $12829 |
| **10/21** | $17054 | $18334 |
| **10/22** | $14575 | $15655 |
| **10/23** | $15558 | $17243 |
| **10/24** | $21689 | $23799 |
| **10/25** | $26046 | $28904 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 20.09% | 16.70% | 13.51% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 15.09% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Goldman Sachs U.S. Equity Insights Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1195503377 |
| # of Portfolio Holdings as of Period End | 135 |
| Portfolio Turnover Rate for the Period | 204% |
| Total Net Advisory Fees Paid for the Period | $5687740 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.1% |
| Financials | 9.8% |
| Health Care | 9.8% |
| Industrials | 9.6% |
| Consumer Staples | 5.2% |
| Materials | 4.2% |
| Real Estate | 2.8% |
| Other | 1.7% |

---

Goldman Sachs U.S. Equity Insights Fund

Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Equity Insights Fund

38150B186-AR-1025&nbsp;&nbsp;&nbsp;&nbsp; Class P

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ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $3962977 | $3874810 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $460728 | $466200 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

**Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $2081340 | $2122312 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs Trust ("GST") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to GST's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST's service affiliates listed in Table 2 were approved by GST's Audit Committee pursuant to the "de minimis" exception of Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended October 31, 2025 and October 31, 2024 were approximately $460,728 and $466,200, respectively. The aggregate non-audit fees billed to GST's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

**Item 4(h) —** GST's Audit Committee has considered whether the provision of non-audit services to GST's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

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![LOGO](g75443dsp001.jpg)

Goldman Sachs Funds

Annual Financial Statements

October 31, 2025

Goldman Sachs Domestic Equity

Insights Funds

Goldman Sachs Large Cap Growth Insights Fund

Goldman Sachs Large Cap Value Insights Fund

Goldman Sachs Small Cap Equity Insights Fund

Goldman Sachs Small Cap Growth Insights Fund

Goldman Sachs Small Cap Value Insights Fund

Goldman Sachs U.S. Equity Insights Fund

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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 Domestic Equity Insights Funds

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| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Growth Insights Fund](#dei75443_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Insights Fund](#dei75443_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#dei75443_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Insights Fund](#dei75443_4) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Insights Fund](#dei75443_5) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#dei75443_6) | 29 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#dei75443_7) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#dei75443_8) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#dei75443_9) | 36 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Growth Insights Fund](#dei75443_10) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Insights Fund](#dei75443_11) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity Insights Fund](#dei75443_12) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Insights Fund](#dei75443_13) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Insights Fund](#dei75443_14) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity Insights Fund](#dei75443_15) | 77 |
|  **[Notes to Financial Statements](#dei75443_16)** | 85 |
|  **[Report of Independent Registered Public Accounting Firm](#dei75443_17)** | 109 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#dei75443_18)** | 110 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Aerospace & Defense – 2.9% | Aerospace & Defense – 2.9% | Aerospace & Defense – 2.9% |
| 108568 | General Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33542084 |
| 27706 | HEICO Corp. | 8804136 |
| 30533 | Howmet Aerospace, Inc. | 6288271 |
|  |  | 48634491 |
| Automobiles – 4.0% | Automobiles – 4.0% | Automobiles – 4.0% |
| 145827 | Tesla, Inc.\* | 66578775 |
| Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% |
| 37432 | Coca-Cola Co. (The) | 2579065 |
| 106298 | Monster Beverage Corp.\* | 7103895 |
| 70969 | Primo Brands Corp., Class A | 1559189 |
|  |  | 11242149 |
| Biotechnology – 3.9% | Biotechnology – 3.9% | Biotechnology – 3.9% |
| 166279 | AbbVie, Inc. | 36255473 |
| 18515 | Alnylam Pharmaceuticals, Inc.\* | 8443581 |
| 242929 | Exelixis, Inc.\* | 9394064 |
| 15680 | Regeneron Pharmaceuticals, Inc. | 10220224 |
|  |  | 64313342 |
| Broadline Retail – 3.5% | Broadline Retail – 3.5% | Broadline Retail – 3.5% |
| 240175 | Amazon.com, Inc.\* | 58655538 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| 10068 | Linde PLC | 4211444 |
| Commercial Services & Supplies – 0.6% | Commercial Services & Supplies – 0.6% | Commercial Services & Supplies – 0.6% |
| 186199 | Rollins, Inc. | 10726924 |
| Communications Equipment – 0.6% | Communications Equipment – 0.6% | Communications Equipment – 0.6% |
| 63779 | Arista Networks, Inc.\* | 10057310 |
| Construction & Engineering – 0.7% | Construction & Engineering – 0.7% | Construction & Engineering – 0.7% |
| 12601 | Comfort Systems USA, Inc. | 12167274 |
| Consumer Finance – 0.1% | Consumer Finance – 0.1% | Consumer Finance – 0.1% |
| 27314 | Synchrony Financial | 2031615 |
| Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% |
| 11591 | Costco Wholesale Corp. | 10564617 |
| Diversified Consumer Services – 1.3% | Diversified Consumer Services – 1.3% | Diversified Consumer Services – 1.3% |
| 93015 | Bright Horizons Family Solutions, Inc.\* | 10160029 |
| 15891 | Duolingo, Inc.\* | 4300740 |
| 37890 | Grand Canyon Education, Inc.\* | 7134687 |
|  |  | 21595456 |
| Electrical Equipment – 0.1% | Electrical Equipment – 0.1% | Electrical Equipment – 0.1% |
| 1669 | GE Vernova, Inc. | 976599 |
| Electronic Equipment, Instruments & Components – 1.6% | Electronic Equipment, Instruments & Components – 1.6% | Electronic Equipment, Instruments & Components – 1.6% |
| 184117 | Amphenol Corp., Class A | 25654863 |
| Entertainment – 2.2% | Entertainment – 2.2% | Entertainment – 2.2% |
| 29556 | Netflix, Inc.\* | 33069026 |
| 28430 | ROBLOX Corp., Class A\* | 3233060 |
|  |  | 36302086 |
| Financial Services – 2.3% | Financial Services – 2.3% | Financial Services – 2.3% |
| 49051 | Corpay, Inc.\* | 12770428 |
| 13701 | Mastercard, Inc., Class A | 7562815 |
| 26955 | Shift4 Payments, Inc., Class A\* | 1862591 |
| 51529 | Visa, Inc., Class A | 17557991 |
|  |  | 39753825 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Ground Transportation – 1.0% | Ground Transportation – 1.0% | Ground Transportation – 1.0% |
| 115558 | Lyft, Inc., Class A\* | $2364317 |
| 146414 | Uber Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14128951 |
|  |  | 16493268 |
| Health Care Equipment & Supplies – 1.6% | Health Care Equipment & Supplies – 1.6% | Health Care Equipment & Supplies – 1.6% |
| 35920 | Inspire Medical Systems, Inc.\* | 2589114 |
| 47183 | Insulet Corp.\* | 14768751 |
| 34524 | Penumbra, Inc.\* | 7849722 |
|  |  | 25207587 |
| Health Care Providers & Services – 0.2% | Health Care Providers & Services – 0.2% | Health Care Providers & Services – 0.2% |
| 13600 | DaVita, Inc.\* | 1618672 |
| 5181 | Tenet Healthcare Corp.\* | 1069825 |
|  |  | 2688497 |
| Health Care REITs – 0.0% | Health Care REITs – 0.0% | Health Care REITs – 0.0% |
| 12214 | Alexandria Real Estate Equities, Inc. REIT | 711099 |
| Hotels, Restaurants & Leisure – 3.9% | Hotels, Restaurants & Leisure – 3.9% | Hotels, Restaurants & Leisure – 3.9% |
| 3715 | DoorDash, Inc., Class A\* | 944984 |
| 84765 | Dutch Bros, Inc., Class A\* | 4707848 |
| 74386 | Expedia Group, Inc. | 16364920 |
| 67605 | Las Vegas Sands Corp. | 4012357 |
| 549142 | Norwegian Cruise Line Holdings Ltd.\* | 12311764 |
| 45763 | Planet Fitness, Inc., Class A\* | 4150246 |
| 62793 | Royal Caribbean Cruises Ltd. | 18010916 |
| 4197 | Travel + Leisure Co. | 263488 |
| 28493 | Viking Holdings Ltd.\* | 1733799 |
| 10853 | Yum! Brands, Inc. | 1499993 |
|  |  | 64000315 |
| Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% |
| 18899 | Erie Indemnity Co., Class A | 5530603 |
| Interactive Media & Services – 7.9% | Interactive Media & Services – 7.9% | Interactive Media & Services – 7.9% |
| 269216 | Alphabet, Inc., Class C | 75870453 |
| 69418 | Meta Platforms, Inc., Class A | 45007161 |
| 44714 | Reddit, Inc., Class A\* | 9342990 |
|  |  | 130220604 |
| Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% |
| 16524 | Medpace Holdings, Inc.\* | 9665053 |
| Machinery – 0.5% | Machinery – 0.5% | Machinery – 0.5% |
| 75287 | Mueller Industries, Inc. | 7970635 |
| Marine Transportation – 0.4% | Marine Transportation – 0.4% | Marine Transportation – 0.4% |
| 64350 | Kirby Corp.\* | 6658938 |
| Metals & Mining – 0.0% | Metals & Mining – 0.0% | Metals & Mining – 0.0% |
| 4758 | Southern Copper Corp. (Mexico) | 660410 |
| Pharmaceuticals – 2.2% | Pharmaceuticals – 2.2% | Pharmaceuticals – 2.2% |
| 33682 | Eli Lilly & Co. | 29062850 |
| 51562 | Zoetis, Inc. | 7429569 |
|  |  | 36492419 |
| Professional Services – 0.6% | Professional Services – 0.6% | Professional Services – 0.6% |
| 240632 | ExlService Holdings, Inc.\* | 9408711 |
| Semiconductors & Semiconductor Equipment – 21.6% | Semiconductors & Semiconductor Equipment – 21.6% | Semiconductors & Semiconductor Equipment – 21.6% |
| 5297 | Astera Labs, Inc.\* | 988844 |
| 275357 | Broadcom, Inc. | 101780208 |

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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>3</sub>

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GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| 198285 | Enphase Energy, Inc.\* | $| 6049675 |
| 33695 | Lattice Semiconductor Corp.\* |  | 2458387 |
| 1169594 | NVIDIA Corp. |  | 236831089 |
| 56971 | Texas Instruments, Inc. |  | 9198538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357306741 |
| Software – 20.9% | Software – 20.9% | Software – 20.9% | Software – 20.9% |
| 21829 | Docusign, Inc.\* |  | 1596573 |
| 30531 | Dynatrace, Inc.\* |  | 1543953 |
| 199874 | Fortinet, Inc.\* |  | 17275110 |
| 14597 | HubSpot, Inc.\* |  | 7180556 |
| 21066 | Intuit, Inc. |  | 14062608 |
| 393627 | Microsoft Corp. |  | 203823997 |
| 142057 | Oracle Corp. |  | 37305589 |
| 54875 | Palantir Technologies, Inc., Class A\* |  | 11000791 |
| 65706 | Palo Alto Networks, Inc.\* |  | 14471089 |
| 113441 | RingCentral, Inc., Class A\* |  | 3416843 |
| 71422 | Rubrik, Inc., Class A\* |  | 5375934 |
| 97644 | Samsara, Inc., Class A\* |  | 3922359 |
| 28235 | ServiceNow, Inc.\* |  | 25955871 |
|  |  |  | 346931273 |
| Specialized REITs – 0.8% | Specialized REITs – 0.8% | Specialized REITs – 0.8% | Specialized REITs – 0.8% |
| 13665 | Equinix, Inc. REIT |  | 11560727 |

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---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| 8786 | Lamar Advertising Co., Class A REIT | $1041932 |
|  |  | 12602659 |
| Specialty Retail – 0.9% | Specialty Retail – 0.9% | Specialty Retail – 0.9% |
| 8699 | Carvana Co.\* | 2666591 |
| 36100 | Chewy, Inc., Class A\* | 1217292 |
| 78097 | TJX Cos., Inc. (The) | 10944514 |
|  |  | 14828397 |
| Technology Hardware, Storage & Peripherals – 10.5% | Technology Hardware, Storage & Peripherals – 10.5% | Technology Hardware, Storage & Peripherals – 10.5% |
| 643761 | Apple, Inc. | 174053662 |
| Trading Companies & Distributors – 0.2% | Trading Companies & Distributors – 0.2% | Trading Companies & Distributors – 0.2% |
| 19836 | FTAI Aviation Ltd. | 3429644 |
| TOTAL INVESTMENTS – 99.5% | TOTAL INVESTMENTS – 99.5% | TOTAL INVESTMENTS – 99.5% |
| **(Cost $837,828,298)** | **(Cost $837,828,298)** | $1648326823 |
| **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 0.5%** | 7891524 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656218347 |

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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.

\* Non-income producing security.

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| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

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 <br> ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Long position contracts: |  |  |  |  |
| S&P 500 E-Mini Index | 8 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749600 | $63443 |

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&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 LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.9% | Common Stocks – 97.9% | Common Stocks – 97.9% |
| Aerospace & Defense – 3.3% | Aerospace & Defense – 3.3% | Aerospace & Defense – 3.3% |
| 22953 | General Dynamics Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7916490 |
| 61508 | RTX Corp. | 10979178 |
|  |  | 18895668 |
| Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% |
| 2357 | BorgWarner, Inc. | 101257 |
| Automobiles – 0.1% | Automobiles – 0.1% | Automobiles – 0.1% |
| 41610 | Ford Motor Co. | 546339 |
| Banks – 6.7% | Banks – 6.7% | Banks – 6.7% |
| 233741 | Bank of America Corp. | 12493456 |
| 11887 | Cullen/Frost Bankers, Inc. | 1463765 |
| 122083 | Huntington Bancshares, Inc. | 1884962 |
| 49742 | JPMorgan Chase & Co. | 15475731 |
| 37003 | PNC Financial Services Group, Inc. (The) | 6754898 |
|  |  | 38072812 |
| Beverages – 1.4% | Beverages – 1.4% | Beverages – 1.4% |
| 53115 | Coca-Cola Co. (The) | 3659624 |
| 193954 | Primo Brands Corp., Class A | 4261169 |
|  |  | 7920793 |
| Biotechnology – 2.0% | Biotechnology – 2.0% | Biotechnology – 2.0% |
| 56692 | BioMarin Pharmaceutical, Inc.\* | 3036990 |
| 20998 | Moderna, Inc.\* | 570306 |
| 11571 | Regeneron Pharmaceuticals, Inc. | 7541978 |
|  |  | 11149274 |
| Broadline Retail – 1.7% | Broadline Retail – 1.7% | Broadline Retail – 1.7% |
| 34172 | Amazon.com, Inc.\* | 8345486 |
| 11695 | Ollie's Bargain Outlet Holdings, Inc.\* | 1412873 |
|  |  | 9758359 |
| Building Products – 1.1% | Building Products – 1.1% | Building Products – 1.1% |
| 102714 | Carrier Global Corp. | 6110456 |
| Capital Markets – 5.8% | Capital Markets – 5.8% | Capital Markets – 5.8% |
| 28278 | CME Group, Inc. | 7507526 |
| 2705 | Coinbase Global, Inc., Class A\* | 929925 |
| 15113 | Evercore, Inc., Class A | 4451685 |
| 135547 | Franklin Resources, Inc. | 3064718 |
| 57501 | Morgan Stanley | 9430164 |
| 6127 | Robinhood Markets, Inc., Class A\* | 899321 |
| 25145 | Stifel Financial Corp. | 2977922 |
| 34992 | Tradeweb Markets, Inc., Class A | 3687807 |
|  |  | 32949068 |
| Chemicals – 3.5% | Chemicals – 3.5% | Chemicals – 3.5% |
| 161771 | Axalta Coating Systems Ltd.\* | 4605620 |
| 70761 | DuPont de Nemours, Inc. | 5777636 |
| 12471 | Element Solutions, Inc. | 333225 |
| 22235 | Linde PLC | 9300901 |
|  |  | 20017382 |
| Commercial Services & Supplies – 0.5% | Commercial Services & Supplies – 0.5% | Commercial Services & Supplies – 0.5% |
| 12835 | Clean Harbors, Inc.\* | 2701896 |
| 7858 | Tetra Tech, Inc. | 251299 |
|  |  | 2953195 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| 61638 | Cisco Systems, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506354 |
| Construction & Engineering – 0.9% | Construction & Engineering – 0.9% | Construction & Engineering – 0.9% |
| 37018 | AECOM | 4973368 |
| Construction Materials – 0.7% | Construction Materials – 0.7% | Construction Materials – 0.7% |
| 14245 | Vulcan Materials Co. | 4123928 |
| Consumer Finance – 2.2% | Consumer Finance – 2.2% | Consumer Finance – 2.2% |
| 17174 | Capital One Financial Corp. | 3778108 |
| 32300 | OneMain Holdings, Inc. | 1911837 |
| 6225 | SoFi Technologies, Inc.\* | 184758 |
| 86582 | Synchrony Financial | 6439969 |
|  |  | 12314672 |
| Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% | Consumer Staples Distribution & Retail – 0.9% |
| 5488 | Casey's General Stores, Inc. | 2816387 |
| 20713 | Walmart, Inc. | 2095741 |
|  |  | 4912128 |
| Containers & Packaging – 0.3% | Containers & Packaging – 0.3% | Containers & Packaging – 0.3% |
| 117556 | Graphic Packaging Holding Co. | 1879720 |
| Diversified Consumer Services – 1.2% | Diversified Consumer Services – 1.2% | Diversified Consumer Services – 1.2% |
| 44860 | Bright Horizons Family |  |
|  | Solutions, Inc.\* | 4900058 |
| 10359 | Grand Canyon Education, Inc.\* | 1950600 |
|  |  | 6850658 |
| Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% |
| 22848 | Iridium Communications, Inc. | 437539 |
| Electric Utilities – 0.1% | Electric Utilities – 0.1% | Electric Utilities – 0.1% |
| 3629 | Duke Energy Corp. | 451085 |
| Electrical Equipment – 1.4% | Electrical Equipment – 1.4% | Electrical Equipment – 1.4% |
| 35293 | AMETEK, Inc. | 7133068 |
| 1744 | Eaton Corp. PLC | 665441 |
|  |  | 7798509 |
| Electronic Equipment, Instruments & Components – 1.1% | Electronic Equipment, Instruments & Components – 1.1% | Electronic Equipment, Instruments & Components – 1.1% |
| 16065 | Coherent Corp.\* | 2119937 |
| 23475 | Keysight Technologies, Inc.\* | 4294986 |
|  |  | 6414923 |
| Energy Equipment & Services – 0.2% | Energy Equipment & Services – 0.2% | Energy Equipment & Services – 0.2% |
| 90822 | NOV, Inc. | 1326001 |
| Entertainment – 0.0% | Entertainment – 0.0% | Entertainment – 0.0% |
| 179 | Netflix, Inc.\* | 200276 |
| Financial Services – 3.4% | Financial Services – 3.4% | Financial Services – 3.4% |
| 39673 | Berkshire Hathaway, Inc., Class |  |
|  | B\* | 18945444 |
| 5401 | WEX, Inc.\* | 787898 |
|  |  | 19733342 |
| Food Products – 1.0% | Food Products – 1.0% | Food Products – 1.0% |
| 114230 | Tyson Foods, Inc., Class A | 5872564 |
| Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% |
| 26624 | Lyft, Inc., Class A\* | 544727 |
| Health Care Equipment & Supplies – 2.5% | Health Care Equipment & Supplies – 2.5% | Health Care Equipment & Supplies – 2.5% |
| 64983 | Abbott Laboratories | 8033198 |
| 17860 | Boston Scientific Corp.\* | 1798859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 46902 | GE HealthCare Technologies, Inc. | 3515305 |
| 9521 | Medtronic PLC | 863555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14210917 |
| Health Care Providers & Services – 3.9% | Health Care Providers & Services – 3.9% | Health Care Providers & Services – 3.9% |
| 7120 | Encompass Health Corp. | 810612 |
| 13195 | Labcorp Holdings, Inc. | 3351002 |
| 19405 | Quest Diagnostics, Inc. | 3414310 |
| 7974 | Tenet Healthcare Corp.\* | 1646551 |
| 19413 | UnitedHealth Group, Inc. | 6630705 |
| 28719 | Universal Health Services, Inc., Class B | 6232310 |
|  |  | 22085490 |
| Health Care REITs – 1.8% | Health Care REITs – 1.8% | Health Care REITs – 1.8% |
| 64455 | Alexandria Real Estate Equities, Inc. REIT | 3752570 |
| 34162 | Welltower, Inc. REIT | 6184689 |
|  |  | 9937259 |
| Hotel & Resort REITs – 0.1% | Hotel & Resort REITs – 0.1% | Hotel & Resort REITs – 0.1% |
| 49805 | Park Hotels & Resorts, Inc. REIT | 512493 |
| Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% |
| 56041 | Aramark | 2122833 |
| 88654 | Carnival Corp.\* | 2555895 |
| 16126 | Norwegian Cruise Line Holdings Ltd.\* | 361545 |
| 218 | Royal Caribbean Cruises Ltd. | 62529 |
| 11505 | Yum! Brands, Inc. | 1590106 |
|  |  | 6692908 |
| Household Durables – 0.8% | Household Durables – 0.8% | Household Durables – 0.8% |
| 5694 | D.R. Horton, Inc. | 848862 |
| 29254 | PulteGroup, Inc. | 3506677 |
|  |  | 4355539 |
| Household Products – 2.2% | Household Products – 2.2% | Household Products – 2.2% |
| 82738 | Procter & Gamble Co. (The) | 12441313 |
| Independent Power and Renewable Electricity Producers – 0.2% | Independent Power and Renewable Electricity Producers – 0.2% | Independent Power and Renewable Electricity Producers – 0.2% |
| 93603 | AES Corp. (The) | 1298274 |
| Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% |
| 27214 | Prologis, Inc. REIT | 3376985 |
| Insurance – 3.8% | Insurance – 3.8% | Insurance – 3.8% |
| 5143 | Erie Indemnity Co., Class A | 1505047 |
| 53690 | Loews Corp. | 5345376 |
| 34524 | Marsh & McLennan Cos., Inc. | 6150451 |
| 5551 | MetLife, Inc. | 443081 |
| 58964 | Principal Financial Group, Inc. | 4955335 |
| 21978 | Prudential Financial, Inc. | 2285712 |
| 3954 | Travelers Cos., Inc. (The) | 1062123 |
|  |  | 21747125 |
| Interactive Media & Services – 2.7% | Interactive Media & Services – 2.7% | Interactive Media & Services – 2.7% |
| 51940 | Alphabet, Inc., Class A | 14605009 |
| 572 | Meta Platforms, Inc., Class A | 370856 |
| 1434 | Reddit, Inc., Class A\* | 299634 |
|  |  | 15275499 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% |
| 6838 | Accenture PLC, Class A | $1710184 |
| 8080 | Kyndryl Holdings, Inc.\* | 233674 |
|  |  | 1943858 |
| Leisure Products – 0.5% | Leisure Products – 0.5% | Leisure Products – 0.5% |
| 39672 | Brunswick Corp. | 2622716 |
| Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% | Life Sciences Tools & Services – 0.6% |
| 14954 | IQVIA Holdings, Inc.\* | 3236943 |
| Machinery – 3.6% | Machinery – 3.6% | Machinery – 3.6% |
| 6146 | ITT, Inc. | 1137440 |
| 59416 | Mueller Industries, Inc. | 6290372 |
| 12487 | Oshkosh Corp. | 1539522 |
| 6597 | PACCAR, Inc. | 649145 |
| 9013 | Parker-Hannifin Corp. | 6965517 |
| 11098 | Snap-on, Inc. | 3723934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20305930 |
| Marine Transportation – 0.9% | Marine Transportation – 0.9% | Marine Transportation – 0.9% |
| 51868 | Kirby Corp.\* | 5367301 |
| Media – 1.8% | Media – 1.8% | Media – 1.8% |
| 80311 | Fox Corp., Class A | 5192106 |
| 13554 | Fox Corp., Class B | 791689 |
| 32576 | New York Times Co. (The), Class A | 1856506 |
| 42331 | News Corp., Class A | 1121772 |
| 7971 | Nexstar Media Group, Inc. | 1560164 |
|  |  | 10522237 |
| Metals & Mining – 2.1% | Metals & Mining – 2.1% | Metals & Mining – 2.1% |
| 140949 | Freeport-McMoRan, Inc. | 5877574 |
| 45594 | Southern Copper Corp. (Mexico) | 6328447 |
|  |  | 12206021 |
| Multi-Utilities – 0.9% | Multi-Utilities – 0.9% | Multi-Utilities – 0.9% |
| 61331 | Public Service Enterprise Group, Inc. | 4940825 |
| Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% | Oil, Gas & Consumable Fuels – 3.3% |
| 37759 | Antero Resources Corp.\* | 1167131 |
| 74081 | Chevron Corp. | 11684055 |
| 22814 | ConocoPhillips | 2027252 |
| 33240 | Exxon Mobil Corp. | 3801326 |
|  |  | 18679764 |
| Passenger Airlines – 1.6% | Passenger Airlines – 1.6% | Passenger Airlines – 1.6% |
| 10031 | Alaska Air Group, Inc.\* | 418594 |
| 75912 | Delta Air Lines, Inc. | 4355830 |
| 146724 | Southwest Airlines Co. | 4445737 |
|  |  | 9220161 |
| Personal Care Products – 0.1% | Personal Care Products – 0.1% | Personal Care Products – 0.1% |
| 5903 | elf Beauty, Inc.\* | 720992 |
| Pharmaceuticals – 3.2% | Pharmaceuticals – 3.2% | Pharmaceuticals – 3.2% |
| 150066 | Bristol-Myers Squibb Co. | 6913541 |
| 58783 | Johnson & Johnson | 11102345 |
|  |  | 18015886 |
| Professional Services – 2.4% | Professional Services – 2.4% | Professional Services – 2.4% |
| 23444 | Amentum Holdings, Inc.\* | 525380 |

---

&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 LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Professional Services – (continued) | Professional Services – (continued) | Professional Services – (continued) | Professional Services – (continued) |
| 10476 | CACI International, Inc., Class A\* | $| 5890131 |
| 5160 | Equifax, Inc. |  | 1089276 |
| 23285 | Parsons Corp.\* |  | 1935915 |
| 45796 | SS&C Technologies Holdings, Inc. |  | 3888996 |
|  |  |  | 13329698 |
| Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% |
| 22340 | Zillow Group, Inc., Class C\* |  | 1675053 |
| Residential REITs – 0.6% | Residential REITs – 0.6% | Residential REITs – 0.6% | Residential REITs – 0.6% |
| 36079 | Camden Property Trust REIT |  | 3589139 |
| Semiconductors & Semiconductor Equipment – 4.5% | Semiconductors & Semiconductor Equipment – 4.5% | Semiconductors & Semiconductor Equipment – 4.5% | Semiconductors & Semiconductor Equipment – 4.5% |
| 16313 | Broadcom, Inc. |  | 6029774 |
| 34709 | Microchip Technology, Inc. |  | 2166536 |
| 36925 | Micron Technology, Inc. |  | 8262707 |
| 12348 | NVIDIA Corp. |  | 2500347 |
| 41574 | Texas Instruments, Inc. |  | 6712538 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25671902 |
| Software – 2.6% | Software – 2.6% | Software – 2.6% | Software – 2.6% |
| 68433 | Dolby Laboratories, Inc., Class A |  | 4538477 |
| 11037 | Microsoft Corp. |  | 5715069 |
| 10618 | Oracle Corp. |  | 2788393 |
| 911 | ServiceNow, Inc.\* |  | 837464 |
| 3918 | Strategy, Inc.\* |  | 1055940 |
|  |  |  | 14935343 |
| Specialized REITs – 3.1% | Specialized REITs – 3.1% | Specialized REITs – 3.1% | Specialized REITs – 3.1% |
| 8005 | Digital Realty Trust, Inc. REIT |  | 1364132 |
| 8883 | Equinix, Inc. REIT |  | 7515107 |
| 10181 | Public Storage REIT |  | 2836019 |
| 7654 | SBA Communications Corp. REIT |  | 1465588 |
| 211321 | Weyerhaeuser Co. REIT |  | 4860383 |
|  |  |  | 18041229 |
| Specialty Retail – 1.3% | Specialty Retail – 1.3% | Specialty Retail – 1.3% | Specialty Retail – 1.3% |
| 244 | AutoZone, Inc.\* |  | 896561 |
| 823 | Carvana Co.\* |  | 252282 |
| 5735 | Five Below, Inc.\* |  | 901943 |
| 3716 | GameStop Corp., Class A\* |  | 82830 |
| 5625 | Lithia Motors, Inc. |  | 1766700 |
| 25485 | TJX Cos., Inc. (The) |  | 3571468 |
|  |  |  | 7471784 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Technology Hardware, Storage & Peripherals – 0.2% | Technology Hardware, Storage & Peripherals – 0.2% | Technology Hardware, Storage & Peripherals – 0.2% |
| 36384 | HP, Inc. | $1006745 |
| Textiles, Apparel & Luxury Goods – 0.2% | Textiles, Apparel & Luxury Goods – 0.2% | Textiles, Apparel & Luxury Goods – 0.2% |
| 2944 | Birkenstock Holding PLC (Germany)\* | 117495 |
| 3520 | Ralph Lauren Corp. | 1125203 |
|  |  | 1242698 |
| Tobacco – 1.7% | Tobacco – 1.7% | Tobacco – 1.7% |
| 68861 | Philip Morris International, Inc. | 9938708 |
| Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% |
| 2376 | Ferguson Enterprises, Inc. | 590436 |
| Water Utilities – 0.4% | Water Utilities – 0.4% | Water Utilities – 0.4% |
| 65384 | Essential Utilities, Inc. | 2551938 |
| Wireless Telecommunication Services – 1.2% | Wireless Telecommunication Services – 1.2% | Wireless Telecommunication Services – 1.2% |
| 33504 | T-Mobile US, Inc. | 7037515 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| **(Cost $509,072,674)** | **(Cost $509,072,674)** | 557613021 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.4%<sup>(a)</sup> | Investment Company – 0.4%<sup>(a)</sup> | Investment Company – 0.4%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 2291221 | 3.956% | 2291221 |
| **(Cost $2,291,221)** | **(Cost $2,291,221)** |  |
| TOTAL INVESTMENTS – 98.3% | TOTAL INVESTMENTS – 98.3% | TOTAL INVESTMENTS – 98.3% |
| **(Cost $511,363,895)** | **(Cost $511,363,895)** | $559904242 |
|  **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.7%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.7%** | 9452219 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569356461 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Long position contracts: |  |  |  |  |
| S&P 500 E-Mini Index | 30 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10311000 | $287769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 97.9% | Common Stocks – 97.9% | Common Stocks – 97.9% |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |
| 130206 | Archer Aviation, Inc., Class A\* | $1460911 |
| 3592 | Byrna Technologies, Inc.\* | 72738 |
| 33731 | Mercury Systems, Inc.\* | 2611117 |
| 17964 | Moog, Inc., Class A | 3679925 |
|  |  | 7824691 |
| Automobile Components – 1.5% | Automobile Components – 1.5% | Automobile Components – 1.5% |
| 95545 | Adient PLC\* | 2215688 |
| 166685 | American Axle & Manufacturing Holdings, Inc.\* | 1033447 |
| 6855 | Fox Factory Holding Corp.\* | 151564 |
| 3021 | Gentherm, Inc.\* | 111173 |
| 21376 | LCI Industries | 2212202 |
| 4553 | Motorcar Parts of America, Inc.\* | 77674 |
| 3080 | Patrick Industries, Inc. | 321460 |
| 223322 | Solid Power, Inc.\* | 1402462 |
|  |  | 7525670 |
| Banks – 8.0% | Banks – 8.0% | Banks – 8.0% |
| 2123 | Amalgamated Financial Corp. | 57873 |
| 33109 | Ameris Bancorp | 2371267 |
| 82094 | Associated Banc-Corp. | 2033468 |
| 10235 | BancFirst Corp. | 1114182 |
| 20812 | Bank of Hawaii Corp. | 1351323 |
| 265446 | Capitol Federal Financial, Inc. | 1603294 |
| 3663 | Cathay General Bancorp | 166483 |
| 7125 | Central Pacific Financial Corp. | 203134 |
| 692 | City Holding Co. | 81573 |
| 22164 | Community Trust Bancorp, Inc. | 1134686 |
| 59036 | Dime Community Bancshares, Inc. | 1549695 |
| 4516 | FB Financial Corp. | 243909 |
| 6945 | First Bancorp, Inc. (The) | 172167 |
| 70810 | First Financial Bancorp | 1657662 |
| 44719 | First Financial Bankshares, Inc. | 1381370 |
| 4722 | First Internet Bancorp | 83768 |
| 9021 | First Merchants Corp. | 320065 |
| 17290 | Flushing Financial Corp. | 236354 |
| 19244 | Glacier Bancorp, Inc. | 786117 |
| 34599 | Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975949 |
| 37818 | Hanmi Financial Corp. | 998395 |
| 23239 | Heritage Commerce Corp. | 241686 |
| 3612 | Home Bancorp, Inc. | 191978 |
| 2460 | HomeTrust Bancshares, Inc. | 96703 |
| 2454 | Independent Bank Corp. | 74160 |
| 27730 | International Bancshares Corp. | 1840717 |
| 16824 | Kearny Financial Corp. | 107505 |
| 23481 | Live Oak Bancshares, Inc. | 731198 |
| 10135 | National Bank Holdings Corp., Class A | 361414 |
| 18159 | Northeast Community Bancorp, Inc. | 356643 |
| 14323 | Northrim BanCorp, Inc. | 314820 |
| 9604 | Origin Bancorp, Inc. | 332875 |
| 3151 | Park National Corp. | 479551 |
| 22687 | PCB Bancorp | 478015 |
| 55068 | Provident Financial Services, Inc. | 1007194 |
| 3242 | Red River Bancshares, Inc. | 214167 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 19643 | Seacoast Banking Corp. of Florida | $| 595183 |
| 25343 | ServisFirst Bancshares, Inc. |  | 1780853 |
| 2970 | Sierra Bancorp |  | 85477 |
| 1774 | SmartFinancial, Inc. |  | 62037 |
| 1605 | Southern First Bancshares, Inc.\* |  | 70363 |
| 28092 | Southside Bancshares, Inc. |  | 789947 |
| 26740 | Texas Capital Bancshares, Inc.\* |  | 2241882 |
| 4325 | Timberland Bancorp, Inc. |  | 138919 |
| 3619 | TriCo Bancshares |  | 160068 |
| 40798 | TrustCo Bank Corp. |  | 1538493 |
| 45425 | Trustmark Corp. |  | 1690718 |
| 11809 | UMB Financial Corp. |  | 1262146 |
| 23793 | United Bankshares, Inc. |  | 851551 |
| 49870 | United Community Banks, Inc. |  | 1456204 |
| 8634 | Univest Financial Corp. |  | 253494 |
| 13241 | Washington Trust Bancorp, Inc. |  | 360685 |
| 62621 | WesBanco, Inc. |  | 1884892 |
| 9270 | Westamerica BanCorp |  | 441715 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42015987 |
| Biotechnology – 6.7% | Biotechnology – 6.7% | Biotechnology – 6.7% | Biotechnology – 6.7% |
| 53942 | ACADIA Pharmaceuticals, Inc.\* |  | 1224483 |
| 254090 | Allogene Therapeutics, Inc.\* |  | 315072 |
| 215394 | Amicus Therapeutics, Inc.\* |  | 1945008 |
| 248078 | Annexon, Inc.\* |  | 783926 |
| 6973 | Apogee Therapeutics, Inc.\* |  | 394602 |
| 3345 | Arcellx, Inc.\* |  | 301886 |
| 44978 | Arcturus Therapeutics Holdings, Inc.\* |  | 448431 |
| 5027 | Arcus Biosciences, Inc.\* |  | 99132 |
| 21114 | Arcutis Biotherapeutics, Inc.\* |  | 534395 |
| 22708 | Ardelyx, Inc.\* |  | 137610 |
| 53422 | Aurinia Pharmaceuticals, Inc. (Canada)\* |  | 703568 |
| 79380 | BioCryst Pharmaceuticals, Inc.\* |  | 581062 |
| 4983 | Bridgebio Pharma, Inc.\* |  | 312135 |
| 26071 | Celldex Therapeutics, Inc.\* |  | 696878 |
| 1000 | Cidara Therapeutics, Inc.\* |  | 109240 |
| 42961 | Cogent Biosciences, Inc.\* |  | 700264 |
| 11261 | CRISPR Therapeutics AG (Switzerland)\* |  | 720591 |
| 52212 | Cullinan Therapeutics, Inc.\* |  | 452156 |
| 138353 | Denali Therapeutics, Inc.\* |  | 2252387 |
| 50627 | Design Therapeutics, Inc.\* |  | 339201 |
| 53922 | Dyne Therapeutics, Inc.\* |  | 1217559 |
| 26335 | Enanta Pharmaceuticals, Inc.\* |  | 288632 |
| 112524 | Erasca, Inc.\* |  | 272308 |
| 93920 | Heron Therapeutics, Inc.\* |  | 108947 |
| 13334 | Janux Therapeutics, Inc.\* |  | 382819 |
| 87110 | Keros Therapeutics, Inc.\* |  | 1325814 |
| 26041 | Kodiak Sciences, Inc.\* |  | 471993 |
| 1414 | Krystal Biotech, Inc.\* |  | 279279 |
| 26984 | Kymera Therapeutics, Inc.\* |  | 1668691 |
| 92934 | Larimar Therapeutics, Inc.\* |  | 361513 |
| 20056 | Lexeo Therapeutics, Inc.\* |  | 200761 |
| 4002 | Madrigal Pharmaceuticals, Inc.\* |  | 1676438 |
| 4539 | Mirum Pharmaceuticals, Inc.\* |  | 329758 |
| 119417 | Myriad Genetics, Inc.\* |  | 960113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 58207 | Nurix Therapeutics, Inc.\* | $| 753199 |
| 7259 | Nuvalent, Inc., Class A\* |  | 720964 |
| 4324 | Olema Pharmaceuticals, Inc.\* |  | 38786 |
| 4516 | Praxis Precision Medicines, Inc.\* |  | 897600 |
| 2194 | Protagonist Therapeutics, Inc.\* |  | 172492 |
| 12764 | Prothena Corp. PLC (Ireland)\* |  | 137213 |
| 800 | Puma Biotechnology, Inc.\* |  | 4080 |
| 22610 | Recursion Pharmaceuticals, Inc., Class A\*<sup>(a)</sup> |  | 124807 |
| 111318 | Relay Therapeutics, Inc.\* |  | 794811 |
| 4284 | Rhythm Pharmaceuticals, Inc.\* |  | 487348 |
| 44000 | Rigel Pharmaceuticals, Inc.\* |  | 1389520 |
| 8607 | Solid Biosciences, Inc.\* |  | 46392 |
| 17190 | Spyre Therapeutics, Inc.\* |  | 420467 |
| 50765 | TG Therapeutics, Inc.\* |  | 1765607 |
| 32978 | Twist Bioscience Corp.\* |  | 1084646 |
| 34512 | Vera Therapeutics, Inc.\* |  | 982212 |
| 39597 | Veracyte, Inc.\* |  | 1428660 |
| 34964 | Viridian Therapeutics, Inc.\* |  | 826199 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34671655 |
| Broadline Retail – 0.0% | Broadline Retail – 0.0% | Broadline Retail – 0.0% | Broadline Retail – 0.0% |
| 3513 | Kohl's Corp. |  | 57157 |
| Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% |
| 33433 | Griffon Corp. |  | 2474376 |
| 5034 | Tecnoglass, Inc. |  | 300178 |
|  |  |  | 2774554 |
| Capital Markets – 1.6% | Capital Markets – 1.6% | Capital Markets – 1.6% | Capital Markets – 1.6% |
| 3029 | Acadian Asset Management, Inc. |  | 145695 |
| 79935 | BGC Group, Inc., Class A |  | 730606 |
| 73811 | DigitalBridge Group, Inc. |  | 873184 |
| 7978 | Moelis & Co., Class A |  | 505247 |
| 6107 | Piper Sandler Cos. |  | 1949721 |
| 49222 | Victory Capital Holdings, Inc., Class A |  | 3065054 |
| 953 | Virtus Investment Partners, Inc. |  | 155167 |
| 61443 | WisdomTree, Inc. |  | 734858 |
|  |  |  | 8159532 |
| Chemicals – 1.3% | Chemicals – 1.3% | Chemicals – 1.3% | Chemicals – 1.3% |
| 30718 | Aspen Aerogels, Inc.\* |  | 250045 |
| 6158 | Avient Corp. |  | 197487 |
| 40119 | Innospec, Inc. |  | 2951956 |
| 2274 | Intrepid Potash, Inc.\* |  | 60557 |
| 35851 | Minerals Technologies, Inc. |  | 2034544 |
| 9926 | Perimeter Solutions, Inc.\* |  | 233360 |
| 24102 | PureCycle Technologies, Inc.\*<sup>(a)</sup> |  | 279101 |
| 19031 | Stepan Co. |  | 824994 |
|  |  |  | 6832044 |
| Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% |
| 11383 | Deluxe Corp. |  | 206146 |
| 18513 | Ennis, Inc. |  | 303613 |
| 99206 | Healthcare Services Group, Inc.\* |  | 1772811 |
| 15199 | HNI Corp. |  | 621943 |
| 3571 | Interface, Inc. |  | 88918 |
| 100622 | Montrose Environmental Group, Inc.\* |  | 2604098 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| 5474 | Pitney Bowes, Inc. | $| 54083 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651612 |
| Communications Equipment – 0.6% | Communications Equipment – 0.6% | Communications Equipment – 0.6% | Communications Equipment – 0.6% |
| 20701 | Applied Optoelectronics, Inc.\* |  | 736128 |
| 9886 | Calix, Inc.\* |  | 676400 |
| 103793 | CommScope Holding Co., Inc.\* |  | 1795619 |
|  |  |  | 3208147 |
| Construction & Engineering – 3.4% | Construction & Engineering – 3.4% | Construction & Engineering – 3.4% | Construction & Engineering – 3.4% |
| 5676 | Arcosa, Inc. |  | 578952 |
| 6742 | Argan, Inc. |  | 2064468 |
| 54456 | Centuri Holdings, Inc.\* |  | 1099467 |
| 7122 | Construction Partners, Inc., Class A\* |  | 814401 |
| 6696 | Dycom Industries, Inc.\* |  | 1927042 |
| 2941 | Fluor Corp.\* |  | 143432 |
| 16103 | Granite Construction, Inc. |  | 1657160 |
| 2227 | Limbach Holdings, Inc.\* |  | 210407 |
| 22795 | Matrix Service Co.\* |  | 342381 |
| 8612 | MYR Group, Inc.\* |  | 1874832 |
| 29716 | Primoris Services Corp. |  | 4205408 |
| 38692 | Tutor Perini Corp.\* |  | 2606293 |
|  |  |  | 17524243 |
| Construction Materials – 0.5% | Construction Materials – 0.5% | Construction Materials – 0.5% | Construction Materials – 0.5% |
| 2387 | Knife River Corp.\* |  | 144318 |
| 23041 | United States Lime & Minerals, Inc. |  | 2700866 |
|  |  |  | 2845184 |
| Consumer Finance – 1.7% | Consumer Finance – 1.7% | Consumer Finance – 1.7% | Consumer Finance – 1.7% |
| 5826 | Dave, Inc.\* |  | 1394278 |
| 54360 | Encore Capital Group, Inc.\* |  | 2260289 |
| 16048 | Enova International, Inc.\* |  | 1918859 |
| 1450 | LendingTree, Inc.\* |  | 92800 |
| 2980 | Medallion Financial Corp. |  | 29293 |
| 16025 | Oportun Financial Corp.\* |  | 85413 |
| 74153 | OppFi, Inc. |  | 722992 |
| 22771 | PROG Holdings, Inc. |  | 658765 |
| 18743 | Regional Management Corp. |  | 737537 |
| 22199 | Upstart Holdings, Inc.\* |  | 1054897 |
|  |  |  | 8955123 |
| Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% |
| 47667 | Chefs' Warehouse, Inc. (The)\* |  | 2812353 |
| 25692 | Grocery Outlet Holding Corp.\* |  | 349668 |
|  |  |  | 3162021 |
| Distributors – 0.1% | Distributors – 0.1% | Distributors – 0.1% | Distributors – 0.1% |
| 15831 | GigaCloud Technology, Inc., Class A\* |  | 442951 |
| Diversified Consumer Services – 2.5% | Diversified Consumer Services – 2.5% | Diversified Consumer Services – 2.5% | Diversified Consumer Services – 2.5% |
| 15829 | Adtalem Global Education, Inc.\* |  | 1551559 |
| 23576 | American Public Education, Inc.\* |  | 789560 |
| 120597 | Coursera, Inc.\* |  | 1015427 |
| 221766 | European Wax Center, Inc., Class A\* |  | 864887 |
| 17319 | Frontdoor, Inc.\* |  | 1150501 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) |
| 1084 | Graham Holdings Co., Class B | $| 1097149 |
| 112059 | Laureate Education, Inc.\* |  | 3253073 |
| 29749 | McGraw Hill, Inc.\* |  | 331999 |
| 52773 | Perdoceo Education Corp. |  | 1676070 |
| 2788 | Stride, Inc.\* |  | 189695 |
| 35416 | Universal Technical Institute, Inc.\* |  | 1052564 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12972484 |
| Diversified REITs – 0.3% | Diversified REITs – 0.3% | Diversified REITs – 0.3% | Diversified REITs – 0.3% |
| 13208 | Alexander & Baldwin, Inc. REIT |  | 210932 |
| 34494 | American Assets Trust, Inc. REIT |  | 659180 |
| 96364 | Armada Hoffler Properties, Inc. REIT |  | 630221 |
| 10445 | Essential Properties Realty Trust, Inc. REIT |  | 312097 |
|  |  |  | 1812430 |
| Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% |
| 2350 | ATN International, Inc. |  | 34145 |
| 60354 | Bandwidth, Inc., Class A\* |  | 974717 |
| 13645 | Liberty Latin America Ltd., Class A (Puerto Rico)\* |  | 106431 |
|  |  |  | 1115293 |
| Electric Utilities – 0.4% | Electric Utilities – 0.4% | Electric Utilities – 0.4% | Electric Utilities – 0.4% |
| 16668 | Oklo, Inc.\* |  | 2213010 |
| Electrical Equipment – 3.3% | Electrical Equipment – 3.3% | Electrical Equipment – 3.3% | Electrical Equipment – 3.3% |
| 40672 | American Superconductor Corp.\* |  | 2409003 |
| 47022 | Amprius Technologies, Inc.\* |  | 662540 |
| 45982 | Bloom Energy Corp., Class A\* |  | 6076981 |
| 6862 | Enovix Corp.\*<sup>(a)</sup> |  | 82275 |
| 30845 | Eos Energy Enterprises, Inc.\*<sup>(a)</sup> |  | 494445 |
| 31839 | NEXTracker, Inc., Class A\* |  | 3222744 |
| 23783 | NuScale Power Corp.\* |  | 1067143 |
| 135938 | Plug Power, Inc.\* |  | 365673 |
| 38555 | Thermon Group Holdings, Inc.\* |  | 1107685 |
| 16809 | Vicor Corp.\* |  | 1525081 |
|  |  |  | 17013570 |
| Electronic Equipment, Instruments & Components – 3.4% | Electronic Equipment, Instruments & Components – 3.4% | Electronic Equipment, Instruments & Components – 3.4% | Electronic Equipment, Instruments & Components – 3.4% |
| 13120 | 908 Devices, Inc.\* |  | 104697 |
| 5900 | Fabrinet (Thailand)\* |  | 2599363 |
| 132606 | Knowles Corp.\* |  | 3130828 |
| 795 | Novanta, Inc.\* |  | 100973 |
| 2435 | OSI Systems, Inc.\* |  | 678050 |
| 12649 | Ouster, Inc.\* |  | 421971 |
| 6736 | Richardson Electronics Ltd. |  | 72614 |
| 22023 | Sanmina Corp.\* |  | 3018252 |
| 71683 | TTM Technologies, Inc.\* |  | 4817098 |
| 158148 | Vishay Intertechnology, Inc. |  | 2685353 |
|  |  |  | 17629199 |
| Energy Equipment & Services – 2.0% | Energy Equipment & Services – 2.0% | Energy Equipment & Services – 2.0% | Energy Equipment & Services – 2.0% |
| 229295 | Borr Drilling Ltd. (Mexico)\* |  | 710814 |
| 38235 | Core Laboratories, Inc. |  | 609466 |
| 86394 | Expro Group Holdings NV\* |  | 1173231 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) |
| 88883 | Helix Energy Solutions Group, Inc.\* | $| 597294 |
| 28634 | Noble Corp. PLC |  | 840408 |
| 119446 | Oceaneering International, Inc.\* |  | 2781897 |
| 17161 | Oil States International, Inc.\* |  | 102451 |
| 168788 | Patterson-UTI Energy, Inc. |  | 1058301 |
| 6473 | ProFrac Holding Corp., Class A\* |  | 35407 |
| 68204 | Seadrill Ltd. (Norway)\* |  | 2152518 |
| 25126 | TETRA Technologies, Inc.\* |  | 177390 |
| 78630 | Transocean Ltd.\* |  | 301939 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10541116 |
| Entertainment – 0.5% | Entertainment – 0.5% | Entertainment – 0.5% | Entertainment – 0.5% |
| 111957 | AMC Entertainment Holdings, Inc., Class A\* |  | 289969 |
| 26926 | Cinemark Holdings, Inc. |  | 727271 |
| 13277 | CuriosityStream, Inc. |  | 57622 |
| 1826 | IMAX Corp.\* |  | 59327 |
| 27007 | Madison Square Garden Entertainment Corp.\* |  | 1192629 |
| 62666 | Playtika Holding Corp. |  | 229984 |
| 4588 | Starz Entertainment Corp.\* |  | 48220 |
|  |  |  | 2605022 |
| Financial Services – 2.2% | Financial Services – 2.2% | Financial Services – 2.2% | Financial Services – 2.2% |
| 4852 | Alerus Financial Corp. |  | 102474 |
| 66958 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) |  | 2879864 |
| 81711 | Burford Capital Ltd. |  | 813024 |
| 91516 | Marqeta, Inc., Class A\* |  | 414568 |
| 69634 | NCR Atleos Corp.\* |  | 2569495 |
| 122046 | Payoneer Global, Inc.\* |  | 706646 |
| 25525 | Paysign, Inc.\* |  | 131837 |
| 33588 | Remitly Global, Inc.\* |  | 538752 |
| 3588 | Sezzle, Inc.\* |  | 235193 |
| 9751 | Velocity Financial, Inc.\* |  | 181564 |
| 29909 | Walker & Dunlop, Inc. |  | 2390327 |
|  |  |  | 10963744 |
| Food Products – 0.6% | Food Products – 0.6% | Food Products – 0.6% | Food Products – 0.6% |
| 122427 | BRC, Inc., Class A\* |  | 155482 |
| 28953 | Cal-Maine Foods, Inc. |  | 2542074 |
| 84154 | SunOpta, Inc. (Canada)\* |  | 439284 |
|  |  |  | 3136840 |
| Gas Utilities – 0.7% | Gas Utilities – 0.7% | Gas Utilities – 0.7% | Gas Utilities – 0.7% |
| 17981 | New Jersey Resources Corp. |  | 796558 |
| 34342 | ONE Gas, Inc. |  | 2753885 |
|  |  |  | 3550443 |
| Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% | Ground Transportation – 0.1% |
| 128062 | FTAI Infrastructure, Inc. |  | 683851 |
| Health Care Equipment & Supplies – 3.5% | Health Care Equipment & Supplies – 3.5% | Health Care Equipment & Supplies – 3.5% | Health Care Equipment & Supplies – 3.5% |
| 43337 | Accuray, Inc.\* |  | 61105 |
| 72395 | AtriCure, Inc.\* |  | 2501247 |
| 211071 | Cerus Corp.\* |  | 310274 |
| 53844 | Delcath Systems, Inc.\* |  | 529287 |
| 48800 | Embecta Corp. |  | 650992 |
| 24207 | Glaukos Corp.\* |  | 2131911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) | Health Care Equipment & Supplies – (continued) |
| 20944 | Haemonetics Corp.\* | $| 1047409 |
| 67514 | Inogen, Inc.\* |  | 556315 |
| 23743 | Integer Holdings Corp.\* |  | 1533086 |
| 22955 | iRadimed Corp. |  | 1763174 |
| 7254 | iRhythm Technologies, Inc.\* |  | 1358674 |
| 4612 | LeMaitre Vascular, Inc. |  | 399445 |
| 31922 | PROCEPT BioRobotics Corp.\* |  | 1086306 |
| 17213 | QuidelOrtho Corp.\* |  | 464579 |
| 47451 | RxSight, Inc.\* |  | 417094 |
| 30483 | SI-BONE, Inc.\* |  | 452063 |
| 22473 | TransMedics Group, Inc.\* |  | 2956098 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18219059 |
| Health Care Providers & Services – 3.3% | Health Care Providers & Services – 3.3% | Health Care Providers & Services – 3.3% | Health Care Providers & Services – 3.3% |
| 3184 | Addus HomeCare Corp.\* |  | 372178 |
| 232036 | agilon health, Inc.\* |  | 184817 |
| 41548 | Community Health Systems, Inc.\* |  | 161206 |
| 6094 | CorVel Corp.\* |  | 450651 |
| 91743 | Enhabit, Inc.\* |  | 745871 |
| 4301 | Fulgent Genetics, Inc.\* |  | 96557 |
| 8520 | GeneDx Holdings Corp.\* |  | 1166473 |
| 33241 | Guardant Health, Inc.\* |  | 3092078 |
| 27206 | HealthEquity, Inc.\* |  | 2573143 |
| 61024 | Hims & Hers Health, Inc.\* |  | 2774151 |
| 43839 | Joint Corp. (The)\* |  | 345890 |
| 265225 | LifeStance Health Group, Inc.\* |  | 1299602 |
| 59192 | Nano-X Imaging Ltd. (Israel)\*<sup>(a)</sup> |  | 214867 |
| 95580 | OPKO Health, Inc.\* |  | 129989 |
| 47005 | Pennant Group, Inc. (The)\* |  | 1162434 |
| 47876 | Privia Health Group, Inc.\* |  | 1163387 |
| 29114 | Talkspace, Inc.\* |  | 94038 |
| 205333 | Viemed Healthcare, Inc.\* |  | 1326451 |
|  |  |  | 17353783 |
| Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% | Health Care REITs – 0.1% |
| 18753 | Global Medical REIT, Inc. REIT |  | 575717 |
| Health Care Technology – 0.1% | Health Care Technology – 0.1% | Health Care Technology – 0.1% | Health Care Technology – 0.1% |
| 4854 | LifeMD, Inc.\* |  | 28687 |
| 30810 | Phreesia, Inc.\* |  | 697539 |
|  |  |  | 726226 |
| Hotel & Resort REITs – 1.4% | Hotel & Resort REITs – 1.4% | Hotel & Resort REITs – 1.4% | Hotel & Resort REITs – 1.4% |
| 231359 | Apple Hospitality REIT, Inc. REIT |  | 2588907 |
| 182012 | Chatham Lodging Trust REIT |  | 1164877 |
| 263972 | RLJ Lodging Trust REIT |  | 1795010 |
| 101715 | Service Properties Trust REIT |  | 217670 |
| 166705 | Xenia Hotels & Resorts, Inc. REIT |  | 2050471 |
|  |  |  | 7816935 |
| Hotels, Restaurants & Leisure – 1.6% | Hotels, Restaurants & Leisure – 1.6% | Hotels, Restaurants & Leisure – 1.6% | Hotels, Restaurants & Leisure – 1.6% |
| 91455 | Brightstar Lottery PLC |  | 1523640 |
| 30862 | Hilton Grand Vacations, Inc.\* |  | 1279230 |
| 45197 | Lindblad Expeditions Holdings, Inc.\* |  | 545076 |
| 7528 | Marriott Vacations Worldwide Corp. |  | 496697 |
| 2047 | Monarch Casino & Resort, Inc. |  | 184373 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 20895 | RCI Hospitality Holdings, Inc. | 520495 |
| 54133 | Red Rock Resorts, Inc., Class A | 2885830 |
| 4258 | Shake Shack, Inc., Class A\* | 410940 |
| 29185 | Super Group SGHC Ltd. (Guernsey) | 315198 |
|  |  | 8161479 |
| Household Durables – 1.0% | Household Durables – 1.0% | Household Durables – 1.0% |
| 31778 | Century Communities, Inc. | 1887613 |
| 9489 | Champion Homes, Inc.\* | 647435 |
| 6099 | Dream Finders Homes, Inc., Class A\* | 120760 |
| 31844 | Ethan Allen Interiors, Inc. | 769670 |
| 5608 | Green Brick Partners, Inc.\* | 363062 |
| 20766 | LGI Homes, Inc.\* | 847460 |
| 401 | M/I Homes, Inc.\* | 50201 |
| 8568 | Meritage Homes Corp. | 578854 |
|  |  | 5265055 |
| Household Products – 0.6% | Household Products – 0.6% | Household Products – 0.6% |
| 124023 | Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881054 |
| Independent Power and Renewable Electricity Producers – 0.6% | Independent Power and Renewable Electricity Producers – 0.6% | Independent Power and Renewable Electricity Producers – 0.6% |
| 30063 | Ormat Technologies, Inc. | 3197801 |
| Industrial REITs – 0.6% | Industrial REITs – 0.6% | Industrial REITs – 0.6% |
| 314405 | LXP Industrial Trust REIT | 2983703 |
| Insurance – 1.8% | Insurance – 1.8% | Insurance – 1.8% |
| 40842 | Ambac Financial Group, Inc.\* | 335313 |
| 46550 | AMERISAFE, Inc. | 1865724 |
| 9664 | Bowhead Specialty Holdings, Inc.\* | 231550 |
| 4169 | HCI Group, Inc. | 850518 |
| 918 | Lemonade, Inc.\* | 55153 |
| 73720 | Oscar Health, Inc., Class A\* | 1326960 |
| 4707 | Selective Insurance Group, Inc. | 354625 |
| 39156 | Stewart Information Services Corp. | 2673180 |
| 55659 | Universal Insurance Holdings, Inc. | 1715410 |
|  |  | 9408433 |
| Interactive Media & Services – 0.3% | Interactive Media & Services – 0.3% | Interactive Media & Services – 0.3% |
| 103091 | QuinStreet, Inc.\* | 1524716 |
| IT Services – 0.6% | IT Services – 0.6% | IT Services – 0.6% |
| 31196 | Applied Digital Corp.\* | 1081253 |
| 23062 | BigBear.ai Holdings, Inc.\* | 159589 |
| 16792 | DigitalOcean Holdings, Inc.\* | 682763 |
| 97842 | Fastly, Inc., Class A\* | 811110 |
| 24871 | TSS, Inc.\*<sup>(a)</sup> | 503886 |
|  |  | 3238601 |
| Leisure Products – 0.8% | Leisure Products – 0.8% | Leisure Products – 0.8% |
| 8805 | JAKKS Pacific, Inc. | 149685 |
| 66329 | MasterCraft Boat Holdings, Inc.\* | 1330560 |
| 280125 | Peloton Interactive, Inc., Class A\* | 2033707 |
| 78656 | Smith & Wesson Brands, Inc. | 753918 |
|  |  | 4267870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Life Sciences Tools & Services – 1.1% | Life Sciences Tools & Services – 1.1% | Life Sciences Tools & Services – 1.1% |
| 144405 | 10X Genomics, Inc., Class A\* | $1969684 |
| 150859 | Adaptive Biotechnologies Corp.\* | 2618912 |
| 9362 | CryoPort, Inc.\* | 86505 |
| 185902 | Cytek Biosciences, Inc.\* | 725018 |
| 29928 | Niagen Bioscience, Inc.\* | 225657 |
|  |  | 5625776 |
| Machinery – 2.6% | Machinery – 2.6% | Machinery – 2.6% |
| 6771 | Aebi Schmidt Holding AG (Switzerland) | 75497 |
| 35297 | Atmus Filtration Technologies, Inc. | 1605308 |
| 6937 | Chart Industries, Inc.\* | 1384764 |
| 7694 | ESCO Technologies, Inc. | 1688602 |
| 15395 | Federal Signal Corp. | 1817072 |
| 11938 | Helios Technologies, Inc. | 660888 |
| 7172 | Hillman Solutions Corp.\* | 66126 |
| 1711 | Kadant, Inc. | 473365 |
| 4372 | Kennametal, Inc. | 95965 |
| 13853 | Manitowoc Co., Inc. (The)\* | 140885 |
| 38691 | Microvast Holdings, Inc.\*<sup>(a)</sup> | 210866 |
| 35951 | Miller Industries, Inc. | 1443073 |
| 8250 | Omega Flex, Inc. | 228113 |
| 27166 | Palladyne AI Corp.\*<sup>(a)</sup> | 227379 |
| 11552 | Proto Labs, Inc.\* | 574828 |
| 32823 | REV Group, Inc. | 1682835 |
| 3235 | Standex International Corp. | 754499 |
| 5396 | Tennant Co. | 431680 |
| 6460 | Wabash National Corp. | 51809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13613554 |
| Marine Transportation – 0.7% | Marine Transportation – 0.7% | Marine Transportation – 0.7% |
| 80648 | Costamare, Inc. (Monaco) | 985519 |
| 10152 | Matson, Inc. | 1024844 |
| 24062 | Pangaea Logistics Solutions Ltd. | 119107 |
| 322135 | Safe Bulkers, Inc. (Monaco) | 1510813 |
|  |  | 3640283 |
| Media – 0.6% | Media – 0.6% | Media – 0.6% |
| 40341 | AMC Networks, Inc., Class A\* | 305785 |
| 9517 | Cable One, Inc. | 1413750 |
| 20049 | Entravision Communications Corp., Class A | 41501 |
| 80416 | EW Scripps Co. (The), Class A\* | 195411 |
| 41230 | Gannett Co., Inc.\* | 218519 |
| 228831 | Gray Media, Inc. | 1045758 |
|  |  | 3220724 |
| Metals & Mining – 2.4% | Metals & Mining – 2.4% | Metals & Mining – 2.4% |
| 158541 | Coeur Mining, Inc.\* | 2722149 |
| 326563 | Hecla Mining Co. | 4202866 |
| 327628 | Novagold Resources, Inc. (Canada)\* | 2716036 |
| 8991 | Olympic Steel, Inc. | 332667 |
| 89877 | SSR Mining, Inc. (Canada)\* | 2027625 |
| 45721 | U.S. Gold Corp.\* | 700446 |
|  |  | 12701789 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.6% | Mortgage Real Estate Investment Trusts (REITs) – 0.6% | Mortgage Real Estate Investment Trusts (REITs) – 0.6% |
| 80158 | BrightSpire Capital, Inc. REIT | 413615 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) |
| 72915 | Invesco Mortgage Capital, Inc. REIT | $| 549050 |
| 72291 | Ladder Capital Corp. REIT |  | 764116 |
| 5228 | Nexpoint Real Estate Finance, Inc. REIT |  | 68173 |
| 49102 | Orchid Island Capital, Inc. REIT |  | 355007 |
| 103961 | TPG RE Finance Trust, Inc. REIT |  | 899263 |
|  |  |  | 3049224 |
| Multi-Utilities – 0.7% | Multi-Utilities – 0.7% | Multi-Utilities – 0.7% | Multi-Utilities – 0.7% |
| 53873 | Black Hills Corp. |  | 3417164 |
| Office REITs – 0.6% | Office REITs – 0.6% | Office REITs – 0.6% | Office REITs – 0.6% |
| 23228 | Brandywine Realty Trust REIT |  | 79672 |
| 233532 | Douglas Emmett, Inc. REIT |  | 3021904 |
|  |  |  | 3101576 |
| Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% |
| 381 | Centrus Energy Corp., Class A\* |  | 140002 |
| 132631 | Clean Energy Fuels Corp.\* |  | 379325 |
| 1788 | Core Natural Resources, Inc. |  | 141252 |
| 45138 | DHT Holdings, Inc. |  | 599433 |
| 75020 | Diversified Energy Co. PLC |  | 949003 |
| 25073 | Energy Fuels, Inc.\*<sup>(a)</sup> |  | 514247 |
| 35831 | Golar LNG Ltd. (Cameroon) |  | 1470862 |
| 47447 | Magnolia Oil & Gas Corp., Class A |  | 1065659 |
| 397013 | Nordic American Tankers Ltd. |  | 1461008 |
| 7043 | PBF Energy, Inc., Class A |  | 240659 |
| 21804 | Peabody Energy Corp. |  | 597866 |
| 5262 | REX American Resources Corp.\* |  | 168542 |
| 18969 | Sable Offshore Corp.\* |  | 198416 |
| 59053 | SFL Corp. Ltd. (Norway) |  | 440535 |
| 15130 | SM Energy Co. |  | 316066 |
| 119745 | Uranium Energy Corp.\* |  | 1811742 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10494617 |
| Passenger Airlines – 1.6% | Passenger Airlines – 1.6% | Passenger Airlines – 1.6% | Passenger Airlines – 1.6% |
| 16493 | Allegiant Travel Co.\* |  | 1025535 |
| 582211 | JetBlue Airways Corp.\* |  | 2445286 |
| 69873 | Joby Aviation, Inc.\* |  | 1211598 |
| 32574 | SkyWest, Inc.\* |  | 3273035 |
| 27908 | Sun Country Airlines Holdings, Inc.\* |  | 342710 |
|  |  |  | 8298164 |
| Personal Care Products – 0.2% | Personal Care Products – 0.2% | Personal Care Products – 0.2% | Personal Care Products – 0.2% |
| 120324 | Herbalife Ltd.\* |  | 962592 |
| Pharmaceuticals – 2.0% | Pharmaceuticals – 2.0% | Pharmaceuticals – 2.0% | Pharmaceuticals – 2.0% |
| 19017 | Aclaris Therapeutics, Inc.\* |  | 47923 |
| 198321 | Amneal Pharmaceuticals, Inc.\* |  | 2145833 |
| 7934 | Axsome Therapeutics, Inc.\* |  | 1071011 |
| 24190 | Collegium Pharmaceutical, Inc.\* |  | 870840 |
| 16987 | Crinetics Pharmaceuticals, Inc.\* |  | 738935 |
| 15836 | Edgewise Therapeutics, Inc.\* |  | 289482 |
| 30845 | EyePoint Pharmaceuticals, Inc.\* |  | 403761 |
| 22447 | Harmony Biosciences Holdings, Inc.\* |  | 641311 |
| 2048 | Ligand Pharmaceuticals, Inc.\* |  | 391803 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| 29141 | Prestige Consumer Healthcare, Inc.\* | $| 1765944 |
| 52183 | SIGA Technologies, Inc. |  | 432075 |
| 30113 | Supernus Pharmaceuticals, Inc.\* |  | 1660130 |
| 34966 | Terns Pharmaceuticals, Inc.\* |  | 288819 |
|  |  |  | 10747867 |
| Professional Services – 2.5% | Professional Services – 2.5% | Professional Services – 2.5% | Professional Services – 2.5% |
| 937438 | Alight, Inc., Class A |  | 2699821 |
| 117518 | Conduent, Inc.\* |  | 279693 |
| 1707 | ICF International, Inc. |  | 137038 |
| 12593 | Innodata, Inc.\* |  | 939564 |
| 187770 | Legalzoom.com, Inc.\* |  | 1872067 |
| 72060 | Planet Labs PBC\* |  | 969207 |
| 119394 | Upwork, Inc.\* |  | 1903140 |
| 140239 | Verra Mobility Corp.\* |  | 3254947 |
| 7801 | Willdan Group, Inc.\* |  | 737273 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12792750 |
| Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% |
| 176900 | Compass, Inc., Class A\* |  | 1363899 |
| 69468 | Douglas Elliman, Inc.\* |  | 171586 |
| 1972 | Forestar Group, Inc.\* |  | 51292 |
| 6886 | FRP Holdings, Inc.\* |  | 163198 |
| 78101 | Kennedy-Wilson Holdings, Inc. |  | 590444 |
|  |  |  | 2340419 |
| Residential REITs – 0.9% | Residential REITs – 0.9% | Residential REITs – 0.9% | Residential REITs – 0.9% |
| 87239 | NexPoint Residential Trust, Inc. REIT |  | 2675620 |
| 99291 | UMH Properties, Inc. REIT |  | 1443691 |
| 42254 | Veris Residential, Inc. REIT |  | 606767 |
|  |  |  | 4726078 |
| Retail REITs – 1.9% | Retail REITs – 1.9% | Retail REITs – 1.9% | Retail REITs – 1.9% |
| 15942 | Acadia Realty Trust REIT |  | 304014 |
| 40772 | CBL & Associates Properties, Inc. REIT |  | 1205628 |
| 81633 | Kite Realty Group Trust REIT |  | 1807355 |
| 17484 | Macerich Co. (The) REIT |  | 299851 |
| 63854 | Phillips Edison & Co., Inc. REIT |  | 2160819 |
| 12373 | Tanger, Inc. REIT |  | 402865 |
| 158225 | Urban Edge Properties REIT |  | 3042667 |
| 4476 | Whitestone REIT |  | 56129 |
|  |  |  | 9279328 |
| Semiconductors & Semiconductor Equipment – 4.3% | Semiconductors & Semiconductor Equipment – 4.3% | Semiconductors & Semiconductor Equipment – 4.3% | Semiconductors & Semiconductor Equipment – 4.3% |
| 11521 | ACM Research, Inc., Class A\* |  | 477661 |
| 17475 | Alpha & Omega Semiconductor Ltd.\* |  | 490348 |
| 27684 | Ambarella, Inc.\* |  | 2359507 |
| 4623 | Axcelis Technologies, Inc.\* |  | 367806 |
| 27819 | Credo Technology Group Holding Ltd.\* |  | 5219401 |
| 47605 | Diodes, Inc.\* |  | 2540203 |
| 2563 | Kulicke & Soffa Industries, Inc. (Singapore) |  | 102341 |
| 131512 | MaxLinear, Inc.\* |  | 1992407 |
| 53549 | Rigetti Computing, Inc.\* |  | 2370614 |
| 28260 | Semtech Corp.\* |  | 1917724 |
| 25466 | Silicon Laboratories, Inc.\* |  | 3338083 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| 3997 | SiTime Corp.\* | $| 1157691 |
| 3855 | Ultra Clean Holdings, Inc.\* |  | 105665 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22439451 |
| Software – 4.6% | Software – 4.6% |  |  |
| 45922 | Arteris, Inc.\* |  | 624998 |
| 44969 | C3.ai, Inc., Class A\* |  | 790555 |
| 33503 | Cerence, Inc.\* |  | 359487 |
| 66134 | Cleanspark, Inc.\* |  | 1177185 |
| 16588 | Commvault Systems, Inc.\* |  | 2309381 |
| 31797 | Consensus Cloud Solutions, Inc.\* |  | 932288 |
| 25248 | Core Scientific, Inc.\* |  | 543842 |
| 56745 | D-Wave Quantum, Inc. (Canada)\* |  | 2102970 |
| 34691 | Five9, Inc.\* |  | 842298 |
| 14005 | Hut 8 Corp. (Canada)\* |  | 709493 |
| 19496 | Intapp, Inc.\* |  | 748257 |
| 6001 | InterDigital, Inc. |  | 2172122 |
| 81005 | MARA Holdings, Inc.\* |  | 1479961 |
| 4872 | Ooma, Inc.\* |  | 54713 |
| 5100 | Pagaya Technologies Ltd., Class A\* |  | 137139 |
| 5247 | PagerDuty, Inc.\* |  | 84267 |
| 49090 | Porch Group, Inc.\* |  | 738805 |
| 17215 | Q2 Holdings, Inc.\* |  | 1063198 |
| 3909 | Red Violet, Inc. |  | 209640 |
| 65336 | Riot Platforms, Inc.\* |  | 1292346 |
| 54104 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> |  | 953313 |
| 69117 | Terawulf, Inc.\* |  | 1071314 |
| 28083 | Varonis Systems, Inc.\* |  | 989364 |
| 154012 | Zeta Global Holdings Corp., Class A\* |  | 2770676 |
|  |  |  | 24157612 |
| Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% |
| 5609 | Abercrombie & Fitch Co., Class A\* |  | 406933 |
| 61606 | American Eagle Outfitters, Inc. |  | 1029436 |
| 15629 | Boot Barn Holdings, Inc.\* |  | 2964040 |
| 26622 | Buckle, Inc. (The) |  | 1458886 |
| 7809 | Citi Trends, Inc.\* |  | 279718 |
| 69254 | EVgo, Inc.\* |  | 284634 |
| 62448 | Haverty Furniture Cos., Inc. |  | 1361991 |
| 60424 | Revolve Group, Inc.\* |  | 1336579 |
| 20396 | Shoe Carnival, Inc. |  | 373859 |
| 16333 | Sonic Automotive, Inc., Class A |  | 1037635 |
| 118819 | Stitch Fix, Inc., Class A\* |  | 497852 |
| 3688 | Urban Outfitters, Inc.\* |  | 238282 |
| 88028 | Warby Parker, Inc., Class A\* |  | 1724469 |
| 1891 | Winmark Corp. |  | 762394 |
| 58799 | Zumiez, Inc.\* |  | 1272998 |
|  |  |  | 15029706 |
| Technology Hardware, Storage & Peripherals – 0.9% | Technology Hardware, Storage & Peripherals – 0.9% | Technology Hardware, Storage & Peripherals – 0.9% | Technology Hardware, Storage & Peripherals – 0.9% |
| 31134 | Corsair Gaming, Inc.\* |  | 253742 |
| 59873 | IonQ, Inc.\* |  | 3734878 |
| 29496 | Quantum Computing, Inc.\* |  | 492878 |
|  |  |  | 4481498 |

---

&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 SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Textiles, Apparel & Luxury Goods – 1.5% | Textiles, Apparel & Luxury Goods – 1.5% | Textiles, Apparel & Luxury Goods – 1.5% |
| 24951 | G-III Apparel Group Ltd.\* | $669934 |
| 43607 | Kontoor Brands, Inc. | 3528679 |
| 71336 | Movado Group, Inc. | 1299029 |
| 62320 | Steven Madden Ltd. | 2113271 |
|  |  | 7610913 |
| Tobacco – 0.0% | Tobacco – 0.0% | Tobacco – 0.0% |
| 2722 | Turning Point Brands, Inc. | 244708 |
| Trading Companies & Distributors – 1.0% | Trading Companies & Distributors – 1.0% | Trading Companies & Distributors – 1.0% |
| 38450 | Custom Truck One Source, Inc.\* | 226471 |
| 193366 | DNOW, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842480 |
| 478 | DXP Enterprises, Inc.\* | 57193 |
| 5526 | GATX Corp. | 866753 |
| 18877 | Xometry, Inc., Class A\* | 919121 |
|  |  | 4912018 |
| Water Utilities – 0.3% | Water Utilities – 0.3% | Water Utilities – 0.3% |
| 15504 | American States Water Co. | 1105590 |
| 9660 | Middlesex Water Co. | 555160 |
|  |  | 1660750 |
| Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% | Wireless Telecommunication Services – 0.1% |
| 36118 | Spok Holdings, Inc. | 516126 |
| TOTAL COMMON STOCKS<br>(Cost $448,633,978) | TOTAL COMMON STOCKS<br>(Cost $448,633,978) | 510572692 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.5%<sup>(b)</sup> | Investment Company – 0.5%<sup>(b)</sup> | Investment Company – 0.5%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 2766768 | 3.956% | $2766768 |
| (Cost $2,766,768) | (Cost $2,766,768) |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |  |
| (Cost $451,400,746) | (Cost $451,400,746) | 513339460 |
| Securities Lending Reinvestment Vehicle – 0.6%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 2990120 | 3.956% | 2990120 |
| (Cost $2,990,120) | (Cost $2,990,120) |  |
| TOTAL INVESTMENTS – 99.0% | TOTAL INVESTMENTS – 99.0% |  |
| **(Cost $454,390,866)** | **(Cost $454,390,866)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516329580 |
|  **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.0%** | 5238697 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $521568277 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust<br>|

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** | **Long position contracts:** | **Long position contracts:** |  |  |
|  Russell 2000 E-Mini Index | 73 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9088135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12132) |

---

&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 SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.0% | Common Stocks – 98.0% | Common Stocks – 98.0% |
| Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% |
| 827 | AeroVironment, Inc.\* | $305916 |
| 76172 | Archer Aviation, Inc., Class A\* | 854650 |
| 5102 | Byrna Technologies, Inc.\* | 103315 |
| 11356 | Kratos Defense & Security Solutions, Inc.\* | 1028854 |
| 3507 | Mercury Systems, Inc.\* | 271477 |
| 7344 | Moog, Inc., Class A | 1504418 |
|  |  | 4068630 |
| Automobile Components – 1.1% | Automobile Components – 1.1% | Automobile Components – 1.1% |
| 3577 | Adient PLC\* | 82951 |
| 3318 | LCI Industries | 343380 |
| 1543 | Modine Manufacturing Co.\* | 236403 |
| 5814 | Patrick Industries, Inc. | 606807 |
| 35681 | Solid Power, Inc.\* | 224077 |
| 9316 | XPEL, Inc.\* | 317675 |
|  |  | 1811293 |
| Banks – 1.7% | Banks – 1.7% | Banks – 1.7% |
| 1460 | Ameris Bancorp | 104565 |
| 2083 | BancFirst Corp. | 226756 |
| 6800 | Bank of Hawaii Corp. | 441524 |
| 2928 | Dime Community Bancshares, Inc. | 76860 |
| 27289 | First Financial Bankshares, Inc. | 842957 |
| 3992 | Live Oak Bancshares, Inc. | 124311 |
| 5032 | Northrim BanCorp, Inc. | 110603 |
| 11302 | ServisFirst Bancshares, Inc. | 794192 |
| 542 | Southern First Bancshares, Inc.\* | 23761 |
| 2533 | Texas Capital Bancshares, Inc.\* | 212367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957896 |
| Beverages – 0.0% | Beverages – 0.0% | Beverages – 0.0% |
| 482 | National Beverage Corp.\* | 16518 |
| Biotechnology – 9.0% | Biotechnology – 9.0% | Biotechnology – 9.0% |
| 28477 | ACADIA Pharmaceuticals, Inc.\* | 646428 |
| 7844 | Alkermes PLC\* | 240811 |
| 23747 | Allogene Therapeutics, Inc.\* | 29446 |
| 100531 | Amicus Therapeutics, Inc.\* | 907795 |
| 63879 | Annexon, Inc.\* | 201858 |
| 6219 | Apogee Therapeutics, Inc.\* | 351933 |
| 4056 | Arcellx, Inc.\* | 366054 |
| 10538 | Arcturus Therapeutics Holdings, Inc.\* | 105064 |
| 2567 | Arcus Biosciences, Inc.\* | 50621 |
| 13110 | Arcutis Biotherapeutics, Inc.\* | 331814 |
| 36344 | Ardelyx, Inc.\* | 220245 |
| 6963 | ARS Pharmaceuticals, Inc.\* | 62388 |
| 33328 | Aurinia Pharmaceuticals, Inc. (Canada)\* | 438930 |
| 9354 | Beam Therapeutics, Inc.\* | 233944 |
| 36136 | BioCryst Pharmaceuticals, Inc.\* | 264515 |
| 4598 | Biohaven Ltd.\* | 79086 |
| 11348 | Bridgebio Pharma, Inc.\* | 710839 |
| 2348 | CareDx, Inc.\* | 35220 |
| 23679 | Cogent Biosciences, Inc.\* | 385968 |
| 12156 | Cullinan Therapeutics, Inc.\* | 105271 |
| 21711 | Denali Therapeutics, Inc.\* | 353455 |
| 7758 | Dyne Therapeutics, Inc.\* | 175176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 6802 | Foghorn Therapeutics, Inc.\* | $| 29997 |
| 3411 | Greenwich Lifesciences, Inc.\*<sup>(a)</sup> |  | 31415 |
| 22552 | ImmunityBio, Inc.\* |  | 54125 |
| 4555 | Immunovant, Inc.\* |  | 112417 |
| 967 | Janux Therapeutics, Inc.\* |  | 27763 |
| 21702 | Keros Therapeutics, Inc.\* |  | 330304 |
| 2016 | Krystal Biotech, Inc.\* |  | 398180 |
| 14548 | Kymera Therapeutics, Inc.\* |  | 899648 |
| 11389 | Larimar Therapeutics, Inc.\* |  | 44303 |
| 2387 | Madrigal Pharmaceuticals, Inc.\* |  | 999914 |
| 7357 | Mirum Pharmaceuticals, Inc.\* |  | 534486 |
| 6679 | Myriad Genetics, Inc.\* |  | 53699 |
| 4014 | Novavax, Inc.\* |  | 33718 |
| 5432 | Nuvalent, Inc., Class A\* |  | 539506 |
| 250 | Praxis Precision Medicines, Inc.\* |  | 49690 |
| 3980 | Protagonist Therapeutics, Inc.\* |  | 312908 |
| 880 | PTC Therapeutics, Inc.\* |  | 60113 |
| 26186 | Recursion Pharmaceuticals, Inc.,<br>Class A\*<sup>(a)</sup> |  | 144547 |
| 4709 | Rhythm Pharmaceuticals, Inc.\* |  | 535696 |
| 16919 | Rigel Pharmaceuticals, Inc.\* |  | 534302 |
| 4445 | Scholar Rock Holding Corp.\* |  | 131661 |
| 8037 | Syndax Pharmaceuticals, Inc.\* |  | 110107 |
| 27228 | TG Therapeutics, Inc.\* |  | 946990 |
| 5436 | Travere Therapeutics, Inc.\* |  | 191130 |
| 17608 | Twist Bioscience Corp.\* |  | 579127 |
| 16999 | Vera Therapeutics, Inc.\* |  | 483792 |
| 20055 | Veracyte, Inc.\* |  | 723584 |
| 18337 | Viridian Therapeutics, Inc.\* |  | 433303 |
| 431 | Xenon Pharmaceuticals, Inc. (Canada)\* |  | 18067 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15641353 |
| Building Products – 0.7% | Building Products – 0.7% | Building Products – 0.7% | Building Products – 0.7% |
| 13407 | Griffon Corp. |  | 992252 |
| 3905 | Tecnoglass, Inc. |  | 232855 |
|  |  |  | 1225107 |
| Capital Markets – 2.6% | Capital Markets – 2.6% | Capital Markets – 2.6% | Capital Markets – 2.6% |
| 1675 | Acadian Asset Management, Inc. |  | 80567 |
| 61487 | BGC Group, Inc., Class A |  | 561991 |
| 11211 | Moelis & Co., Class A |  | 709993 |
| 3504 | Piper Sandler Cos. |  | 1118687 |
| 18800 | Victory Capital Holdings, Inc., Class A |  | 1170676 |
| 73634 | WisdomTree, Inc. |  | 880663 |
|  |  |  | 4522577 |
| Chemicals – 0.9% | Chemicals – 0.9% | Chemicals – 0.9% | Chemicals – 0.9% |
| 4399 | Balchem Corp. |  | 674763 |
| 5122 | Cabot Corp. |  | 345632 |
| 20751 | Chemours Co. (The) |  | 277856 |
| 18511 | PureCycle Technologies, Inc.\*<sup>(a)</sup> |  | 214357 |
|  |  |  | 1512608 |
| Commercial Services & Supplies – 0.7% | Commercial Services & Supplies – 0.7% | Commercial Services & Supplies – 0.7% | Commercial Services & Supplies – 0.7% |
| 19749 | ACV Auctions, Inc., Class A\* |  | 179123 |
| 7370 | Healthcare Services Group, Inc.\* |  | 131702 |
| 749 | HNI Corp. |  | 30649 |
| 5439 | Liquidity Services, Inc.\* |  | 130210 |

---

&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 SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| 24518 | Montrose Environmental Group, Inc.\* | $| 634526 |
|  |  |  | 1106210 |
| Communications Equipment – 1.1% | Communications Equipment – 1.1% | Communications Equipment – 1.1% | Communications Equipment – 1.1% |
| 9162 | Applied Optoelectronics, Inc.\* |  | 325801 |
| 8400 | Calix, Inc.\* |  | 574728 |
| 31975 | CommScope Holding Co., Inc.\* |  | 553167 |
| 5880 | Extreme Networks, Inc.\* |  | 111838 |
| 20172 | Viavi Solutions, Inc.\* |  | 357044 |
|  |  |  | 1922578 |
| Construction & Engineering – 4.5% | Construction & Engineering – 4.5% | Construction & Engineering – 4.5% | Construction & Engineering – 4.5% |
| 3706 | Argan, Inc. |  | 1134814 |
| 27630 | Centuri Holdings, Inc.\* |  | 557850 |
| 4393 | Construction Partners, Inc., Class A\* |  | 502340 |
| 3651 | Dycom Industries, Inc.\* |  | 1050721 |
| 8104 | Granite Construction, Inc. |  | 833983 |
| 210 | IES Holdings, Inc.\* |  | 82295 |
| 1380 | Limbach Holdings, Inc.\* |  | 130382 |
| 5434 | MYR Group, Inc.\* |  | 1182982 |
| 13023 | Primoris Services Corp. |  | 1843015 |
| 1117 | Sterling Infrastructure, Inc.\* |  | 422114 |
| 1022 | Tutor Perini Corp.\* |  | 68842 |
|  |  |  | 7809338 |
| Construction Materials – 0.7% | Construction Materials – 0.7% | Construction Materials – 0.7% | Construction Materials – 0.7% |
| 4449 | Knife River Corp.\* |  | 268987 |
| 8674 | United States Lime & Minerals, Inc. |  | 1016766 |
|  |  |  | 1285753 |
| Consumer Finance – 1.6% | Consumer Finance – 1.6% | Consumer Finance – 1.6% | Consumer Finance – 1.6% |
| 2441 | Dave, Inc.\* |  | 584180 |
| 1165 | Encore Capital Group, Inc.\* |  | 48441 |
| 8764 | Enova International, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047911 |
| 357 | FirstCash Holdings, Inc. |  | 56584 |
| 1789 | LendingTree, Inc.\* |  | 114496 |
| 29442 | OppFi, Inc. |  | 287060 |
| 1080 | Regional Management Corp. |  | 42498 |
| 12216 | Upstart Holdings, Inc.\* |  | 580504 |
|  |  |  | 2761674 |
| Consumer Staples Distribution & Retail – 0.7% | Consumer Staples Distribution & Retail – 0.7% | Consumer Staples Distribution & Retail – 0.7% | Consumer Staples Distribution & Retail – 0.7% |
| 19152 | Chefs' Warehouse, Inc. (The)\* |  | 1129968 |
| Diversified Consumer Services – 2.8% | Diversified Consumer Services – 2.8% | Diversified Consumer Services – 2.8% | Diversified Consumer Services – 2.8% |
| 7224 | Adtalem Global Education, Inc.\* |  | 708096 |
| 10730 | American Public Education, Inc.\* |  | 359348 |
| 54568 | Coursera, Inc.\* |  | 459462 |
| 126414 | European Wax Center, Inc., Class A\* |  | 493015 |
| 12867 | Frontdoor, Inc.\* |  | 854755 |
| 25328 | Laureate Education, Inc.\* |  | 735272 |
| 11379 | McGraw Hill, Inc.\* |  | 126990 |
| 5184 | OneSpaWorld Holdings Ltd. (Bahamas) |  | 120632 |
| 4193 | Stride, Inc.\* |  | 285292 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) |
| 26398 | Universal Technical Institute, Inc.\* | $| 784548 |
|  |  |  | 4927410 |
| Diversified Telecommunication Services – 0.5% | Diversified Telecommunication Services – 0.5% | Diversified Telecommunication Services – 0.5% | Diversified Telecommunication Services – 0.5% |
| 10167 | Anterix, Inc.\* |  | 205577 |
| 8841 | Bandwidth, Inc., Class A\* |  | 142782 |
| 3130 | Globalstar, Inc.\* |  | 170303 |
| 32524 | Lumen Technologies, Inc.\* |  | 334347 |
|  |  |  | 853009 |
| Electric Utilities – 0.1% | Electric Utilities – 0.1% | Electric Utilities – 0.1% | Electric Utilities – 0.1% |
| 1299 | Oklo, Inc.\* |  | 172468 |
| Electrical Equipment – 4.8% | Electrical Equipment – 4.8% | Electrical Equipment – 4.8% | Electrical Equipment – 4.8% |
| 15753 | American Superconductor Corp.\* |  | 933050 |
| 22778 | Amprius Technologies, Inc.\* |  | 320942 |
| 26611 | Bloom Energy Corp., Class A\* |  | 3516910 |
| 12115 | Enovix Corp.\*<sup>(a)</sup> |  | 145259 |
| 23881 | Eos Energy Enterprises, Inc.\*<sup>(a)</sup> |  | 382812 |
| 2359 | Fluence Energy, Inc.\* |  | 49539 |
| 1147 | NANO Nuclear Energy, Inc.\*<sup>(a)</sup> |  | 54528 |
| 15661 | NEXTracker, Inc., Class A\* |  | 1585206 |
| 15388 | NuScale Power Corp.\* |  | 690460 |
| 82 | Powell Industries, Inc. |  | 31438 |
| 7471 | Vicor Corp.\* |  | 677844 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8387988 |
| Electronic Equipment, Instruments & Components – 4.1% | Electronic Equipment, Instruments & Components – 4.1% | Electronic Equipment, Instruments & Components – 4.1% | Electronic Equipment, Instruments & Components – 4.1% |
| 6500 | 908 Devices, Inc.\* |  | 51870 |
| 4572 | Advanced Energy Industries, Inc. |  | 926882 |
| 7924 | Evolv Technologies Holdings, Inc.\* |  | 61332 |
| 4233 | Fabrinet (Thailand)\* |  | 1864933 |
| 29902 | Knowles Corp.\* |  | 705986 |
| 8412 | Novanta, Inc.\* |  | 1068408 |
| 1072 | OSI Systems, Inc.\* |  | 298509 |
| 6668 | Ouster, Inc.\* |  | 222444 |
| 2631 | Plexus Corp.\* |  | 368077 |
| 1165 | Red Cat Holdings, Inc.\*<sup>(a)</sup> |  | 13106 |
| 5642 | Sanmina Corp.\* |  | 773236 |
| 8374 | TTM Technologies, Inc.\* |  | 562733 |
| 11048 | Vishay Intertechnology, Inc. |  | 187595 |
|  |  |  | 7105111 |
| Energy Equipment & Services – 1.2% | Energy Equipment & Services – 1.2% | Energy Equipment & Services – 1.2% | Energy Equipment & Services – 1.2% |
| 16187 | Archrock, Inc. |  | 409045 |
| 5090 | Borr Drilling Ltd. (Mexico)\* |  | 15779 |
| 1495 | Core Laboratories, Inc. |  | 23830 |
| 46354 | Oceaneering International, Inc.\* |  | 1079585 |
| 9576 | Seadrill Ltd. (Norway)\* |  | 302219 |
| 4930 | Tidewater, Inc.\* |  | 249409 |
|  |  |  | 2079867 |
| Entertainment – 0.8% | Entertainment – 0.8% | Entertainment – 0.8% | Entertainment – 0.8% |
| 13083 | AMC Entertainment Holdings, Inc., Class A\* |  | 33885 |
| 16159 | Cinemark Holdings, Inc. |  | 436455 |
| 14186 | CuriosityStream, Inc. |  | 61567 |
| 5872 | IMAX Corp.\* |  | 190781 |

---

&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 SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| 15715 | Madison Square Garden |  |  |
|  | Entertainment Corp.\* | $| 693974 |
| 13929 | Playtika Holding Corp. |  | 51120 |
|  |  |  | 1467782 |
| Financial Services – 1.3% | Financial Services – 1.3% | Financial Services – 1.3% | Financial Services – 1.3% |
| 1711 | Banco Latinoamericano de |  |  |
|  | Comercio Exterior SA, Class E (Panama) |  | 73590 |
| 11936 | Burford Capital Ltd. |  | 118763 |
| 10835 | Flywire Corp.\* |  | 144322 |
| 2857 | Marqeta, Inc., Class A\* |  | 12942 |
| 29938 | NCR Atleos Corp.\* |  | 1104712 |
| 3008 | Pagseguro Digital Ltd., Class A (Brazil) |  | 28847 |
| 64391 | Payoneer Global, Inc.\* |  | 372824 |
| 23588 | Paysign, Inc.\* |  | 121832 |
| 21330 | Remitly Global, Inc.\* |  | 342133 |
| 1579 | Sezzle, Inc.\* |  | 103504 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423469 |
| Food Products – 0.9% | Food Products – 0.9% | Food Products – 0.9% | Food Products – 0.9% |
| 101840 | BRC, Inc., Class A\*<sup>(a)</sup> |  | 129337 |
| 12528 | Cal-Maine Foods, Inc. |  | 1099959 |
| 68015 | SunOpta, Inc. (Canada)\* |  | 355038 |
|  |  |  | 1584334 |
| Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% | Ground Transportation – 0.3% |
| 81542 | FTAI Infrastructure, Inc. |  | 435434 |
| Health Care Equipment & Supplies – 5.4% | Health Care Equipment & Supplies – 5.4% | Health Care Equipment & Supplies – 5.4% | Health Care Equipment & Supplies – 5.4% |
| 92774 | Accuray, Inc.\* |  | 130811 |
| 28409 | AtriCure, Inc.\* |  | 981531 |
| 192109 | Cerus Corp.\* |  | 282400 |
| 2598 | CVRx, Inc.\* |  | 26474 |
| 31610 | Delcath Systems, Inc.\* |  | 310726 |
| 12635 | Glaukos Corp.\* |  | 1112764 |
| 13917 | Haemonetics Corp.\* |  | 695989 |
| 2711 | Inogen, Inc.\* |  | 22339 |
| 10390 | Integer Holdings Corp.\* |  | 670882 |
| 10137 | iRadimed Corp. |  | 778623 |
| 4965 | iRhythm Technologies, Inc.\* |  | 929945 |
| 4446 | Lantheus Holdings, Inc.\* |  | 256490 |
| 5470 | LeMaitre Vascular, Inc. |  | 473757 |
| 3828 | Novocure Ltd.\* |  | 49037 |
| 16609 | PROCEPT BioRobotics Corp.\* |  | 565204 |
| 331 | Pro-Dex, Inc.\* |  | 11995 |
| 8849 | Pulmonx Corp.\* |  | 17698 |
| 1655 | QuidelOrtho Corp.\* |  | 44668 |
| 27980 | RxSight, Inc.\* |  | 245944 |
| 26618 | SI-BONE, Inc.\* |  | 394745 |
| 9694 | TransMedics Group, Inc.\* |  | 1275149 |
| 332 | UFP Technologies, Inc.\* |  | 63957 |
|  |  |  | 9341128 |
| Health Care Providers & Services – 5.1% | Health Care Providers & Services – 5.1% | Health Care Providers & Services – 5.1% | Health Care Providers & Services – 5.1% |
| 67301 | agilon health, Inc.\* |  | 53605 |
| 23230 | Clover Health Investments Corp.\* |  | 82002 |
| 14403 | Community Health Systems, Inc.\* |  | 55884 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| 7458 | CorVel Corp.\* | $| 551519 |
| 462 | Ensign Group, Inc. (The) |  | 83206 |
| 4080 | GeneDx Holdings Corp.\* |  | 558593 |
| 18781 | Guardant Health, Inc.\* |  | 1747009 |
| 14162 | HealthEquity, Inc.\* |  | 1339442 |
| 30510 | Hims & Hers Health, Inc.\* |  | 1386984 |
| 17584 | Joint Corp. (The)\* |  | 138738 |
| 75516 | LifeStance Health Group, Inc.\* |  | 370028 |
| 10866 | Option Care Health, Inc.\* |  | 282842 |
| 25463 | Pennant Group, Inc. (The)\* |  | 629700 |
| 35892 | Privia Health Group, Inc.\* |  | 872175 |
| 3656 | Progyny, Inc.\* |  | 68404 |
| 43252 | Talkspace, Inc.\* |  | 139704 |
| 71145 | Viemed Healthcare, Inc.\* |  | 459597 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8819432 |
| Health Care Technology – 0.4% | Health Care Technology – 0.4% | Health Care Technology – 0.4% | Health Care Technology – 0.4% |
| 5389 | LifeMD, Inc.\* |  | 31849 |
| 18423 | Phreesia, Inc.\* |  | 417097 |
| 8353 | Schrodinger, Inc.\* |  | 175747 |
|  |  |  | 624693 |
| Hotel & Resort REITs – 0.0% | Hotel & Resort REITs – 0.0% | Hotel & Resort REITs – 0.0% | Hotel & Resort REITs – 0.0% |
| 6432 | Braemar Hotels & Resorts, Inc. REIT |  | 16402 |
| 1509 | RLJ Lodging Trust REIT |  | 10261 |
| 2502 | Xenia Hotels & Resorts, Inc. REIT |  | 30775 |
|  |  |  | 57438 |
| Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% |
| 10977 | First Watch Restaurant Group, Inc.\* |  | 181011 |
| 25991 | Hilton Grand Vacations, Inc.\* |  | 1077327 |
| 26120 | Lindblad Expeditions Holdings, Inc.\* |  | 315007 |
| 3814 | Monarch Casino & Resort, Inc. |  | 343527 |
| 1889 | RCI Hospitality Holdings, Inc. |  | 47055 |
| 16134 | Red Rock Resorts, Inc., Class A |  | 860104 |
| 3844 | Shake Shack, Inc., Class A\* |  | 370984 |
| 29004 | Super Group SGHC Ltd. (Guernsey) |  | 313243 |
|  |  |  | 3508258 |
| Household Durables – 0.7% | Household Durables – 0.7% | Household Durables – 0.7% | Household Durables – 0.7% |
| 5834 | Century Communities, Inc. |  | 346540 |
| 10080 | Champion Homes, Inc.\* |  | 687758 |
| 1359 | Ethan Allen Interiors, Inc. |  | 32847 |
| 7923 | Sonos, Inc.\* |  | 136038 |
|  |  |  | 1203183 |
| Household Products – 0.6% | Household Products – 0.6% | Household Products – 0.6% | Household Products – 0.6% |
| 42355 | Energizer Holdings, Inc. |  | 983907 |
| Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% |
| 15006 | AMERISAFE, Inc. |  | 601441 |
| 5323 | Bowhead Specialty Holdings, Inc.\* |  | 127539 |
| 6975 | Crawford & Co., Class A |  | 75539 |
| 3078 | HCI Group, Inc. |  | 627943 |
| 2106 | Lemonade, Inc.\* |  | 126528 |

---

&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 SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 39246 | Oscar Health, Inc., Class A\* | $| 706428 |
| 762 | Root, Inc., Class A\* |  | 61356 |
| 5346 | Selective Insurance Group, Inc. |  | 402768 |
| 2651 | Stewart Information Services Corp. |  | 180984 |
|  |  |  | 2910526 |
| Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% | Interactive Media & Services – 0.5% |
| 4304 | EverQuote, Inc., Class A\* |  | 92708 |
| 14553 | fuboTV, Inc., Class A\* |  | 55010 |
| 912 | MediaAlpha, Inc., Class A\* |  | 11628 |
| 46246 | QuinStreet, Inc.\* |  | 683979 |
|  |  |  | 843325 |
| IT Services – 0.8% | IT Services – 0.8% | IT Services – 0.8% | IT Services – 0.8% |
| 15142 | Applied Digital Corp.\* |  | 524822 |
| 12220 | Backblaze, Inc., Class A\* |  | 125988 |
| 3397 | Crexendo, Inc.\* |  | 21979 |
| 12882 | DigitalOcean Holdings, Inc.\* |  | 523782 |
| 8591 | TSS, Inc.\*<sup>(a)</sup> |  | 174054 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370625 |
| Leisure Products – 0.6% | Leisure Products – 0.6% | Leisure Products – 0.6% | Leisure Products – 0.6% |
| 19800 | MasterCraft Boat Holdings, Inc.\* |  | 397188 |
| 82526 | Peloton Interactive, Inc., Class A\* |  | 599139 |
|  |  |  | 996327 |
| Life Sciences Tools & Services – 0.8% | Life Sciences Tools & Services – 0.8% | Life Sciences Tools & Services – 0.8% | Life Sciences Tools & Services – 0.8% |
| 24559 | 10X Genomics, Inc., Class A\* |  | 334985 |
| 47110 | Adaptive Biotechnologies Corp.\* |  | 817830 |
| 4146 | Codexis, Inc.\* |  | 9826 |
| 6779 | Cytek Biosciences, Inc.\* |  | 26438 |
| 20725 | Niagen Bioscience, Inc.\* |  | 156266 |
|  |  |  | 1345345 |
| Machinery – 4.5% | Machinery – 4.5% | Machinery – 4.5% | Machinery – 4.5% |
| 16215 | Atmus Filtration Technologies, Inc. |  | 737458 |
| 1498 | Blue Bird Corp.\* |  | 74840 |
| 4786 | Chart Industries, Inc.\* |  | 955381 |
| 6335 | Enerpac Tool Group Corp. |  | 259988 |
| 6927 | ESCO Technologies, Inc. |  | 1520269 |
| 10388 | Federal Signal Corp. |  | 1226096 |
| 5902 | Gorman-Rupp Co. (The) |  | 265413 |
| 3306 | Kadant, Inc. |  | 914638 |
| 20395 | Microvast Holdings, Inc.\*<sup>(a)</sup> |  | 111153 |
| 10741 | Miller Industries, Inc. |  | 431144 |
| 5647 | Omega Flex, Inc. |  | 156139 |
| 17117 | REV Group, Inc. |  | 877589 |
| 867 | SPX Technologies, Inc.\* |  | 194113 |
| 493 | Standex International Corp. |  | 114982 |
|  |  |  | 7839203 |
| Marine Transportation – 0.3% | Marine Transportation – 0.3% | Marine Transportation – 0.3% | Marine Transportation – 0.3% |
| 92712 | Safe Bulkers, Inc. (Monaco) |  | 434819 |
| Media – 0.2% | Media – 0.2% | Media – 0.2% | Media – 0.2% |
| 402 | Cable One, Inc. |  | 59717 |
| 20283 | Entravision Communications Corp., Class A |  | 41986 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| 3775 | John Wiley & Sons, Inc., Class A | $| 139184 |
| 10962 | Thryv Holdings, Inc.\* |  | 84517 |
|  |  |  | 325404 |
| Metals & Mining – 1.8% | Metals & Mining – 1.8% | Metals & Mining – 1.8% | Metals & Mining – 1.8% |
| 30784 | Coeur Mining, Inc.\* |  | 528561 |
| 11388 | Dakota Gold Corp.\* |  | 46463 |
| 74952 | Hecla Mining Co. |  | 964632 |
| 2297 | Ivanhoe Electric, Inc.\* |  | 33973 |
| 129235 | Novagold Resources, Inc. (Canada)\* |  | 1071358 |
| 4550 | Perpetua Resources Corp.\* |  | 109337 |
| 23521 | U.S. Gold Corp.\*<sup>(a)</sup> |  | 360342 |
|  |  |  | 3114666 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% | Mortgage Real Estate Investment Trusts (REITs) – 0.0% |
| 3118 | Nexpoint Real Estate Finance, Inc. REIT |  | 40659 |
| Oil, Gas & Consumable Fuels – 0.8% | Oil, Gas & Consumable Fuels – 0.8% | Oil, Gas & Consumable Fuels – 0.8% | Oil, Gas & Consumable Fuels – 0.8% |
| 414 | Centrus Energy Corp., Class A\* |  | 152128 |
| 1964 | Energy Fuels, Inc.\* |  | 40282 |
| 8316 | Nordic American Tankers Ltd. |  | 30603 |
| 2207 | Peabody Energy Corp. |  | 60516 |
| 13322 | Sable Offshore Corp.\* |  | 139348 |
| 62232 | Uranium Energy Corp.\* |  | 941570 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364447 |
| Passenger Airlines – 1.1% | Passenger Airlines – 1.1% | Passenger Airlines – 1.1% | Passenger Airlines – 1.1% |
| 418 | Allegiant Travel Co.\* |  | 25991 |
| 71104 | JetBlue Airways Corp.\* |  | 298637 |
| 51391 | Joby Aviation, Inc.\* |  | 891120 |
| 6661 | SkyWest, Inc.\* |  | 669297 |
| 3484 | Sun Country Airlines Holdings, Inc.\* |  | 42783 |
|  |  |  | 1927828 |
| Personal Care Products – 0.3% | Personal Care Products – 0.3% | Personal Care Products – 0.3% | Personal Care Products – 0.3% |
| 32127 | Herbalife Ltd.\* |  | 257016 |
| 2048 | Interparfums, Inc. |  | 182579 |
|  |  |  | 439595 |
| Pharmaceuticals – 2.3% | Pharmaceuticals – 2.3% | Pharmaceuticals – 2.3% | Pharmaceuticals – 2.3% |
| 79286 | Amneal Pharmaceuticals, Inc.\* |  | 857875 |
| 5154 | Axsome Therapeutics, Inc.\* |  | 695738 |
| 18479 | Collegium Pharmaceutical, Inc.\* |  | 665244 |
| 14997 | Crinetics Pharmaceuticals, Inc.\* |  | 652369 |
| 12374 | Edgewise Therapeutics, Inc.\* |  | 226197 |
| 4933 | Eton Pharmaceuticals, Inc.\* |  | 88843 |
| 18554 | Harmony Biosciences Holdings, Inc.\* |  | 530088 |
| 34061 | SIGA Technologies, Inc. |  | 282025 |
|  |  |  | 3998379 |
| Professional Services – 2.5% | Professional Services – 2.5% | Professional Services – 2.5% | Professional Services – 2.5% |
| 137610 | Alight, Inc., Class A |  | 396317 |
| 5454 | Innodata, Inc.\* |  | 406923 |
| 91148 | Legalzoom.com, Inc.\* |  | 908746 |
| 39943 | Planet Labs PBC\* |  | 537233 |
| 52689 | Upwork, Inc.\* |  | 839863 |
| 54356 | Verra Mobility Corp.\* |  | 1261603 |

---

&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 SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Professional Services – (continued) | Professional Services – (continued) | Professional Services – (continued) | Professional Services – (continued) |
| 752 | Willdan Group, Inc.\* | $| 71071 |
|  |  |  | 4421756 |
| Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% |
| 91852 | Compass, Inc., Class A\* |  | 708179 |
| 15233 | Real Brokerage, Inc. (The) (Canada)\* |  | 56667 |
|  |  |  | 764846 |
| Residential REITs – 0.8% | Residential REITs – 0.8% | Residential REITs – 0.8% | Residential REITs – 0.8% |
| 10051 | NexPoint Residential Trust, Inc. REIT |  | 308264 |
| 69549 | UMH Properties, Inc. REIT |  | 1011242 |
|  |  |  | 1319506 |
| Retail REITs – 0.7% | Retail REITs – 0.7% | Retail REITs – 0.7% | Retail REITs – 0.7% |
| 29129 | CBL & Associates Properties, Inc. REIT |  | 861345 |
| 8990 | Tanger, Inc. REIT |  | 292714 |
|  |  |  | 1154059 |
| Semiconductors & Semiconductor Equipment – 6.0% | Semiconductors & Semiconductor Equipment – 6.0% | Semiconductors & Semiconductor Equipment – 6.0% | Semiconductors & Semiconductor Equipment – 6.0% |
| 12961 | Ambarella, Inc.\* |  | 1104666 |
| 17408 | Credo Technology Group Holding Ltd.\* |  | 3266089 |
| 2230 | FormFactor, Inc.\* |  | 122538 |
| 420 | Impinj, Inc.\* |  | 84907 |
| 1519 | Kulicke & Soffa Industries, Inc. (Singapore) |  | 60654 |
| 23468 | MaxLinear, Inc.\* |  | 355540 |
| 3390 | Power Integrations, Inc. |  | 142007 |
| 4684 | Rambus, Inc.\* |  | 481703 |
| 35563 | Rigetti Computing, Inc.\* |  | 1574374 |
| 14986 | Semtech Corp.\* |  | 1016950 |
| 10326 | Silicon Laboratories, Inc.\* |  | 1353532 |
| 2670 | SiTime Corp.\* |  | 773339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336299 |
| Software – 7.3% | Software – 7.3% | Software – 7.3% | Software – 7.3% |
| 21642 | 8x8, Inc.\* |  | 39821 |
| 9285 | Adeia, Inc. |  | 158216 |
| 6133 | Alarm.com Holdings, Inc.\* |  | 301866 |
| 4774 | Alkami Technology, Inc.\* |  | 96864 |
| 1821 | Amplitude, Inc., Class A\* |  | 18301 |
| 5064 | Arteris, Inc.\* |  | 68921 |
| 20393 | AvePoint, Inc.\* |  | 286930 |
| 27984 | C3.ai, Inc., Class A\* |  | 491959 |
| 3396 | Cerence, Inc.\* |  | 36439 |
| 8967 | Clear Secure, Inc., Class A |  | 273224 |
| 8346 | Commvault Systems, Inc.\* |  | 1161930 |
| 19178 | Core Scientific, Inc.\* |  | 413094 |
| 36216 | D-Wave Quantum, Inc. (Canada)\* |  | 1342165 |
| 34703 | Five9, Inc.\* |  | 842589 |
| 6087 | Freshworks, Inc., Class A\* |  | 67566 |
| 10897 | Intapp, Inc.\* |  | 418227 |
| 4525 | InterDigital, Inc. |  | 1637869 |
| 5874 | Pagaya Technologies Ltd., Class A\* |  | 157952 |
| 26259 | PagerDuty, Inc.\* |  | 421720 |
| 19741 | Porch Group, Inc.\* |  | 297102 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| 9342 | Q2 Holdings, Inc.\* | $| 576962 |
| 6975 | Red Violet, Inc. |  | 374069 |
| 17874 | Rezolve AI PLC\*<sup>(a)</sup> |  | 76679 |
| 37329 | SoundHound AI, Inc., Class A\*<sup>(a)</sup> |  | 657737 |
| 3668 | SoundThinking, Inc.\* |  | 34296 |
| 3192 | Sprout Social, Inc., Class A\* |  | 32782 |
| 36774 | Terawulf, Inc.\* |  | 569997 |
| 15308 | Varonis Systems, Inc.\* |  | 539301 |
| 63615 | Zeta Global Holdings Corp., Class A\* |  | 1144434 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12539012 |
| Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% |
| 9935 | Abercrombie & Fitch Co., Class A\* |  | 720784 |
| 7886 | Boot Barn Holdings, Inc.\* |  | 1495580 |
| 15826 | Buckle, Inc. (The) |  | 867265 |
| 1860 | Camping World Holdings, Inc., Class A |  | 24478 |
| 18534 | Envela Corp.\* |  | 168474 |
| 31176 | Revolve Group, Inc.\* |  | 689613 |
| 1360 | Sonic Automotive, Inc., Class A |  | 86401 |
| 11308 | ThredUp, Inc., Class A\* |  | 99397 |
| 38614 | Warby Parker, Inc., Class A\* |  | 756448 |
|  |  |  | 4908440 |
| Technology Hardware, Storage & Peripherals – 1.4% | Technology Hardware, Storage & Peripherals – 1.4% | Technology Hardware, Storage & Peripherals – 1.4% | Technology Hardware, Storage & Peripherals – 1.4% |
| 33377 | IonQ, Inc.\* |  | 2082057 |
| 21325 | Quantum Computing, Inc.\* |  | 356341 |
|  |  |  | 2438398 |
| Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% | Textiles, Apparel & Luxury Goods – 1.1% |
| 18077 | Kontoor Brands, Inc. |  | 1462791 |
| 23121 | Movado Group, Inc. |  | 421033 |
|  |  |  | 1883824 |
| Tobacco – 0.1% | Tobacco – 0.1% | Tobacco – 0.1% | Tobacco – 0.1% |
| 2844 | Turning Point Brands, Inc. |  | 255676 |
| Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% |
| 11101 | DNOW, Inc.\* |  | 163185 |
| 1059 | DXP Enterprises, Inc.\* |  | 126709 |
| 9350 | Xometry, Inc., Class A\* |  | 455251 |
|  |  |  | 745145 |
| Water Utilities – 0.1% | Water Utilities – 0.1% | Water Utilities – 0.1% | Water Utilities – 0.1% |
| 2106 | American States Water Co. |  | 150179 |
| 7443 | Global Water Resources, Inc. |  | 73834 |
|  |  |  | 224013 |
| TOTAL COMMON STOCKS<br>(Cost $140,432,084) | TOTAL COMMON STOCKS<br>(Cost $140,432,084) |  | 169688536 |

---

&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 SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.5%<sup>(b)</sup> | Investment Company – 0.5%<sup>(b)</sup> | Investment Company – 0.5%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873895 | 3.956% | $873895 |
| (Cost $873,895) | (Cost $873,895) | (Cost $873,895) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |  |
|  **(Cost $141,305,979)** | **(Cost $141,305,979)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170562431 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 1.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758974 | 3.956% | $1758974 |
| (Cost $1,758,974) | (Cost $1,758,974) | (Cost $1,758,974) |
| TOTAL INVESTMENTS – 99.5% | TOTAL INVESTMENTS – 99.5% | TOTAL INVESTMENTS – 99.5% |
|  **(Cost $143,064,953)** | **(Cost $143,064,953)** | $172321405 |
|  **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 0.5%** | 948019 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173269424 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
|  \* Non-income producing security. | \* Non-income producing security. |
| (a) All or a portion of security is on loan. | (a) All or a portion of security is on loan. |
| (b) Represents an affiliated issuer. | (b) Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust<br>|

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS —** At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** | **Long position contracts:** | **Long position contracts:** |  |  |
|  Russell 2000 E-Mini Index | 21 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6761) |

---

&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 SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 98.1% | Common Stocks – 98.1% | Common Stocks – 98.1% |
| Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% | Aerospace & Defense – 1.0% |
| 50731 | Mercury Systems, Inc.\* | $3927087 |
| 20747 | Moog, Inc., Class A | 4250023 |
|  |  | 8177110 |
| Automobile Components – 2.1% | Automobile Components – 2.1% | Automobile Components – 2.1% |
| 197191 | Adient PLC\* | 4572859 |
| 481309 | American Axle & Manufacturing Holdings, Inc.\* | 2984116 |
| 5819 | Cooper-Standard Holdings, Inc.\* | 175850 |
| 4216 | Fox Factory Holding Corp.\* | 93216 |
| 46372 | Gentherm, Inc.\* | 1706490 |
| 43319 | LCI Industries | 4483083 |
| 9644 | Phinia, Inc. | 500620 |
| 562196 | Solid Power, Inc.\* | 3530591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18046825 |
| Banks – 15.4% | Banks – 15.4% | Banks – 15.4% |
| 28779 | 1st Source Corp. | 1710624 |
| 11352 | Amalgamated Financial Corp. | 309456 |
| 76341 | Ameris Bancorp | 5467542 |
| 197429 | Associated Banc-Corp. | 4890316 |
| 37785 | Atlantic Union Bankshares Corp. | 1228768 |
| 4452 | Axos Financial, Inc.\* | 347167 |
| 19132 | Bank of Hawaii Corp. | 1242241 |
| 19135 | BankUnited, Inc. | 766931 |
| 65001 | BayCom Corp. | 1771927 |
| 22881 | Business First Bancshares, Inc. | 561042 |
| 68446 | Cadence Bank | 2583152 |
| 483130 | Capitol Federal Financial, Inc. | 2918105 |
| 62122 | Cathay General Bancorp | 2823445 |
| 37928 | Central Pacific Financial Corp. | 1081327 |
| 52941 | Community Trust Bancorp, Inc. | 2710315 |
| 3627 | CVB Financial Corp. | 66628 |
| 104284 | Dime Community Bancshares, Inc. | 2737455 |
| 26420 | FB Financial Corp. | 1426944 |
| 30874 | Financial Institutions, Inc. | 877748 |
| 17171 | First Commonwealth Financial Corp. | 262545 |
| 3174 | First Community Bankshares, Inc. | 102647 |
| 163513 | First Financial Bancorp | 3827839 |
| 63535 | First Merchants Corp. | 2254222 |
| 60294 | Flushing Financial Corp. | 824219 |
| 121241 | Glacier Bancorp, Inc. | 4952695 |
| 23000 | Great Southern Bancorp, Inc. | 1281100 |
| 91538 | Hancock Whitney Corp. | 5227735 |
| 114946 | Hanmi Financial Corp. | 3034574 |
| 23797 | Heritage Commerce Corp. | 247489 |
| 112700 | Home BancShares, Inc. | 3010217 |
| 34702 | HomeTrust Bancshares, Inc. | 1364136 |
| 18289 | Hope Bancorp, Inc. | 191852 |
| 70401 | Independent Bank Corp. | 2127518 |
| 65107 | International Bancshares Corp. | 4321803 |
| 236902 | Kearny Financial Corp. | 1513804 |
| 34902 | Live Oak Bancshares, Inc. | 1086848 |
| 65956 | National Bank Holdings Corp., Class A | 2351991 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 29892 | Northeast Community Bancorp, Inc. | $| 587079 |
| 20992 | Northrim BanCorp, Inc. |  | 461404 |
| 6788 | OFG Bancorp (Puerto Rico) |  | 262424 |
| 69811 | Old National Bancorp |  | 1426239 |
| 64623 | Origin Bancorp, Inc. |  | 2239833 |
| 15195 | Park National Corp. |  | 2312527 |
| 28802 | PCB Bancorp |  | 606858 |
| 12252 | Peapack-Gladstone Financial Corp. |  | 309976 |
| 19641 | Peoples Bancorp, Inc. |  | 561733 |
| 170741 | Provident Financial Services, Inc. |  | 3122853 |
| 12643 | Republic Bancorp, Inc., Class A |  | 833174 |
| 10019 | S&T Bancorp, Inc. |  | 367096 |
| 134154 | Seacoast Banking Corp. of Florida |  | 4064866 |
| 9283 | ServisFirst Bancshares, Inc. |  | 652316 |
| 56544 | Sierra Bancorp |  | 1627336 |
| 2077 | SmartFinancial, Inc. |  | 72633 |
| 9849 | Southern First Bancshares, Inc.\* |  | 431780 |
| 106200 | Southside Bancshares, Inc. |  | 2986344 |
| 55929 | Texas Capital Bancshares, Inc.\* |  | 4689087 |
| 8608 | Timberland Bancorp, Inc. |  | 276489 |
| 21803 | Tompkins Financial Corp. |  | 1383618 |
| 39867 | TriCo Bancshares |  | 1763317 |
| 75266 | TrustCo Bank Corp. |  | 2838281 |
| 98504 | Trustmark Corp. |  | 3666319 |
| 31784 | UMB Financial Corp. |  | 3397074 |
| 136924 | United Bankshares, Inc. |  | 4900510 |
| 114690 | United Community Banks, Inc. |  | 3348948 |
| 18066 | Univest Financial Corp. |  | 530418 |
| 72441 | Washington Trust Bancorp, Inc. |  | 1973293 |
| 137856 | WesBanco, Inc. |  | 4149466 |
| 11342 | Westamerica BanCorp |  | 540446 |
| 10136 | WSFS Financial Corp. |  | 527984 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130416088 |
| Biotechnology – 4.8% | Biotechnology – 4.8% | Biotechnology – 4.8% | Biotechnology – 4.8% |
| 42080 | Akebia Therapeutics, Inc.\* |  | 92997 |
| 322453 | Allogene Therapeutics, Inc.\* |  | 399842 |
| 358543 | Annexon, Inc.\* |  | 1132996 |
| 68614 | Arcturus Therapeutics Holdings, Inc.\* |  | 684082 |
| 9965 | Aurinia Pharmaceuticals, Inc. (Canada)\* |  | 131239 |
| 41629 | BioCryst Pharmaceuticals, Inc.\* |  | 304724 |
| 85069 | Cargo Therapeutics, Inc.<sup>(a)</sup> |  |  |
| 49006 | Celldex Therapeutics, Inc.\* |  | 1309930 |
| 7613 | Cidara Therapeutics, Inc.\* |  | 831644 |
| 46046 | CRISPR Therapeutics AG<br>(Switzerland)\*<sup>(b)</sup> |  | 2946484 |
| 139517 | Cullinan Therapeutics, Inc.\* |  | 1208217 |
| 14437 | Cytokinetics, Inc.\* |  | 918049 |
| 280049 | Denali Therapeutics, Inc.\* |  | 4559198 |
| 53796 | Design Therapeutics, Inc.\* |  | 360433 |
| 114333 | Dyne Therapeutics, Inc.\* |  | 2581639 |
| 48234 | Editas Medicine, Inc.\* |  | 148561 |
| 32585 | Emergent BioSolutions, Inc.\* |  | 406661 |
| 51374 | Enanta Pharmaceuticals, Inc.\* |  | 563059 |

---

&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 SMALL CAP VALUE INSIGHTS 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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| 32800 | Entrada Therapeutics, Inc.\* | $| 227960 |
| 261378 | Erasca, Inc.\* |  | 632535 |
| 116235 | Fate Therapeutics, Inc.\* |  | 156917 |
| 303003 | Heron Therapeutics, Inc.\* |  | 351483 |
| 65161 | Intellia Therapeutics, Inc.\* |  | 822332 |
| 107641 | Iovance Biotherapeutics, Inc.\* |  | 212053 |
| 17906 | Janux Therapeutics, Inc.\* |  | 514081 |
| 164907 | Keros Therapeutics, Inc.\* |  | 2509885 |
| 92781 | Kodiak Sciences, Inc.\* |  | 1681656 |
| 5254 | Korro Bio, Inc.\* |  | 214941 |
| 203916 | Larimar Therapeutics, Inc.\* |  | 793233 |
| 50355 | Lexeo Therapeutics, Inc.\* |  | 504054 |
| 361364 | Myriad Genetics, Inc.\* |  | 2905367 |
| 88577 | Nurix Therapeutics, Inc.\* |  | 1146186 |
| 18590 | Olema Pharmaceuticals, Inc.\* |  | 166752 |
| 13227 | Praxis Precision Medicines, Inc.\* |  | 2628999 |
| 34220 | Prothena Corp. PLC (Ireland)\* |  | 367865 |
| 83332 | Puma Biotechnology, Inc.\* |  | 424993 |
| 232869 | Relay Therapeutics, Inc.\* |  | 1662685 |
| 53574 | Rigel Pharmaceuticals, Inc.\* |  | 1691867 |
| 43175 | Solid Biosciences, Inc.\* |  | 232713 |
| 19583 | TG Therapeutics, Inc.\* |  | 681097 |
| 16280 | Vaxcyte, Inc.\* |  | 737158 |
| 15029 | Vera Therapeutics, Inc.\* |  | 427725 |
| 9053 | Viridian Therapeutics, Inc.\* |  | 213922 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40488214 |
| Broadline Retail – 0.1% | Broadline Retail – 0.1% | Broadline Retail – 0.1% | Broadline Retail – 0.1% |
| 44170 | Kohl's Corp. |  | 718646 |
| Building Products – 0.0% | Building Products – 0.0% | Building Products – 0.0% | Building Products – 0.0% |
| 2686 | Griffon Corp. |  | 198791 |
| Capital Markets – 0.6% | Capital Markets – 0.6% | Capital Markets – 0.6% | Capital Markets – 0.6% |
| 201289 | DigitalBridge Group, Inc. |  | 2381249 |
| 21146 | Victory Capital Holdings, Inc., Class A |  | 1316761 |
| 6073 | Virtus Investment Partners, Inc. |  | 988806 |
|  |  |  | 4686816 |
| Chemicals – 2.1% | Chemicals – 2.1% | Chemicals – 2.1% | Chemicals – 2.1% |
| 97651 | Aspen Aerogels, Inc.\* |  | 794879 |
| 79732 | Avient Corp. |  | 2557005 |
| 24066 | Core Molding Technologies, Inc.\* |  | 431022 |
| 70868 | Innospec, Inc. |  | 5214467 |
| 25317 | Mativ Holdings, Inc. |  | 270386 |
| 96888 | Minerals Technologies, Inc. |  | 5498394 |
| 11915 | Orion SA (Germany) |  | 63150 |
| 11882 | Perimeter Solutions, Inc.\* |  | 279346 |
| 58140 | Stepan Co. |  | 2520369 |
|  |  |  | 17629018 |
| Commercial Services & Supplies – 1.4% | Commercial Services & Supplies – 1.4% | Commercial Services & Supplies – 1.4% | Commercial Services & Supplies – 1.4% |
| 116931 | BrightView Holdings, Inc.\* |  | 1440590 |
| 165976 | Deluxe Corp. |  | 3005825 |
| 58633 | Ennis, Inc. |  | 961581 |
| 70796 | Healthcare Services Group, Inc.\* |  | 1265125 |
| 15867 | Interface, Inc. |  | 395088 |
| 176978 | Montrose Environmental Group, Inc.\* |  | 4580191 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| 18909 | Perma-Fix Environmental Services, Inc.\* | 258864 |
| 29547 | Pitney Bowes, Inc. | 291925 |
|  |  | 12199189 |
| Communications Equipment – 0.5% | Communications Equipment – 0.5% | Communications Equipment – 0.5% |
| 6019 | Applied Optoelectronics, Inc.\* | 214036 |
| 122815 | CommScope Holding Co., Inc.\* | 2124699 |
| 44215 | Viasat, Inc.\* | 1760641 |
|  |  | 4099376 |
| Construction & Engineering – 1.6% | Construction & Engineering – 1.6% | Construction & Engineering – 1.6% |
| 10506 | Arcosa, Inc. | 1071612 |
| 65431 | Fluor Corp.\* | 3191070 |
| 20218 | Great Lakes Dredge & Dock Corp.\* | 229474 |
| 117174 | Matrix Service Co.\* | 1759954 |
| 6779 | Primoris Services Corp. | 959364 |
| 97844 | Tutor Perini Corp.\* | 6590772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13802246 |
| Construction Materials – 0.3% | Construction Materials – 0.3% | Construction Materials – 0.3% |
| 20949 | United States Lime & Minerals, Inc. | 2455642 |
| Consumer Finance – 1.6% | Consumer Finance – 1.6% | Consumer Finance – 1.6% |
| 21730 | Bread Financial Holdings, Inc. | 1361385 |
| 4664 | Dave, Inc.\* | 1116188 |
| 114911 | Encore Capital Group, Inc.\* | 4777999 |
| 837 | Enova International, Inc.\* | 100080 |
| 86557 | Green Dot Corp., Class A\* | 1004927 |
| 29889 | Oportun Financial Corp.\* | 159308 |
| 66799 | OppFi, Inc. | 651290 |
| 48736 | PRA Group, Inc.\* | 668171 |
| 70390 | PROG Holdings, Inc. | 2036383 |
| 41390 | Regional Management Corp. | 1628696 |
|  |  | 13504427 |
| Consumer Staples Distribution & Retail – 0.4% | Consumer Staples Distribution & Retail – 0.4% | Consumer Staples Distribution & Retail – 0.4% |
| 34658 | Chefs' Warehouse, Inc. (The)\* | 2044822 |
| 69263 | Grocery Outlet Holding Corp.\* | 942669 |
| 2971 | Weis Markets, Inc. | 188183 |
|  |  | 3175674 |
| Distributors – 0.1% | Distributors – 0.1% | Distributors – 0.1% |
| 37765 | GigaCloud Technology, Inc., Class A\* | 1056665 |
| Diversified Consumer Services – 2.0% | Diversified Consumer Services – 2.0% | Diversified Consumer Services – 2.0% |
| 2886 | Adtalem Global Education, Inc.\* | 282886 |
| 3123 | American Public Education, Inc.\* | 104589 |
| 27767 | Coursera, Inc.\* | 233798 |
| 6373 | Graham Holdings Co., Class B | 6450305 |
| 169740 | Laureate Education, Inc.\* | 4927552 |
| 9121 | McGraw Hill, Inc.\* | 101790 |
| 159302 | Perdoceo Education Corp. | 5059432 |
| 2337 | Strategic Education, Inc. | 177565 |
|  |  | 17337917 |
| Diversified REITs – 1.9% | Diversified REITs – 1.9% | Diversified REITs – 1.9% |
| 257805 | Alexander & Baldwin, Inc. REIT | 4117146 |

---

&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 SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified REITs – (continued) | Diversified REITs – (continued) | Diversified REITs – (continued) | Diversified REITs – (continued) |
| 18637 | Alpine Income Property Trust, Inc. REIT | $| 273591 |
| 155981 | American Assets Trust, Inc. REIT |  | 2980797 |
| 407082 | Armada Hoffler Properties, Inc. REIT |  | 2662316 |
| 153561 | Broadstone Net Lease, Inc. REIT |  | 2751813 |
| 112584 | Essential Properties Realty Trust, Inc. REIT |  | 3364010 |
|  |  |  | 16149673 |
| Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% |
| 13718 | ATN International, Inc. |  | 199323 |
| 58289 | Bandwidth, Inc., Class A\* |  | 941367 |
| 104955 | Liberty Latin America Ltd., Class A (Puerto Rico)\* |  | 818649 |
|  |  |  | 1959339 |
| Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% |
| 45195 | Oklo, Inc.\* |  | 6000540 |
| Electrical Equipment – 1.2% | Electrical Equipment – 1.2% | Electrical Equipment – 1.2% | Electrical Equipment – 1.2% |
| 38689 | American Superconductor Corp.\* |  | 2291549 |
| 29928 | Amprius Technologies, Inc.\* |  | 421685 |
| 1604 | Bloom Energy Corp., Class A\* |  | 211985 |
| 9360 | NEXTracker, Inc., Class A\* |  | 947419 |
| 594111 | Plug Power, Inc.\*<sup>(b)</sup> |  | 1598158 |
| 117551 | Sunrun, Inc.\* |  | 2440359 |
| 69427 | Thermon Group Holdings, Inc.\* |  | 1994638 |
| 6694 | Vicor Corp.\* |  | 607347 |
|  |  |  | 10513140 |
| Electronic Equipment, Instruments & Components – 3.5% | Electronic Equipment, Instruments & Components – 3.5% | Electronic Equipment, Instruments & Components – 3.5% | Electronic Equipment, Instruments & Components – 3.5% |
| 18868 | 908 Devices, Inc.\* |  | 150567 |
| 2539 | CTS Corp. |  | 105394 |
| 4182 | Kimball Electronics, Inc.\* |  | 121592 |
| 264584 | Knowles Corp.\* |  | 6246828 |
| 21705 | Methode Electronics, Inc. |  | 146075 |
| 52897 | nLight, Inc.\* |  | 1746130 |
| 12227 | PC Connection, Inc. |  | 745480 |
| 5398 | Richardson Electronics Ltd. |  | 58190 |
| 36655 | Sanmina Corp.\* |  | 5023568 |
| 148337 | TTM Technologies, Inc.\* |  | 9968246 |
| 292435 | Vishay Intertechnology, Inc. |  | 4965546 |
| 6373 | Vishay Precision Group, Inc.\* |  | 238733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29516349 |
| Energy Equipment & Services – 2.7% | Energy Equipment & Services – 2.7% | Energy Equipment & Services – 2.7% | Energy Equipment & Services – 2.7% |
| 668072 | Borr Drilling Ltd. (Mexico)\* |  | 2071023 |
| 116469 | Core Laboratories, Inc. |  | 1856516 |
| 215509 | Expro Group Holdings NV\* |  | 2926612 |
| 4144 | Forum Energy Technologies, Inc.\* |  | 110976 |
| 201232 | Helix Energy Solutions Group, Inc.\* |  | 1352279 |
| 132090 | Noble Corp. PLC |  | 3876842 |
| 46191 | Oceaneering International, Inc.\* |  | 1075788 |
| 141378 | Oil States International, Inc.\* |  | 844027 |
| 496347 | Patterson-UTI Energy, Inc. |  | 3112096 |
| 35274 | ProFrac Holding Corp., Class A\* |  | 192949 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) | Energy Equipment & Services – (continued) |
| 13998 | ProPetro Holding Corp.\* | $| 145299 |
| 53287 | SEACOR Marine Holdings, Inc.\* |  | 338905 |
| 94362 | Seadrill Ltd. (Norway)\* |  | 2978065 |
| 30298 | TETRA Technologies, Inc.\* |  | 213904 |
| 548473 | Transocean Ltd.\* |  | 2106136 |
|  |  |  | 23201417 |
| Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% |
| 330658 | AMC Entertainment Holdings, Inc., Class A\* |  | 856404 |
| 13075 | Marcus Corp. (The) |  | 188280 |
| 53527 | Playtika Holding Corp. |  | 196444 |
| 6409 | Starz Entertainment Corp.\* |  | 67359 |
|  |  |  | 1308487 |
| Financial Services – 2.0% | Financial Services – 2.0% | Financial Services – 2.0% | Financial Services – 2.0% |
| 32410 | Alerus Financial Corp. |  | 684499 |
| 130851 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) |  | 5627901 |
| 16647 | Burford Capital Ltd. |  | 165638 |
| 20815 | Essent Group Ltd. |  | 1260764 |
| 7980 | Jackson Financial, Inc., Class A |  | 804464 |
| 14285 | NCR Atleos Corp.\* |  | 527116 |
| 17166 | NMI Holdings, Inc.\* |  | 625357 |
| 71232 | Velocity Financial, Inc.\* |  | 1326340 |
| 69439 | Walker & Dunlop, Inc. |  | 5549565 |
|  |  |  | 16571644 |
| Food Products – 0.1% | Food Products – 0.1% | Food Products – 0.1% | Food Products – 0.1% |
| 5252 | Cal-Maine Foods, Inc. |  | 461126 |
| Gas Utilities – 1.9% | Gas Utilities – 1.9% | Gas Utilities – 1.9% | Gas Utilities – 1.9% |
| 151810 | New Jersey Resources Corp. |  | 6725183 |
| 34727 | Northwest Natural Holding Co. |  | 1581120 |
| 97493 | ONE Gas, Inc. |  | 7817964 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16124267 |
| Health Care Equipment & Supplies – 1.1% | Health Care Equipment & Supplies – 1.1% | Health Care Equipment & Supplies – 1.1% | Health Care Equipment & Supplies – 1.1% |
| 24669 | AtriCure, Inc.\* |  | 852314 |
| 116857 | Embecta Corp. |  | 1558872 |
| 159231 | Inogen, Inc.\* |  | 1312063 |
| 33782 | LivaNova PLC\* |  | 1777947 |
| 2949 | PROCEPT BioRobotics Corp.\* |  | 100355 |
| 27694 | RxSight, Inc.\* |  | 243430 |
| 20085 | TransMedics Group, Inc.\* |  | 2641981 |
| 38429 | Varex Imaging Corp.\* |  | 449235 |
|  |  |  | 8936197 |
| Health Care Providers & Services – 1.2% | Health Care Providers & Services – 1.2% | Health Care Providers & Services – 1.2% | Health Care Providers & Services – 1.2% |
| 4681 | Castle Biosciences, Inc.\* |  | 119366 |
| 257611 | Enhabit, Inc.\* |  | 2094378 |
| 27596 | Fulgent Genetics, Inc.\* |  | 619530 |
| 3726 | GeneDx Holdings Corp.\* |  | 510127 |
| 3850 | Guardant Health, Inc.\* |  | 358127 |
| 27003 | Hims & Hers Health, Inc.\* |  | 1227556 |
| 247007 | LifeStance Health Group, Inc.\* |  | 1210334 |
| 55371 | Nano-X Imaging Ltd. (Israel)\*<sup>(b)</sup> |  | 200997 |
| 7735 | National HealthCare Corp. |  | 923868 |
| 234640 | OPKO Health, Inc.\* |  | 319110 |
| 64110 | Owens & Minor, Inc.\* |  | 254517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| 126981 | Pediatrix Medical Group, Inc.\* | 2154868 |
| 59205 | Viemed Healthcare, Inc.\* | 382464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10375242 |
| Health Care REITs – 0.3% | Health Care REITs – 0.3% | Health Care REITs – 0.3% |
| 86866 | Community Healthcare Trust, Inc. REIT | 1273456 |
| 50001 | Global Medical REIT, Inc. REIT | 1535031 |
|  |  | 2808487 |
| Health Care Technology – 0.0% | Health Care Technology – 0.0% | Health Care Technology – 0.0% |
| 17153 | Teladoc Health, Inc.\* | 148030 |
| Hotel & Resort REITs – 2.3% | Hotel & Resort REITs – 2.3% | Hotel & Resort REITs – 2.3% |
| 489284 | Apple Hospitality REIT, Inc. REIT | 5475088 |
| 472621 | Chatham Lodging Trust REIT | 3024774 |
| 564347 | RLJ Lodging Trust REIT | 3837560 |
| 469465 | Service Properties Trust REIT | 1004655 |
| 257203 | Summit Hotel Properties, Inc. REIT | 1322023 |
| 14253 | Sunstone Hotel Investors, Inc. REIT | 126139 |
| 346254 | Xenia Hotels & Resorts, Inc. REIT | 4258924 |
|  |  | 19049163 |
| Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% |
| 276311 | Brightstar Lottery PLC | 4603341 |
| 16719 | Marriott Vacations Worldwide Corp. | 1103120 |
| 96556 | Portillo's, Inc., Class A\* | 516575 |
| 74582 | Red Rock Resorts, Inc., Class A | 3975966 |
|  |  | 10199002 |
| Household Durables – 2.0% | Household Durables – 2.0% | Household Durables – 2.0% |
| 85719 | Century Communities, Inc. | 5091708 |
| 17058 | Cricut, Inc., Class A | 90578 |
| 21821 | Dream Finders Homes, Inc., Class A\* | 432056 |
| 118640 | Ethan Allen Interiors, Inc. | 2867529 |
| 25432 | LGI Homes, Inc.\* | 1037880 |
| 16309 | M/I Homes, Inc.\* | 2041724 |
| 79622 | Meritage Homes Corp. | 5379262 |
|  |  | 16940737 |
| Household Products – 0.6% | Household Products – 0.6% | Household Products – 0.6% |
| 40030 | Central Garden & Pet Co., Class A\* | 1113234 |
| 169422 | Energizer Holdings, Inc. | 3935673 |
|  |  | 5048907 |
| Independent Power and Renewable Electricity Producers – 1.1% | Independent Power and Renewable Electricity Producers – 1.1% | Independent Power and Renewable Electricity Producers – 1.1% |
| 85325 | Ormat Technologies, Inc. | 9076020 |
| Industrial REITs – 0.8% | Industrial REITs – 0.8% | Industrial REITs – 0.8% |
| 753456 | LXP Industrial Trust REIT | 7150297 |
| Insurance – 1.8% | Insurance – 1.8% | Insurance – 1.8% |
| 161882 | Ambac Financial Group, Inc.\* | 1329051 |
| 45929 | AMERISAFE, Inc. | 1840834 |
| 42810 | CNO Financial Group, Inc. | 1713256 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 12732 | Greenlight Capital Re Ltd., Class A\* | $| 154312 |
| 66876 | Hamilton Insurance Group Ltd., |  |  |
|  | Class B (Bermuda)\* |  | 1582955 |
| 17885 | Oscar Health, Inc., Class A\* |  | 321930 |
| 9222 | Safety Insurance Group, Inc. |  | 633828 |
| 75491 | Stewart Information Services Corp. |  | 5153771 |
| 86459 | Universal Insurance Holdings, Inc. |  | 2664666 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15394603 |
| IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% |
| 19364 | Applied Digital Corp.\* |  | 671156 |
| 89915 | BigBear.ai Holdings, Inc.\*<sup>(b)</sup> |  | 622212 |
| 170333 | Fastly, Inc., Class A\* |  | 1412060 |
| 76376 | Rackspace Technology, Inc.\* |  | 122202 |
| 23085 | TSS, Inc.\* |  | 467702 |
|  |  |  | 3295332 |
| Leisure Products – 1.1% | Leisure Products – 1.1% | Leisure Products – 1.1% | Leisure Products – 1.1% |
| 22076 | JAKKS Pacific, Inc. |  | 375292 |
| 27379 | Malibu Boats, Inc., Class A\* |  | 763053 |
| 113664 | MasterCraft Boat Holdings, Inc.\* |  | 2280100 |
| 535069 | Peloton Interactive, Inc., Class A\* |  | 3884601 |
| 211566 | Smith & Wesson Brands, Inc. |  | 2027860 |
|  |  |  | 9330906 |
| Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% |
| 292343 | 10X Genomics, Inc., Class A\* |  | 3987559 |
| 90808 | Adaptive Biotechnologies Corp.\* |  | 1576427 |
| 9660 | Azenta, Inc.\* |  | 291732 |
| 28823 | CryoPort, Inc.\* |  | 266324 |
| 535245 | Cytek Biosciences, Inc.\* |  | 2087455 |
| 54649 | OmniAb, Inc.\* |  | 84706 |
| 2023 | OmniAb, Inc. 12.5 Earnout\*<sup>(a)</sup> |  |  |
| 2023 | OmniAb, Inc. 15.00 Earnout\*<sup>(a)</sup> |  |  |
|  |  |  | 8294203 |
| Machinery – 1.6% | Machinery – 1.6% | Machinery – 1.6% | Machinery – 1.6% |
| 15402 | Astec Industries, Inc. |  | 716655 |
| 2712 | ESCO Technologies, Inc. |  | 595203 |
| 5426 | Gencor Industries, Inc.\* |  | 73739 |
| 29549 | Helios Technologies, Inc. |  | 1635833 |
| 5246 | Hyster-Yale, Inc. |  | 188541 |
| 102154 | Kennametal, Inc. |  | 2242280 |
| 42289 | Manitowoc Co., Inc. (The)\* |  | 430079 |
| 15530 | Mayville Engineering Co., Inc.\* |  | 276744 |
| 62792 | Microvast Holdings, Inc.\*<sup>(b)</sup> |  | 342216 |
| 60934 | Miller Industries, Inc. |  | 2445891 |
| 87273 | Palladyne AI Corp.\*<sup>(b)</sup> |  | 730475 |
| 42684 | Proto Labs, Inc.\* |  | 2123956 |
| 5080 | REV Group, Inc. |  | 260452 |
| 12833 | Tennant Co. |  | 1026640 |
| 39241 | Wabash National Corp. |  | 314713 |
|  |  |  | 13403417 |
| Marine Transportation – 1.3% | Marine Transportation – 1.3% | Marine Transportation – 1.3% | Marine Transportation – 1.3% |
| 22939 | Costamare Bulkers Holdings Ltd. (Monaco)\* |  | 296831 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Marine Transportation – (continued) | Marine Transportation – (continued) | Marine Transportation – (continued) | Marine Transportation – (continued) |
| 280894 | Costamare, Inc. (Monaco) | $| 3432525 |
| 43227 | Matson, Inc. |  | 4363765 |
| 51367 | Pangaea Logistics Solutions Ltd. |  | 254266 |
| 597078 | Safe Bulkers, Inc. (Monaco) |  | 2800296 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11147683 |
| Media – 1.3% | Media – 1.3% | Media – 1.3% | Media – 1.3% |
| 72256 | AMC Networks, Inc., Class A\* |  | 547700 |
| 27496 | Cable One, Inc. |  | 4084531 |
| 26660 | EchoStar Corp., Class A\* |  | 1996034 |
| 377428 | EW Scripps Co. (The), Class A\* |  | 917150 |
| 60483 | Gannett Co., Inc.\* |  | 320560 |
| 348632 | Gray Media, Inc. |  | 1593248 |
| 201981 | iHeartMedia, Inc., Class A\* |  | 599884 |
|  |  |  | 10059107 |
| Metals & Mining – 2.8% | Metals & Mining – 2.8% | Metals & Mining – 2.8% | Metals & Mining – 2.8% |
| 233012 | Coeur Mining, Inc.\* |  | 4000816 |
| 8958 | Critical Metals Corp. (Austria)\*<sup>(b)</sup> |  | 115917 |
| 646373 | Hecla Mining Co. |  | 8318820 |
| 221417 | Novagold Resources, Inc. (Canada)\* |  | 1835547 |
| 43427 | Olympic Steel, Inc. |  | 1606799 |
| 284250 | SSR Mining, Inc. (Canada)\* |  | 6412680 |
| 26516 | U.S. Gold Corp.\*<sup>(b)</sup> |  | 406225 |
| 27800 | Worthington Steel, Inc. |  | 889322 |
|  |  |  | 23586126 |
| Mortgage Real Estate Investment Trusts (REITs) – 1.4% | Mortgage Real Estate Investment Trusts (REITs) – 1.4% | Mortgage Real Estate Investment Trusts (REITs) – 1.4% | Mortgage Real Estate Investment Trusts (REITs) – 1.4% |
| 323870 | BrightSpire Capital, Inc. REIT |  | 1671169 |
| 282302 | Invesco Mortgage Capital, Inc. REIT |  | 2125734 |
| 318181 | Ladder Capital Corp. REIT |  | 3363173 |
| 244609 | Orchid Island Capital, Inc. REIT |  | 1768523 |
| 373333 | TPG RE Finance Trust, Inc. REIT |  | 3229331 |
|  |  |  | 12157930 |
| Multi-Utilities – 0.9% | Multi-Utilities – 0.9% | Multi-Utilities – 0.9% | Multi-Utilities – 0.9% |
| 124730 | Black Hills Corp. |  | 7911624 |
| Office REITs – 0.8% | Office REITs – 0.8% | Office REITs – 0.8% | Office REITs – 0.8% |
| 263899 | Brandywine Realty Trust REIT |  | 905174 |
| 436190 | Douglas Emmett, Inc. REIT |  | 5644299 |
|  |  |  | 6549473 |
| Oil, Gas & Consumable Fuels – 3.8% | Oil, Gas & Consumable Fuels – 3.8% | Oil, Gas & Consumable Fuels – 3.8% | Oil, Gas & Consumable Fuels – 3.8% |
| 258632 | Clean Energy Fuels Corp.\* |  | 739687 |
| 5047 | Core Natural Resources, Inc. |  | 398713 |
| 86011 | Crescent Energy Co., Class A |  | 725073 |
| 213764 | DHT Holdings, Inc. |  | 2838786 |
| 156544 | Diversified Energy Co. PLC |  | 1980282 |
| 79890 | Energy Fuels, Inc.\*<sup>(b)</sup> |  | 1638544 |
| 120083 | Golar LNG Ltd. (Cameroon) |  | 4929407 |
| 81495 | Granite Ridge Resources, Inc. |  | 430294 |
| 182759 | Magnolia Oil & Gas Corp., Class A |  | 4104767 |
| 1103305 | Nordic American Tankers Ltd. |  | 4060162 |
| 39570 | PBF Energy, Inc., Class A |  | 1352107 |
| 91491 | Peabody Energy Corp. |  | 2508683 |
| 17190 | REX American Resources Corp.\* |  | 550596 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) |
| 14926 | Scorpio Tankers, Inc. (Monaco) | $| 920934 |
| 208510 | SFL Corp. Ltd. (Norway) |  | 1555485 |
| 128689 | SM Energy Co. |  | 2688313 |
| 165755 | VAALCO Energy, Inc. |  | 651417 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32073250 |
| Passenger Airlines – 1.7% | Passenger Airlines – 1.7% | Passenger Airlines – 1.7% | Passenger Airlines – 1.7% |
| 35902 | Allegiant Travel Co.\* |  | 2232387 |
| 1155230 | JetBlue Airways Corp.\* |  | 4851966 |
| 67642 | SkyWest, Inc.\* |  | 6796668 |
| 9315 | Sun Country Airlines Holdings, Inc.\* |  | 114388 |
|  |  |  | 13995409 |
| Personal Care Products – 0.1% | Personal Care Products – 0.1% | Personal Care Products – 0.1% | Personal Care Products – 0.1% |
| 15317 | Edgewell Personal Care Co. |  | 296996 |
| 28175 | Herbalife Ltd.\* |  | 225400 |
| 4311 | USANA Health Sciences, Inc.\* |  | 91178 |
|  |  |  | 613574 |
| Pharmaceuticals – 1.8% | Pharmaceuticals – 1.8% | Pharmaceuticals – 1.8% | Pharmaceuticals – 1.8% |
| 236975 | Aclaris Therapeutics, Inc.\* |  | 597177 |
| 23199 | Alumis, Inc.\* |  | 110195 |
| 126503 | Amneal Pharmaceuticals, Inc.\* |  | 1368762 |
| 20363 | Arvinas, Inc.\* |  | 206481 |
| 63574 | Atea Pharmaceuticals, Inc.\* |  | 206616 |
| 82809 | EyePoint Pharmaceuticals, Inc.\* |  | 1083970 |
| 8179 | Ligand Pharmaceuticals, Inc.\* |  | 1564724 |
| 51456 | Prestige Consumer Healthcare, Inc.\* |  | 3118234 |
| 17759 | Septerna, Inc.\* |  | 365835 |
| 107829 | Supernus Pharmaceuticals, Inc.\* |  | 5944613 |
| 98078 | Terns Pharmaceuticals, Inc.\* |  | 810124 |
| 43835 | Third Harmonic Bio, Inc.\*<sup>(a)</sup> |  |  |
|  |  |  | 15376731 |
| Professional Services – 1.4% | Professional Services – 1.4% | Professional Services – 1.4% | Professional Services – 1.4% |
| 1721717 | Alight, Inc., Class A |  | 4958545 |
| 529145 | Conduent, Inc.\* |  | 1259365 |
| 36694 | ICF International, Inc. |  | 2945794 |
| 1293 | Innodata, Inc.\* |  | 96471 |
| 95790 | Legalzoom.com, Inc.\* |  | 955026 |
| 8686 | Upwork, Inc.\* |  | 138455 |
| 57301 | Verra Mobility Corp.\* |  | 1329956 |
| 2114 | Willdan Group, Inc.\* |  | 199794 |
|  |  |  | 11883406 |
| Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% |
| 50791 | Compass, Inc., Class A\* |  | 391599 |
| 156766 | Douglas Elliman, Inc.\* |  | 387212 |
| 23477 | Forestar Group, Inc.\* |  | 610637 |
| 53348 | FRP Holdings, Inc.\* |  | 1264347 |
| 389823 | Kennedy-Wilson Holdings, Inc. |  | 2947062 |
|  |  |  | 5600857 |
| Residential REITs – 0.9% | Residential REITs – 0.9% | Residential REITs – 0.9% | Residential REITs – 0.9% |
| 147942 | NexPoint Residential Trust, Inc. REIT |  | 4537381 |
| 215133 | Veris Residential, Inc. REIT |  | 3089310 |
|  |  |  | 7626691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Retail REITs – 2.9% | Retail REITs – 2.9% | Retail REITs – 2.9% |
| 235157 | Acadia Realty Trust REIT | $4484444 |
| 23799 | FrontView REIT, Inc. REIT | 316527 |
| 295189 | Kite Realty Group Trust REIT | 6535484 |
| 122142 | Macerich Co. (The) REIT | 2094735 |
| 149196 | Phillips Edison & Co., Inc. REIT | 5048793 |
| 294503 | Urban Edge Properties REIT | 5663293 |
| 70629 | Whitestone REIT | 885688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25028964 |
| Semiconductors & Semiconductor Equipment – 2.2% | Semiconductors & Semiconductor Equipment – 2.2% | Semiconductors & Semiconductor Equipment – 2.2% |
| 43303 | ACM Research, Inc., Class A\* | 1795342 |
| 56823 | Alpha & Omega Semiconductor Ltd.\* | 1594453 |
| 13213 | Ambarella, Inc.\* | 1126144 |
| 18026 | Axcelis Technologies, Inc.\* | 1434149 |
| 110116 | Diodes, Inc.\* | 5875790 |
| 256650 | MaxLinear, Inc.\* | 3888247 |
| 8471 | Silicon Laboratories, Inc.\* | 1110379 |
| 8735 | Synaptics, Inc.\* | 619661 |
| 38160 | Ultra Clean Holdings, Inc.\* | 1045966 |
|  |  | 18490131 |
| Software – 2.9% | Software – 2.9% | Software – 2.9% |
| 65818 | Arteris, Inc.\* | 895783 |
| 33804 | Cerence, Inc.\* | 362717 |
| 115606 | Cipher Mining, Inc.\* | 2156052 |
| 192856 | Cleanspark, Inc.\* | 3432837 |
| 98235 | Consensus Cloud Solutions, Inc.\* | 2880250 |
| 49191 | Hut 8 Corp. (Canada)\* | 2492016 |
| 253133 | MARA Holdings, Inc.\* | 4624740 |
| 39917 | Porch Group, Inc.\* | 600751 |
| 237075 | Riot Platforms, Inc.\* | 4689344 |
| 42349 | Terawulf, Inc.\* | 656409 |
| 111407 | Zeta Global Holdings Corp., Class A\* | 2004212 |
|  |  | 24795111 |
| Specialized REITs – 0.0% | Specialized REITs – 0.0% | Specialized REITs – 0.0% |
| 4339 | Smartstop Self Storage REIT, Inc. REIT | 149045 |
| Specialty Retail – 2.6% | Specialty Retail – 2.6% | Specialty Retail – 2.6% |
| 5024 | Academy Sports & Outdoors, Inc. | 240599 |
| 127430 | American Eagle Outfitters, Inc. | 2129355 |
| 6312 | Asbury Automotive Group, Inc.\* | 1480795 |
| 66249 | Bed Bath & Beyond, Inc.\* | 510780 |
| 3413 | Boot Barn Holdings, Inc.\* | 647276 |
| 25237 | Citi Trends, Inc.\* | 903989 |
| 199450 | EVgo, Inc.\* | 819740 |
| 123936 | Haverty Furniture Cos., Inc. | 2703044 |
| 38021 | OneWater Marine, Inc., Class A\* | 590466 |
| 15064 | Revolve Group, Inc.\* | 333216 |
| 9454 | Sally Beauty Holdings, Inc.\* | 142850 |
| 56873 | Shoe Carnival, Inc. | 1042482 |
| 30705 | Sonic Automotive, Inc., Class A | 1950689 |
| 335792 | Stitch Fix, Inc., Class A\* | 1406968 |
| 7076 | Urban Outfitters, Inc.\* | 457180 |
| 39089 | Warby Parker, Inc., Class A\* | 765754 |
| 7435 | Winmark Corp. | 2997569 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| 114101 | Zumiez, Inc.\* | 2470287 |
|  |  | 21593039 |
| Technology Hardware, Storage & Peripherals – 0.1% | Technology Hardware, Storage & Peripherals – 0.1% | Technology Hardware, Storage & Peripherals – 0.1% |
| 71356 | Corsair Gaming, Inc.\* | 581552 |
| 7185 | IonQ, Inc.\* | 448200 |
|  |  | 1029752 |
| Textiles, Apparel & Luxury Goods – 1.5% | Textiles, Apparel & Luxury Goods – 1.5% | Textiles, Apparel & Luxury Goods – 1.5% |
| 85709 | G-III Apparel Group Ltd.\* | 2301286 |
| 29521 | Kontoor Brands, Inc. | 2388839 |
| 144751 | Movado Group, Inc. | 2635916 |
| 19508 | Oxford Industries, Inc. | 718870 |
| 132825 | Steven Madden Ltd. | 4504096 |
|  |  | 12549007 |
| Tobacco – 0.0% | Tobacco – 0.0% | Tobacco – 0.0% |
| 1063 | Turning Point Brands, Inc. | 95564 |
| Trading Companies & Distributors – 1.3% | Trading Companies & Distributors – 1.3% | Trading Companies & Distributors – 1.3% |
| 72069 | Custom Truck One Source, Inc.\* | 424487 |
| 368476 | DNOW, Inc.\* | 5416597 |
| 14676 | GATX Corp. | 2301931 |
| 111108 | Newpark Resources, Inc.\* | 1366629 |
| 17779 | Rush Enterprises, Inc., Class A | 878460 |
| 17761 | Titan Machinery, Inc.\* | 291280 |
| 2187 | Willis Lease Finance Corp. | 280767 |
|  |  | 10960151 |
| Water Utilities – 0.6% | Water Utilities – 0.6% | Water Utilities – 0.6% |
| 71065 | Middlesex Water Co. | 4084105 |
| 20083 | York Water Co. (The) | 623979 |
|  |  | 4708084 |
| Wireless Telecommunication Services – 0.3% | Wireless Telecommunication Services – 0.3% | Wireless Telecommunication Services – 0.3% |
| 112665 | Spok Holdings, Inc. | 1609983 |
| 25432 | Telephone and Data Systems, Inc. | 987270 |
|  |  | 2597253 |
| TOTAL COMMON STOCKS<br>(Cost $754,421,384) | TOTAL COMMON STOCKS<br>(Cost $754,421,384) | 829827131 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | 3.956% | 592 |
| **(Cost $592)** | **(Cost $592)** | **(Cost $592)** |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $754,421,976) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $754,421,976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829827723 |

---

&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 SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.6%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund -<br>Institutional Shares | Goldman Sachs Financial Square Government Fund -<br>Institutional Shares | Goldman Sachs Financial Square Government Fund -<br>Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832198 | 3.956% | $4832198 |
| **(Cost $4,832,198)** | **(Cost $4,832,198)** | **(Cost $4,832,198)** |
| TOTAL INVESTMENTS – 98.7%<br>(Cost $759,254,174) | TOTAL INVESTMENTS – 98.7%<br>(Cost $759,254,174) | $834659921 |
| **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.3%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.3%** | 10692955 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845352876 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust<br>|

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
| Russell 2000 E-Mini Index | 98 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12200510 | $146667 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.0% | Common Stocks – 99.0% | Common Stocks – 99.0% |
| Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% | Aerospace & Defense – 3.1% |
| 17978 | General Dynamics Corp. | $6200612 |
| 47640 | General Electric Co. | 14718378 |
| 812 | HEICO Corp. | 258029 |
| 95598 | RTX Corp. | 17064243 |
|  |  | 38241262 |
| Automobiles – 2.5% | Automobiles – 2.5% | Automobiles – 2.5% |
| 32138 | Ford Motor Co. | 421972 |
| 64614 | Tesla, Inc.\* | 29500168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29922140 |
| Banks – 3.0% | Banks – 3.0% | Banks – 3.0% |
| 273603 | Bank of America Corp. | 14624081 |
| 204302 | Huntington Bancshares, Inc. | 3154423 |
| 27093 | JPMorgan Chase & Co. | 8429174 |
| 50275 | PNC Financial Services Group, Inc. (The) | 9177701 |
|  |  | 35385379 |
| Beverages – 1.8% | Beverages – 1.8% | Beverages – 1.8% |
| 245015 | Coca-Cola Co. (The) | 16881533 |
| 184404 | Primo Brands Corp., Class A | 4051356 |
|  |  | 20932889 |
| Biotechnology – 2.7% | Biotechnology – 2.7% | Biotechnology – 2.7% |
| 80874 | AbbVie, Inc. | 17633767 |
| 4306 | BioMarin Pharmaceutical, Inc.\* | 230672 |
| 22311 | Regeneron Pharmaceuticals, Inc. | 14542310 |
|  |  | 32406749 |
| Broadline Retail – 3.9% | Broadline Retail – 3.9% | Broadline Retail – 3.9% |
| 185588 | Amazon.com, Inc.\* | 45324301 |
| 11350 | Macy's, Inc. | 221212 |
| 10301 | Ollie's Bargain Outlet Holdings, Inc.\* | 1244464 |
|  |  | 46789977 |
| Building Products – 0.1% | Building Products – 0.1% | Building Products – 0.1% |
| 24843 | Carrier Global Corp. | 1477910 |
| Capital Markets – 2.5% | Capital Markets – 2.5% | Capital Markets – 2.5% |
| 27788 | CME Group, Inc. | 7377436 |
| 2625 | Coinbase Global, Inc., Class A\* | 902422 |
| 5912 | Evercore, Inc., Class A | 1741439 |
| 7954 | Franklin Resources, Inc. | 179840 |
| 98934 | Morgan Stanley | 16225176 |
| 29056 | Tradeweb Markets, Inc., Class A | 3062212 |
|  |  | 29488525 |
| Chemicals – 2.2% | Chemicals – 2.2% | Chemicals – 2.2% |
| 83253 | Axalta Coating Systems Ltd.\* | 2370213 |
| 99365 | DuPont de Nemours, Inc. | 8113152 |
| 37374 | Linde PLC | 15633544 |
|  |  | 26116909 |
| Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% |
| 3015 | Clean Harbors, Inc.\* | 634688 |
| Communications Equipment – 0.1% | Communications Equipment – 0.1% | Communications Equipment – 0.1% |
| 10543 | Arista Networks, Inc.\* | 1662526 |
| Construction & Engineering – 0.4% | Construction & Engineering – 0.4% | Construction & Engineering – 0.4% |
| 10636 | AECOM | 1428947 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Construction & Engineering – (continued) | Construction & Engineering – (continued) | Construction & Engineering – (continued) |
| 2869 | Comfort Systems USA, Inc. | 2770249 |
|  |  | 4199196 |
| Construction Materials – 0.2% | Construction Materials – 0.2% | Construction Materials – 0.2% |
| 7042 | Vulcan Materials Co. | 2038659 |
| Consumer Finance – 0.9% | Consumer Finance – 0.9% | Consumer Finance – 0.9% |
| 8033 | OneMain Holdings, Inc. | 475473 |
| 145243 | Synchrony Financial | 10803175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11278648 |
| Consumer Staples Distribution & Retail – 0.3% | Consumer Staples Distribution & Retail – 0.3% | Consumer Staples Distribution & Retail – 0.3% |
| 5970 | Casey's General Stores, Inc. | 3063744 |
| 922 | Costco Wholesale Corp. | 840357 |
|  |  | 3904101 |
| Containers & Packaging – 0.0% | Containers & Packaging – 0.0% | Containers & Packaging – 0.0% |
| 20333 | Graphic Packaging Holding Co. | 325125 |
| Diversified Consumer Services – 1.0% | Diversified Consumer Services – 1.0% | Diversified Consumer Services – 1.0% |
| 79342 | Bright Horizons Family Solutions, Inc.\* | 8666527 |
| 20187 | Grand Canyon Education, Inc.\* | 3801212 |
|  |  | 12467739 |
| Diversified Telecommunication Services – 0.0% | Diversified Telecommunication Services – 0.0% | Diversified Telecommunication Services – 0.0% |
| 30191 | Iridium Communications, Inc. | 578158 |
| Electrical Equipment – 1.2% | Electrical Equipment – 1.2% | Electrical Equipment – 1.2% |
| 69155 | AMETEK, Inc. | 13976917 |
| Electronic Equipment, Instruments & Components – 1.3% | Electronic Equipment, Instruments & Components – 1.3% | Electronic Equipment, Instruments & Components – 1.3% |
| 70553 | Amphenol Corp., Class A | 9830855 |
| 14978 | Coherent Corp.\* | 1976497 |
| 20931 | Keysight Technologies, Inc.\* | 3829536 |
|  |  | 15636888 |
| Entertainment – 1.3% | Entertainment – 1.3% | Entertainment – 1.3% |
| 14196 | Netflix, Inc.\* | 15883337 |
| Financial Services – 2.0% | Financial Services – 2.0% | Financial Services – 2.0% |
| 13961 | Berkshire Hathaway, Inc., Class B\* | 6666936 |
| 49587 | Visa, Inc., Class A | 16896274 |
|  |  | 23563210 |
| Food Products – 0.8% | Food Products – 0.8% | Food Products – 0.8% |
| 188868 | Tyson Foods, Inc., Class A | 9709704 |
| Ground Transportation – 0.4% | Ground Transportation – 0.4% | Ground Transportation – 0.4% |
| 43908 | Uber Technologies, Inc.\* | 4237122 |
| Health Care Equipment & Supplies – 0.6% | Health Care Equipment & Supplies – 0.6% | Health Care Equipment & Supplies – 0.6% |
| 42787 | Boston Scientific Corp.\* | 4309507 |
| 30412 | GE HealthCare Technologies, Inc. | 2279379 |
| 2097 | Insulet Corp.\* | 656382 |
|  |  | 7245268 |
| Health Care Providers & Services – 2.0% | Health Care Providers & Services – 2.0% | Health Care Providers & Services – 2.0% |
| 5420 | Chemed Corp. | 2337646 |
| 10103 | Labcorp Holdings, Inc. | 2565758 |
| 1955 | Quest Diagnostics, Inc. | 343982 |
| 7570 | Tenet Healthcare Corp.\* | 1563129 |
| 14178 | UnitedHealth Group, Inc. | 4842638 |

---

&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 U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| 54370 | Universal Health Services, Inc., Class B | 11798834 |
|  |  | 23451987 |
| Health Care REITs – 0.9% | Health Care REITs – 0.9% | Health Care REITs – 0.9% |
| 73846 | Alexandria Real Estate Equities, Inc. REIT | 4299314 |
| 35262 | Welltower, Inc. REIT | 6383832 |
|  |  | 10683146 |
| Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% |
| 49402 | Carnival Corp.\* | 1424260 |
| 15571 | Dutch Bros, Inc., Class A\* | 864813 |
| 16743 | Expedia Group, Inc. | 3683460 |
| 273837 | Norwegian Cruise Line Holdings Ltd.\* | 6139426 |
| 31292 | Royal Caribbean Cruises Ltd. | 8975484 |
| 39148 | Yum! Brands, Inc. | 5410645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26498088 |
| Household Durables – 0.1% | Household Durables – 0.1% | Household Durables – 0.1% |
| 10313 | PulteGroup, Inc. | 1236219 |
| Household Products – 1.2% | Household Products – 1.2% | Household Products – 1.2% |
| 93998 | Procter & Gamble Co. (The) | 14134479 |
| Insurance – 1.5% | Insurance – 1.5% | Insurance – 1.5% |
| 10732 | Erie Indemnity Co., Class A | 3140612 |
| 39809 | Loews Corp. | 3963384 |
| 39422 | Marsh & McLennan Cos., Inc. | 7023029 |
| 8112 | Principal Financial Group, Inc. | 681733 |
| 25218 | Prudential Financial, Inc. | 2622672 |
|  |  | 17431430 |
| Interactive Media & Services – 6.7% | Interactive Media & Services – 6.7% | Interactive Media & Services – 6.7% |
| 195240 | Alphabet, Inc., Class C | 55022537 |
| 34706 | Meta Platforms, Inc., Class A | 22501635 |
| 14370 | Reddit, Inc., Class A\* | 3002611 |
|  |  | 80526783 |
| Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% |
| 6246 | Brunswick Corp. | 412923 |
| Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% | Life Sciences Tools & Services – 0.3% |
| 5364 | Medpace Holdings, Inc.\* | 3137457 |
| Machinery – 1.4% | Machinery – 1.4% | Machinery – 1.4% |
| 103197 | Mueller Industries, Inc. | 10925466 |
| 12736 | Oshkosh Corp. | 1570222 |
| 3385 | Parker-Hannifin Corp. | 2616030 |
| 4826 | Snap-on, Inc. | 1619364 |
|  |  | 16731082 |
| Marine Transportation – 0.5% | Marine Transportation – 0.5% | Marine Transportation – 0.5% |
| 62133 | Kirby Corp.\* | 6429523 |
| Media – 1.0% | Media – 1.0% | Media – 1.0% |
| 117919 | Fox Corp., Class A | 7623463 |
| 24857 | Fox Corp., Class B | 1451898 |
| 9507 | New York Times Co. (The), Class A | 541804 |
| 13159 | Nexstar Media Group, Inc. | 2575611 |
|  |  | 12192776 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Metals & Mining – 1.8% | Metals & Mining – 1.8% | Metals & Mining – 1.8% |
| 191867 | Freeport-McMoRan, Inc. | $8000854 |
| 95157 | Southern Copper Corp. (Mexico) | 13207791 |
|  |  | 21208645 |
| Oil, Gas & Consumable Fuels – 1.7% | Oil, Gas & Consumable Fuels – 1.7% | Oil, Gas & Consumable Fuels – 1.7% |
| 46867 | Antero Resources Corp.\* | 1448659 |
| 116737 | Chevron Corp. | 18411760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19860419 |
| Passenger Airlines – 0.9% | Passenger Airlines – 0.9% | Passenger Airlines – 0.9% |
| 99170 | Delta Air Lines, Inc. | 5690374 |
| 186836 | Southwest Airlines Co. | 5661131 |
|  |  | 11351505 |
| Pharmaceuticals – 4.2% | Pharmaceuticals – 4.2% | Pharmaceuticals – 4.2% |
| 196341 | Bristol-Myers Squibb Co. | 9045430 |
| 18578 | Eli Lilly & Co. | 16030213 |
| 79097 | Johnson & Johnson | 14939050 |
| 71946 | Zoetis, Inc. | 10366699 |
|  |  | 50381392 |
| Professional Services – 1.3% | Professional Services – 1.3% | Professional Services – 1.3% |
| 13150 | CACI International, Inc., Class A\* | 7393587 |
| 6107 | Equifax, Inc. | 1289188 |
| 6202 | Parsons Corp.\* | 515635 |
| 76135 | SS&C Technologies Holdings, Inc. | 6465384 |
|  |  | 15663794 |
| Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% |
| 5030 | Zillow Group, Inc., Class C\* | 377149 |
| Residential REITs – 0.1% | Residential REITs – 0.1% | Residential REITs – 0.1% |
| 17364 | Camden Property Trust REIT | 1727371 |
| Semiconductors & Semiconductor Equipment – 14.8% | Semiconductors & Semiconductor Equipment – 14.8% | Semiconductors & Semiconductor Equipment – 14.8% |
| 130316 | Broadcom, Inc. | 48168703 |
| 54035 | Enphase Energy, Inc.\* | 1648608 |
| 9218 | Lattice Semiconductor Corp.\* | 672545 |
| 23569 | Microchip Technology, Inc. | 1471177 |
| 8527 | Micron Technology, Inc. | 1908087 |
| 533314 | NVIDIA Corp. | 107990752 |
| 93499 | Texas Instruments, Inc. | 15096348 |
|  |  | 176956220 |
| Software – 12.5% | Software – 12.5% | Software – 12.5% |
| 60716 | Dolby Laboratories, Inc., Class A | 4026685 |
| 75588 | Fortinet, Inc.\* | 6533071 |
| 6542 | Intuit, Inc. | 4367112 |
| 176257 | Microsoft Corp. | 91267637 |
| 74586 | Oracle Corp. | 19587029 |
| 19499 | Palantir Technologies, Inc., Class A\* | 3908965 |
| 12017 | Palo Alto Networks, Inc.\* | 2646624 |
| 19952 | Samsara, Inc., Class A\* | 801472 |
| 17269 | ServiceNow, Inc.\* | 15875046 |
|  |  | 149013641 |
| Specialized REITs – 1.8% | Specialized REITs – 1.8% | Specialized REITs – 1.8% |
| 5477 | Digital Realty Trust, Inc. REIT | 933336 |
| 17017 | Equinix, Inc. REIT | 14396552 |

---

&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 U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| 6750 | Public Storage REIT | $| 1880280 |
| 171135 | Weyerhaeuser Co. REIT |  | 3936105 |
|  |  |  | 21146273 |
| Specialty Retail – 1.2% | Specialty Retail – 1.2% | Specialty Retail – 1.2% | Specialty Retail – 1.2% |
| 518 | AutoZone, Inc.\* |  | 1903355 |
| 1038 | Carvana Co.\* |  | 318188 |
| 510 | Lithia Motors, Inc. |  | 160181 |
| 82672 | TJX Cos., Inc. (The) |  | 11585654 |
|  |  |  | 13967378 |
| Technology Hardware, Storage & Peripherals – 5.9% | Technology Hardware, Storage & Peripherals – 5.9% | Technology Hardware, Storage & Peripherals – 5.9% | Technology Hardware, Storage & Peripherals – 5.9% |
| 259695 | Apple, Inc. |  | 70213737 |
| Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% | Textiles, Apparel & Luxury Goods – 0.3% |
| 34626 | Birkenstock Holding PLC (Germany)\* |  | 1381924 |
| 6812 | Ralph Lauren Corp. |  | 2177524 |
|  |  |  | 3559448 |
| Tobacco – 1.2% | Tobacco – 1.2% | Tobacco – 1.2% | Tobacco – 1.2% |
| 96205 | Philip Morris International, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13885268 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% |
| 10340 | FTAI Aviation Ltd. | $1787786 |
| Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% | Wireless Telecommunication Services – 1.0% |
| 56425 | T-Mobile US, Inc. | 11852071 |
| TOTAL INVESTMENTS – 99.0%<br>(Cost $800,296,548) | TOTAL INVESTMENTS – 99.0%<br>(Cost $800,296,548) | $1183921016 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.0%** | 11582361 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195503377 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust<br>|

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 23 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7905100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262403 |

---

&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 DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $837,828,298, $509,072,674 and $448,633,978,<br>respectively)<sup>(a)</sup>  | $1648326823 | $557613021 | $510572692 |
|  Investments in affiliated issuers, at value (cost $–, $2,291,221 and $2,766,768, respectively) |  | 2291221 | 2766768 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  |  | 2990120 |
|  Cash | 8103025 | 8589610 | 7805453 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 587502 | 559532 | 275070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 418239 | 552896 | 102353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 180384 | 648168 | 682842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 19546 | 19025 | 20229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 10020768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 9 | 6277 |
|  Variation margin on futures contracts | 7400 | 27750 | 52195 |
|  Other assets | 69014 | 77672 | 77453 |
|  **Total assets** | 1657711933 | 570378904 | 535372220 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 812533 | 762107 | 541991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 358169 | 128903 | 183681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 138336 | 43553 | 31676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 107449 | 25064 | 19587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  |  | 2990120 |
|  Investments purchased |  |  | 9973561 |
|  Accrued expenses | 77099 | 62816 | 63327 |
|  **Total liabilities** | 1493586 | 1022443 | 13803943 |
| Net Assets: |  |  |  |
|  Paid-in capital | 734713168 | 486522775 | 411659777 |
|  Total distributable earnings | 921505179 | 82833686 | 109908500 |
|  **NET ASSETS** | $1656218347 | $569356461 | $521568277 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $265554585 | $51278311 | $31250626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 21120840 | 6973346 | 4228019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 322390580 | 43489233 | 143643978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 30177102 | 2744043 | 1108134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 209503998 | 60932823 | 60556308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 678450592 | 351590044 | 91463578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 33318996 | 4501157 | 4575175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 95701654 | 47847504 | 184742459 |
|  Total Net Assets | $1656218347 | $569356461 | $521568277 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 7311285 | 2011790 | 1067041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 873373 | 277365 | 194135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8029892 | 1709474 | 4571147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 873229 | 106881 | 39033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 5903357 | 2404277 | 2078269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16925715 | 13824260 | 2910179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 997719 | 178470 | 163159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 2389827 | 1882545 | 5880918 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 24.18 | 25.14 | 21.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 40.15 | 25.44 | 31.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 34.56 | 25.67 | 28.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 35.49 | 25.34 | 29.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 40.08 | 25.43 | 31.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 33.40 | 25.22 | 28.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 40.05 | 25.42 | 31.41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $–, $– and $2,995,035 for Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights Fund, Large Cap Value Insights Fund and Small Cap Equity Insights Fund is $38.43, $26.97 and $30.99, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity Insights<br>Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $140,432,084, $754,421,384 and $800,296,548, respectively)<sup>(a)</sup>  | $169688536 | $829827131 | $1183921016 |
|  Investments in affiliated issuers, at value (cost $873,895, $592 and $–, respectively) | 873895 | 592 |  |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1758974 | 4832198 |  |
|  Cash | 2572080 | 12613696 | 10802378 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3284394 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 427472 | 2444822 | 674402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 203163 | 911728 | 491440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 21900 | 240302 | 814013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 14222 | 19599 | 17430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 4196 | 18585 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 4271 |  |
|  Variation margin on futures contracts | 40005 | 186689 | 21275 |
|  Other assets | 45095 | 45358 | 66479 |
|  **Total assets** | 178933932 | 851144971 | 1196808433 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3425588 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1758974 | 4832198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 60939 | 299863 | 264649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 56657 | 36021 | 94434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 19892 | 471665 | 779186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 13409 | 42227 | 90254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 329049 | 110121 | 76533 |
|  **Total liabilities** | 5664508 | 5792095 | 1305056 |
| Net Assets: |  |  |  |
|  Paid-in capital | 135478645 | 730335710 | 683718329 |
|  Total distributable earnings | 37790779 | 115017166 | 511785048 |
|  **NET ASSETS** | $173269424 | $845352876 | $1195503377 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $37172554 | $111485641 | $378225258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2521531 | 1900525 | 12877629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 56606156 | 281600508 | 329497871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 2752149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 22340955 | 92179724 | 54348652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 15463605 | 301457235 | 40871448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8629313 | 19951053 | 9042772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 30535310 | 36778190 | 367887598 |
|  Total Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173269424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845352876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195503377 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 1927647 | 3118467 | 5273396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 81363 | 133995 | 221860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1776685 | 4679916 | 4344563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 38739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1035383 | 2593115 | 773343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 484259 | 5011254 | 539654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 528856 | 585938 | 129606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 956761 | 611485 | 4856683 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $19.28 | $35.75 | $71.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 30.99 | 14.18 | 58.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 31.86 | 60.17 | 75.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  |  | 71.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 21.58 | 35.55 | 70.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 31.93 | 60.16 | 75.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 16.32 | 34.05 | 69.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 31.92 | 60.15 | 75.75 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $1,787,662, $4,691,089 and $– for Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Small Cap Growth Insights Fund, Small Cap Value Insights Fund and U.S. Equity Insights Fund is $20.40, $37.83 and $75.89, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $– and $19,129, respectively) | $8286639 | $10136442 | $6689905 |
|  Dividends — affiliated issuers | 61043 | 87223 | 88402 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 359 | 70 | 80928 |
|  **Total Investment Income** | 8348041 | 10223735 | 6859235 |
| Expenses: |  |  |  |
|  Management fees | 7452069 | 2723628 | 3568361 |
|  Transfer Agency fees<sup>(a)</sup>  | 1055479 | 307765 | 249687 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 988297 | 217536 | 129892 |
|  Custody, accounting and administrative services | 157623 | 78814 | 83121 |
|  Registration fees | 130845 | 112193 | 108752 |
|  Professional fees | 116578 | 116724 | 117091 |
|  Shareholder Administration fees — Service Shares | 67824 | 6620 | 2426 |
|  Service fees — Class C | 51970 | 19223 | 10463 |
|  Printing and mailing costs | 43852 | 33096 | 39378 |
|  Trustee fees | 30259 | 28503 | 28293 |
|  Other | 23653 | 15034 | 12653 |
|  **Total expenses** | 10118449 | 3659136 | 4350117 |
|  Less — expense reductions | (445796) | (366446) | (375094) |
|  **Net expenses** | 9672653 | 3292690 | 3975023 |
|  **NET INVESTMENT INCOME (LOSS)** | (1324612) | 6931045 | 2884212 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 121186778 | 34900491 | 46330812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1725178) | (668513) | 2514983 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 232986893 | 11198375 | 22421785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3412) | 287769 | 130587 |
|  **Net realized and unrealized gain** | 352445081 | 45718122 | 71398167 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $351120469 | $52649167 | $74282379 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Large Cap Growth Insights Fund | $597345 | $155910 | $67824 | $167218 | $358409 | $31182 | $114372 | $10852 | $285778 | $180621 | $50166 | $24099 |
|  Large Cap Value Insights Fund | 130813 | 57668 | 6620 | 22435 | 78488 | 11534 | 17565 | 1059 | 85723 | 92945 | 6730 | 13721 |
|  Small Cap Equity Insights Fund | 74463 | 31387 | 2427 | 21615 | 44678 | 6277 | 49632 | 388 | 71772 | 24215 | 6485 | 46240 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity Insights<br>Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $4,496, $17,585 and $–, respectively) | $1049518 | $19706159 | $13927103 |
|  Dividends — affiliated issuers | 37300 | 23866 | 12235 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 36023 | 266127 | 2 |
|  **Total Investment Income** | 1122841 | 19996152 | 13939340 |
| Expenses: |  |  |  |
|  Management fees | 1139487 | 6870245 | 5688172 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 138174 | 387114 | 1022733 |
|  Transfer Agency fees<sup>(a)</sup>  | 122558 | 552668 | 873258 |
|  Registration fees | 97842 | 120201 | 112231 |
|  Professional fees | 96679 | 122393 | 117940 |
|  Trustee fees | 27713 | 31425 | 21081 |
|  Custody, accounting and administrative services | 26498 | 111560 | 124484 |
|  Printing and mailing costs | 15000 | 67214 | 42881 |
|  Service fees — Class C | 6490 | 5835 | 33014 |
|  Shareholder Administration fees — Service Shares |  |  | 6786 |
|  Other | 6339 | 27284 | 19077 |
|  **Total expenses** | 1676780 | 8295939 | 8061657 |
|  Less — expense reductions | (265700) | (446621) | (393982) |
|  **Net expenses** | 1411080 | 7849318 | 7667675 |
|  **NET INVESTMENT INCOME (LOSS)** | (288239) | 12146834 | 6271665 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 13906095 | 34634006 | 124825104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 146677 | (319781) | 1799424 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 14134419 | 14018016 | 72104521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 30401 | 179500 | 262403 |
|  **Net realized and unrealized gain** | 28217592 | 48511741 | 198991452 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $27929353 | $60658575 | $205263117 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Small Cap Growth Insights Fund | $85862 | $19469 | $– | $32843 | $51518 | $3894 | $16923 | $– | $29230 | $3023 | $9853 | $8117 |
|  Small Cap Value Insights Fund | 270928 | 17505 |  | 98681 | 162557 | 3501 | 118502 |  | 136101 | 90475 | 29604 | 11928 |
|  U.S. Equity Insights Fund | 875703 | 99042 | 6786 | 41202 | 525424 | 19809 | 123254 | 1086 | 81072 | 9947 | 12361 | 100305 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $(1324612) | $(814895) | $6931045 | $4838226 |
|  Net realized gain | 119461600 | 156890785 | 34231978 | 55864707 |
|  Net change in unrealized gain | 232983481 | 278777971 | 11486144 | 38748027 |
|  **Net increase in net assets resulting from operations** | 351120469 | 434853861 | 52649167 | 99450960 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (27772194) | (14187844) | (7059610) | (1802551) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (4197853) | (2314652) | (1028947) | (230118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (30387092) | (16404919) | (5960791) | (1628893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (3608408) | (1787395) | (341582) | (76799) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (23328723) | (10083585) | (8104589) | (2282761) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (56199055) | (25995687) | (31210508) | (5935102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (4309845) | (2110858) | (632407) | (138695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (8568200) | (3665774) | (6173357) | (1514351) |
|  **Total distributions to shareholders** | (158371370) | (76550714) | (60511791) | (13609270) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 406553134 | 243985250 | 226027376 | 29694495 |
|  Reinvestment of distributions | 144211547 | 69201464 | 58840315 | 13165028 |
|  Cost of shares redeemed | (409277628) | (344662267) | (91806671) | (115626004) |
| **Net increase (decrease) in net assets resulting from share transactions** | 141487053 | (31475553) | 193061020 | (72766481) |
|  **TOTAL INCREASE** | 334236152 | 326827594 | 185198396 | 13075209 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $1321982195 | $995154601 | $384158065 | $371082856 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656218347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321982195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569356461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384158065 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income (loss) | $2884212 | $1974166 | $(288239) | $(350184) |
|  Net realized gain | 48845795 | 78073820 | 14052772 | 22127241 |
|  Net change in unrealized gain | 22552372 | 52725745 | 14164820 | 17322151 |
|  **Net increase in net assets resulting from operations** | 74282379 | 132773731 | 27929353 | 39099208 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (3838546) | (117628) | (342765) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (723886) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (14615795) | (824051) | (297652) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (118634) | (8429) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (5709456) | (239907) | (195811) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (9260127) | (812645) | (72234) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (510282) |  | (39647) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (16118833) | (1069929) | (216902) |  |
|  **Total distributions to shareholders** | (50895559) | (3072589) | (1165011) |  |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 139102377 | 108187255 | 51504974 | 30545864 |
|  Reinvestment of distributions | 50382836 | 3025536 | 1082797 |  |
|  Cost of shares redeemed | (124281047) | (132061957) | (33481813) | (30649060) |
| **Net increase (decrease) in net assets resulting from share transactions** | 65204166 | (20849166) | 19105958 | (103196) |
|  **TOTAL INCREASE** | 88590986 | 108851976 | 45870300 | 38996012 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $432977291 | $324125315 | $127399124 | $88403112 |
|  End of year | $521568277 | $432977291 | $173269424 | $127399124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $12146834 | $9756304 | $6271665 | $4534576 |
|  Net realized gain | 34314225 | 149290609 | 126624528 | 152577888 |
|  Net change in unrealized gain | 14197516 | 117460555 | 72366924 | 170266868 |
| **Net increase in net assets resulting from operations** | 60658575 | 276507468 | 205263117 | 327379332 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (24172418) | (2135387) | (49566565) | (7596194) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1183300) | (86314) | (2352799) | (342909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (47220586) | (4379286) | (42023240) | (7331833) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (413236) | (136245) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (20457778) | (1665993) | (7537857) | (1360524) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (45628858) | (4104364) | (4336845) | (654438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (4592653) | (324677) | (1141000) | (169826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (7733635) | (804361) | (46268704) | (7532922) |
| **Total distributions to shareholders** | (150989228) | (13500382) | (153640246) | (25124891) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 187618135 | 225980431 | 122395833 | 84526269 |
|  Reinvestment of distributions | 148580117 | 13072090 | 150523383 | 24656944 |
|  Cost of shares redeemed | (368841528) | (359344327) | (212111313) | (185971937) |
| **Net increase (decrease) in net assets resulting from share transactions** | (32643276) | (120291806) | 60807903 | (76788724) |
| **TOTAL INCREASE (DECREASE)** | (122973929) | 142715280 | 112430774 | 225465717 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $968326805 | $825611525 | $1083072603 | $857606886 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845352876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968326805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195503377 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083072603 |

---

&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 LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $32.25 | $23.95 | $25.20 | $48.76 | $37.63 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.11) | (0.09) | (0.04) | 0.03 <sup>(b)</sup> | (0.09) |
|  Net realized and unrealized gain (loss) | 8.11 | 10.33 | 2.88 | (8.25) | 15.02 |
|  Total from investment operations | 8.00 | 10.24 | 2.84 | (8.22) | 14.93 |
|  Distributions to shareholders from net investment income |  |  | (0.02) |  |  |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Total distributions | (3.93) | (1.94) | (4.09) | (15.34) | (3.80) |
|  Net asset value, end of year | $36.32 | $32.25 | $23.95 | $25.20 | $48.76 |
|  **Total Return<sup>(c)</sup>**  | 26.60% | 45.00% | 13.11% | (24.27)% | 42.69% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336453 |
|  Ratio of net expenses to average net assets | 0.91% | 0.89% | 0.96% | 0.92% | 0.91% |
|  Ratio of total expenses to average net assets | 0.94% | 0.92% | 1.00% | 0.96% | 0.94% |
|  Ratio of net investment income (loss) to average net assets | (0.34)% | (0.30)% | (0.17)% | 0.10 %<sup>(b)</sup> | (0.21)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $22.81 | $17.56 | $19.65 | $41.64 | $32.87 |
|  Net investment loss<sup>(a)</sup>  | (0.23) | (0.21) | (0.16) | (0.15)<sup>(b)</sup> | (0.35) |
|  Net realized and unrealized gain (loss) | 5.53 | 7.40 | 2.14 | (6.50) | 12.92 |
|  Total from investment operations | 5.30 | 7.19 | 1.98 | (6.65) | 12.57 |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Net asset value, end of year | $24.18 | $22.81 | $17.56 | $19.65 | $41.64 |
|  **Total Return<sup>(c)</sup>**  | 25.63% | 43.92% | 12.28% | (24.84)% | 41.59% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47078 |
|  Ratio of net expenses to average net assets | 1.66% | 1.64% | 1.71% | 1.67% | 1.66% |
|  Ratio of total expenses to average net assets | 1.69% | 1.67% | 1.75% | 1.71% | 1.69% |
|  Ratio of net investment loss to average net assets | (1.09)% | (1.04)% | (0.91)% | (0.64)%<sup>(b)</sup> | (0.96)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $35.17 | $25.90 | $26.92 | $50.98 | $39.16 |
|  Net investment income<sup>(a)</sup>  | 0.01 | 0.02 | 0.05 | 0.21 <sup>(b)</sup> | 0.07 |
|  Net realized and unrealized gain (loss) | 8.92 | 11.21 | 3.10 | (8.85) | 15.66 |
|  Total from investment operations | 8.93 | 11.23 | 3.15 | (8.64) | 15.73 |
|  Distributions to shareholders from net investment income | (0.02) | (0.02) | (0.10) | (0.08) | (0.11) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Total distributions | (3.95) | (1.96) | (4.17) | (15.42) | (3.91) |
|  Net asset value, end of year | $40.15 | $35.17 | $25.90 | $26.92 | $50.98 |
|  **Total Return<sup>(c)</sup>**  | 27.07% | 45.56% | 13.51% | (24.00)% | 43.18% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893602 |
|  Ratio of net expenses to average net assets | 0.55% | 0.53% | 0.59% | 0.55% | 0.54% |
|  Ratio of total expenses to average net assets | 0.58% | 0.56% | 0.63% | 0.59% | 0.57% |
|  Ratio of net investment income to average net assets | 0.02% | 0.06% | 0.20% | 0.64 %<sup>(b)</sup> | 0.16% |
|  Portfolio turnover rate<sup>(d)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $30.90 | $23.04 | $24.42 | $47.77 | $36.98 |
|  Net investment loss<sup>(a)</sup>  | (0.15) | (0.12) | (0.07) | – <sup>(b)(c)</sup> | (0.14) |
|  Net realized and unrealized gain (loss) | 7.74 | 9.92 | 2.77 | (8.01) | 14.73 |
|  Total from investment operations | 7.59 | 9.80 | 2.70 | (8.01) | 14.59 |
|  Distributions to shareholders from net investment income |  |  | (0.01) |  |  |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Total distributions | (3.93) | (1.94) | (4.08) | (15.34) | (3.80) |
|  Net asset value, end of year | $34.56 | $30.90 | $23.04 | $24.42 | $47.77 |
|  **Total Return<sup>(d)</sup>**  | 26.42% | 44.86% | 12.91% | (24.36)% | 42.50% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34280 |
|  Ratio of net expenses to average net assets | 1.05% | 1.03% | 1.09% | 1.05% | 1.04% |
|  Ratio of total expenses to average net assets | 1.08% | 1.06% | 1.13% | 1.09% | 1.07% |
|  Ratio of net investment income (loss) to average net assets | (0.48)% | (0.45)% | (0.33)% | 0.01 %<sup>(b)</sup> | (0.34)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $31.52 | $23.39 | $24.70 | $48.07 | $37.12 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.03) | (0.02) | 0.01 | 0.11 <sup>(b)</sup> | 0.02 |
|  Net realized and unrealized gain (loss) | 7.93 | 10.09 | 2.82 | (8.09) | 14.80 |
|  Total from investment operations | 7.90 | 10.07 | 2.83 | (7.98) | 14.82 |
|  Distributions to shareholders from net investment income |  |  | (0.07) | (0.05) | (0.07) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Total distributions | (3.93) | (1.94) | (4.14) | (15.39) | (3.87) |
|  Net asset value, end of year | $35.49 | $31.52 | $23.39 | $24.70 | $48.07 |
|  **Total Return<sup>(c)</sup>**  | 26.93% | 45.38% | 13.41% | (24.10)% | 43.03% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271096 |
|  Ratio of net expenses to average net assets | 0.66% | 0.64% | 0.71% | 0.67% | 0.66% |
|  Ratio of total expenses to average net assets | 0.69% | 0.67% | 0.75% | 0.71% | 0.69% |
|  Ratio of net investment income (loss) to average net assets | (0.09)% | (0.06)% | 0.06% | 0.36 %<sup>(b)</sup> | 0.04% |
|  Portfolio turnover rate<sup>(d)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $35.12 | $25.86 | $26.90 | $50.95 | $39.14 |
|  Net investment income<sup>(a)</sup>  | 0.01 | 0.02 | 0.04 | 0.15 <sup>(b)</sup> | 0.08 |
|  Net realized and unrealized gain (loss) | 8.90 | 11.21 | 3.10 | (8.76) | 15.65 |
|  Total from investment operations | 8.91 | 11.23 | 3.14 | (8.61) | 15.73 |
|  Distributions to shareholders from net investment income | (0.02) | (0.03) | (0.11) | (0.10) | (0.12) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Total distributions | (3.95) | (1.97) | (4.18) | (15.44) | (3.92) |
|  Net asset value, end of year | $40.08 | $35.12 | $25.86 | $26.90 | $50.95 |
|  **Total Return<sup>(c)</sup>**  | 27.07% | 45.56% | 13.50% | (23.97)% | 43.19% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295157 |
|  Ratio of net expenses to average net assets | 0.54% | 0.52% | 0.58% | 0.54% | 0.53% |
|  Ratio of total expenses to average net assets | 0.57% | 0.55% | 0.62% | 0.58% | 0.56% |
|  Ratio of net investment income to average net assets | 0.03% | 0.07% | 0.18% | 0.48 %<sup>(b)</sup> | 0.17% |
|  Portfolio turnover rate<sup>(d)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $30.01 | $22.45 | $23.91 | $47.14 | $36.58 |
|  Net investment loss<sup>(a)</sup>  | (0.17) | (0.15) | (0.10) | (0.05)<sup>(b)</sup> | (0.19) |
|  Net realized and unrealized gain (loss) | 7.49 | 9.65 | 2.71 | (7.84) | 14.55 |
|  Total from investment operations | 7.32 | 9.50 | 2.61 | (7.89) | 14.36 |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Total distributions | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Net asset value, end of year | $33.40 | $30.01 | $22.45 | $23.91 | $47.14 |
|  **Total Return<sup>(c)</sup>**  | 26.28% | 44.69% | 12.80% | (24.46)% | 42.33% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22666 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30111 |
|  Ratio of net expenses to average net assets | 1.16% | 1.14% | 1.21% | 1.17% | 1.16% |
|  Ratio of total expenses to average net assets | 1.19% | 1.17% | 1.25% | 1.21% | 1.19% |
|  Ratio of net investment loss to average net assets | (0.59)% | (0.56)% | (0.44)% | (0.17)%<sup>(b)</sup> | (0.46)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $35.09 | $25.84 | $26.87 | $50.93 | $39.12 |
|  Net investment income<sup>(a)</sup>  | 0.01 | 0.02 | 0.05 | 0.15 <sup>(b)</sup> | 0.07 |
|  Net realized and unrealized gain (loss) | 8.90 | 11.20 | 3.10 | (8.78) | 15.66 |
|  Total from investment operations | 8.91 | 11.22 | 3.15 | (8.63) | 15.73 |
|  Distributions to shareholders from net investment income | (0.02) | (0.03) | (0.11) | (0.09) | (0.12) |
|  Distributions to shareholders from net realized gains | (3.93) | (1.94) | (4.07) | (15.34) | (3.80) |
|  Total distributions | (3.95) | (1.97) | (4.18) | (15.43) | (3.92) |
|  Net asset value, end of year | $40.05 | $35.09 | $25.84 | $26.87 | $50.93 |
|  **Total Return<sup>(c)</sup>**  | 27.09% | 45.55% | 13.55% | (24.00)% | 43.21% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78307 |
|  Ratio of net expenses to average net assets | 0.54% | 0.52% | 0.58% | 0.54% | 0.53% |
|  Ratio of total expenses to average net assets | 0.57% | 0.55% | 0.62% | 0.58% | 0.56% |
|  Ratio of net investment income to average net assets | 0.03% | 0.06% | 0.19% | 0.47 %<sup>(b)</sup> | 0.17% |
|  Portfolio turnover rate<sup>(d)</sup>  | 209% | 215% | 206% | 200% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.10 per share and 0.32% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.15 | $20.74 | $21.53 | $27.15 | $19.23 |
|  Net investment income<sup>(a)</sup>  | 0.25 | 0.25 | 0.26 | 0.24 <sup>(b)</sup> | 0.22 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.50 | 5.97 | (0.33) | (1.47) | 7.98 |
|  Total from investment operations | 2.75 | 6.22 | (0.07) | (1.23) | 8.20 |
|  Distributions to shareholders from net investment income | (0.22) | (0.28) | (0.26) | (0.24) | (0.28) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.41) | (0.81) | (0.72) | (4.39) | (0.28) |
|  Net asset value, end of year | $25.49 | $26.15 | $20.74 | $21.53 | $27.15 |
|  **Total Return<sup>(d)</sup>**  | 11.43% | 30.56% | (0.47)% | (5.42)% | 42.87% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62575 |
|  Ratio of net expenses to average net assets | 0.92% | 0.92% | 0.93% | 0.93% | 0.93% |
|  Ratio of total expenses to average net assets | 0.99% | 1.02% | 1.02% | 1.01% | 1.03% |
|  Ratio of net investment income to average net assets | 1.03% | 1.04% | 1.21% | 1.04 %<sup>(b)</sup> | 0.87 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $25.84 | $20.51 | $21.29 | $26.90 | $19.05 |
|  Net investment income<sup>(a)</sup>  | 0.07 | 0.07 | 0.10 | 0.07 <sup>(b)</sup> | 0.04 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.47 | 5.89 | (0.33) | (1.46) | 7.91 |
|  Total from investment operations | 2.54 | 5.96 | (0.23) | (1.39) | 7.95 |
|  Distributions to shareholders from net investment income | (0.05) | (0.10) | (0.09) | (0.07) | (0.10) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.24) | (0.63) | (0.55) | (4.22) | (0.10) |
|  Net asset value, end of year | $25.14 | $25.84 | $20.51 | $21.29 | $26.90 |
|  **Total Return<sup>(d)</sup>**  | 10.60% | 29.57% | (1.20)% | (6.14)% | 41.85% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713 |
|  Ratio of net expenses to average net assets | 1.67% | 1.67% | 1.68% | 1.68% | 1.68% |
|  Ratio of total expenses to average net assets | 1.74% | 1.77% | 1.77% | 1.76% | 1.78% |
|  Ratio of net investment income to average net assets | 0.28% | 0.29% | 0.46% | 0.32 %<sup>(b)</sup> | 0.16 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.11 | $20.70 | $21.49 | $27.11 | $19.20 |
|  Net investment income<sup>(a)</sup>  | 0.33 | 0.34 | 0.34 | 0.32 <sup>(b)</sup> | 0.31 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.50 | 5.96 | (0.33) | (1.47) | 7.97 |
|  Total from investment operations | 2.83 | 6.30 | 0.01 | (1.15) | 8.28 |
|  Distributions to shareholders from net investment income | (0.31) | (0.36) | (0.34) | (0.32) | (0.37) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.50) | (0.89) | (0.80) | (4.47) | (0.37) |
|  Net asset value, end of year | $25.44 | $26.11 | $20.70 | $21.49 | $27.11 |
|  **Total Return<sup>(d)</sup>**  | 11.81% | 31.07% | (0.10)% | (5.08)% | 43.40% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114706 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.57% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets | 0.63% | 0.66% | 0.66% | 0.64% | 0.66% |
|  Ratio of net investment income to average net assets | 1.39% | 1.41% | 1.58% | 1.43 %<sup>(b)</sup> | 1.26 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.32 | $20.87 | $21.66 | $27.28 | $19.32 |
|  Net investment income<sup>(a)</sup>  | 0.22 | 0.22 | 0.24 | 0.21 <sup>(b)</sup> | 0.19 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.51 | 6.00 | (0.35) | (1.48) | 8.02 |
|  Total from investment operations | 2.73 | 6.22 | (0.11) | (1.27) | 8.21 |
|  Distributions to shareholders from net investment income | (0.19) | (0.24) | (0.22) | (0.20) | (0.25) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.38) | (0.77) | (0.68) | (4.35) | (0.25) |
|  Net asset value, end of year | $25.67 | $26.32 | $20.87 | $21.66 | $27.28 |
|  **Total Return<sup>(d)</sup>**  | 11.24% | 30.39% | (0.62)% | (5.55)% | 42.68% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769 |
|  Ratio of net expenses to average net assets | 1.06% | 1.06% | 1.07% | 1.06% | 1.06% |
|  Ratio of total expenses to average net assets | 1.13% | 1.16% | 1.16% | 1.14% | 1.16% |
|  Ratio of net investment income to average net assets | 0.89% | 0.89% | 1.11% | 0.93 %<sup>(b)</sup> | 0.76 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.02 | $20.64 | $21.43 | $27.04 | $19.15 |
|  Net investment income<sup>(a)</sup>  | 0.31 | 0.31 | 0.32 | 0.30 <sup>(b)</sup> | 0.28 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.48 | 5.94 | (0.34) | (1.47) | 7.95 |
|  Total from investment operations | 2.79 | 6.25 | (0.02) | (1.17) | 8.23 |
|  Distributions to shareholders from net investment income | (0.28) | (0.34) | (0.31) | (0.29) | (0.34) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.47) | (0.87) | (0.77) | (4.44) | (0.34) |
|  Net asset value, end of year | $25.34 | $26.02 | $20.64 | $21.43 | $27.04 |
|  **Total Return<sup>(d)</sup>**  | 11.68% | 30.88% | (0.22)% | (5.17)% | 43.24% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91133 |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.68% | 0.68% | 0.68% |
|  Ratio of total expenses to average net assets | 0.74% | 0.77% | 0.78% | 0.76% | 0.78% |
|  Ratio of net investment income to average net assets | 1.29% | 1.29% | 1.47% | 1.31 %<sup>(b)</sup> | 1.13 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.10 | $20.70 | $21.49 | $27.11 | $19.20 |
|  Net investment income<sup>(a)</sup>  | 0.34 | 0.34 | 0.34 | 0.32 <sup>(b)</sup> | 0.31 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.49 | 5.95 | (0.33) | (1.47) | 7.98 |
|  Total from investment operations | 2.83 | 6.29 | 0.01 | (1.15) | 8.29 |
|  Distributions to shareholders from net investment income | (0.31) | (0.36) | (0.34) | (0.32) | (0.38) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.50) | (0.89) | (0.80) | (4.47) | (0.38) |
|  Net asset value, end of year | $25.43 | $26.10 | $20.70 | $21.49 | $27.11 |
|  **Total Return<sup>(d)</sup>**  | 11.83% | 31.05% | (0.09)% | (5.07)% | 43.42% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79348 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.56% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.62% | 0.65% | 0.65% | 0.63% | 0.65% |
|  Ratio of net investment income to average net assets | 1.40% | 1.40% | 1.58% | 1.43 %<sup>(b)</sup> | 1.26 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $25.91 | $20.56 | $21.35 | $26.96 | $19.09 |
|  Net investment income<sup>(a)</sup>  | 0.19 | 0.19 | 0.21 | 0.18 <sup>(b)</sup> | 0.16 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.47 | 5.91 | (0.34) | (1.46) | 7.93 |
|  Total from investment operations | 2.66 | 6.10 | (0.13) | (1.28) | 8.09 |
|  Distributions to shareholders from net investment income | (0.16) | (0.22) | (0.20) | (0.18) | (0.22) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.35) | (0.75) | (0.66) | (4.33) | (0.22) |
|  Net asset value, end of year | $25.22 | $25.91 | $20.56 | $21.35 | $26.96 |
|  **Total Return<sup>(d)</sup>**  | 11.13% | 30.26% | (0.73)% | (5.66)% | 42.57% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 |
|  Ratio of net expenses to average net assets | 1.17% | 1.17% | 1.18% | 1.18% | 1.18% |
|  Ratio of total expenses to average net assets | 1.24% | 1.27% | 1.28% | 1.26% | 1.28% |
|  Ratio of net investment income to average net assets | 0.80% | 0.77% | 0.98% | 0.81 %<sup>(b)</sup> | 0.64 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.09 | $20.69 | $21.48 | $27.10 | $19.19 |
|  Net investment income<sup>(a)</sup>  | 0.34 | 0.34 | 0.34 | 0.32 <sup>(b)</sup> | 0.30 <sup>(c)</sup> |
|  Net realized and unrealized gain (loss) | 2.49 | 5.95 | (0.33) | (1.47) | 7.99 |
|  Total from investment operations | 2.83 | 6.29 | 0.01 | (1.15) | 8.29 |
|  Distributions to shareholders from net investment income | (0.31) | (0.36) | (0.34) | (0.32) | (0.38) |
|  Distributions to shareholders from net realized gains | (3.19) | (0.53) | (0.46) | (4.15) |  |
|  Total distributions | (3.50) | (0.89) | (0.80) | (4.47) | (0.38) |
|  Net asset value, end of year | $25.42 | $26.09 | $20.69 | $21.48 | $27.10 |
|  **Total Return<sup>(d)</sup>**  | 11.83% | 31.06% | (0.09)% | (5.07)% | 43.44% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47848 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46078 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.56% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.62% | 0.65% | 0.65% | 0.63% | 0.65% |
|  Ratio of net investment income to average net assets | 1.40% | 1.40% | 1.58% | 1.42 %<sup>(b)</sup> | 1.23 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 213% | 206% | 208% | 209% | 215% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.24% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $28.71 | $20.59 | $21.70 | $35.35 | $22.96 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.09 <sup>(b)</sup> | 0.04 | 0.10 <sup>(c)</sup> | 0.05 <sup>(d)</sup> | (0.04) |
|  Net realized and unrealized gain (loss) | 4.04 | 8.18 | (1.11) | (5.10) | 12.48 |
|  Total from investment operations | 4.13 | 8.22 | (1.01) | (5.05) | 12.44 |
|  Distributions to shareholders from net investment income | (0.24) | (0.10) | (0.10) |  | (0.05) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.55) | (0.10) | (0.10) | (8.60) | (0.05) |
|  Net asset value, end of year | $29.29 | $28.71 | $20.59 | $21.70 | $35.35 |
|  **Total Return<sup>(e)</sup>**  | 15.25% | 40.03% | (4.64)% | (17.64)% | 54.23% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23791 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44195 |
|  Ratio of net expenses to average net assets | 1.20% | 1.20% | 1.21% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.29% | 1.29% | 1.30% | 1.29% | 1.29% |
|  Ratio of net investment income (loss) to average net assets | 0.33 %<sup>(b)</sup> | 0.17% | 0.43 %<sup>(c)</sup> | 0.22 %<sup>(d)</sup> | (0.13)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $22.22 | $15.99 | $16.89 | $29.67 | $19.39 |
|  Net investment loss<sup>(a)</sup>  | (0.08)<sup>(b)</sup> | (0.12) | (0.05)<sup>(c)</sup> | (0.10)<sup>(d)</sup> | (0.24) |
|  Net realized and unrealized gain (loss) | 3.06 | 6.35 | (0.85) | (4.08) | 10.52 |
|  Total from investment operations | 2.98 | 6.23 | (0.90) | (4.18) | 10.28 |
|  Distributions to shareholders from net investment income | (0.11) |  |  |  |  |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.42) |  |  | (8.60) |  |
|  Net asset value, end of year | $21.78 | $22.22 | $15.99 | $16.89 | $29.67 |
|  **Total Return<sup>(e)</sup>**  | 14.37% | 38.96% | (5.33)% | (18.24)% | 53.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503 |
|  Ratio of net expenses to average net assets | 1.95% | 1.95% | 1.96% | 1.96% | 1.96% |
|  Ratio of total expenses to average net assets | 2.04% | 2.04% | 2.05% | 2.04% | 2.04% |
|  Ratio of net investment loss to average net assets | (0.42)%<sup>(b)</sup> | (0.58)% | (0.32)%<sup>(c)</sup> | (0.53)%<sup>(d)</sup> | (0.88)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $30.55 | $21.91 | $23.09 | $36.92 | $23.98 |
|  Net investment income<sup>(a)</sup>  | 0.20 <sup>(b)</sup> | 0.15 | 0.19 <sup>(c)</sup> | 0.15 <sup>(d)</sup> | 0.09 |
|  Net realized and unrealized gain (loss) | 4.31 | 8.69 | (1.18) | (5.38) | 13.00 |
|  Total from investment operations | 4.51 | 8.84 | (0.99) | (5.23) | 13.09 |
|  Distributions to shareholders from net investment income | (0.33) | (0.20) | (0.19) |  | (0.15) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.64) | (0.20) | (0.19) | (8.60) | (0.15) |
|  Net asset value, end of year | $31.42 | $30.55 | $21.91 | $23.09 | $36.92 |
|  **Total Return<sup>(e)</sup>**  | 15.63% | 40.51% | (4.28)% | (17.31)% | 54.73% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144712 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226678 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.85% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.93% | 0.93% | 0.94% | 0.92% | 0.93% |
|  Ratio of net investment income to average net assets | 0.69 %<sup>(b)</sup> | 0.53% | 0.81 %<sup>(c)</sup> | 0.60 %<sup>(d)</sup> | 0.28% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $27.92 | $20.05 | $21.13 | $34.68 | $22.55 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.05 <sup>(b)</sup> | 0.02 | 0.06 <sup>(c)</sup> | 0.02 <sup>(d)</sup> | (0.08) |
|  Net realized and unrealized gain (loss) | 3.93 | 7.94 | (1.06) | (4.97) | 12.25 |
|  Total from investment operations | 3.98 | 7.96 | (1.00) | (4.95) | 12.17 |
|  Distributions to shareholders from net investment income | (0.20) | (0.09) | (0.08) |  | (0.04) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.51) | (0.09) | (0.08) | (8.60) | (0.04) |
|  Net asset value, end of year | $28.39 | $27.92 | $20.05 | $21.13 | $34.68 |
|  **Total Return<sup>(e)</sup>**  | 15.08% | 39.77% | (4.76)% | (17.73)% | 54.06% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701 |
|  Ratio of net expenses to average net assets | 1.34% | 1.34% | 1.35% | 1.34% | 1.34% |
|  Ratio of total expenses to average net assets | 1.43% | 1.43% | 1.44% | 1.42% | 1.43% |
|  Ratio of net investment income (loss) to average net assets | 0.18 %<sup>(b)</sup> | 0.10% | 0.28 %<sup>(c)</sup> | 0.10 %<sup>(d)</sup> | (0.26)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $28.58 | $20.51 | $21.62 | $35.18 | $22.85 |
|  Net investment income<sup>(a)</sup>  | 0.15 <sup>(b)</sup> | 0.11 | 0.15 <sup>(c)</sup> | 0.12 <sup>(d)</sup> | 0.05 |
|  Net realized and unrealized gain (loss) | 4.03 | 8.13 | (1.10) | (5.08) | 12.40 |
|  Total from investment operations | 4.18 | 8.24 | (0.95) | (4.96) | 12.45 |
|  Distributions to shareholders from net investment income | (0.31) | (0.17) | (0.16) |  | (0.12) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.62) | (0.17) | (0.16) | (8.60) | (0.12) |
|  Net asset value, end of year | $29.14 | $28.58 | $20.51 | $21.62 | $35.18 |
|  **Total Return<sup>(e)</sup>**  | 15.53% | 40.34% | (4.38)% | (17.42)% | 54.61% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66963 |
|  Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 1.04% | 1.04% | 1.05% | 1.04% | 1.05% |
|  Ratio of net investment income to average net assets | 0.58 %<sup>(b)</sup> | 0.41% | 0.67 %<sup>(c)</sup> | 0.50 %<sup>(d)</sup> | 0.15% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $30.55 | $21.91 | $23.10 | $36.93 | $23.98 |
|  Net investment income<sup>(a)</sup>  | 0.20 <sup>(b)</sup> | 0.15 | 0.19 <sup>(c)</sup> | 0.15 <sup>(d)</sup> | 0.11 |
|  Net realized and unrealized gain (loss) | 4.32 | 8.69 | (1.18) | (5.38) | 13.00 |
|  Total from investment operations | 4.52 | 8.84 | (0.99) | (5.23) | 13.11 |
|  Distributions to shareholders from net investment income | (0.33) | (0.20) | (0.20) |  | (0.16) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.64) | (0.20) | (0.20) | (8.60) | (0.16) |
|  Net asset value, end of year | $31.43 | $30.55 | $21.91 | $23.10 | $36.93 |
|  **Total Return<sup>(e)</sup>**  | 15.67% | 40.54% | (4.30)% | (17.30)% | 54.82% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100558 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.84% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.92% | 0.92% | 0.93% | 0.91% | 0.91% |
|  Ratio of net investment income to average net assets | 0.71 %<sup>(b)</sup> | 0.55% | 0.79 %<sup>(c)</sup> | 0.59 %<sup>(d)</sup> | 0.34% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $27.64 | $19.80 | $20.86 | $34.39 | $22.36 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.02 <sup>(b)</sup> | (0.02) | 0.05 <sup>(c)</sup> | (0.01)<sup>(d)</sup> | (0.11) |
|  Net realized and unrealized gain (loss) | 3.88 | 7.86 | (1.06) | (4.92) | 12.15 |
|  Total from investment operations | 3.90 | 7.84 | (1.01) | (4.93) | 12.04 |
|  Distributions to shareholders from net investment income | (0.19) |  | (0.05) |  | (0.01) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.50) |  | (0.05) | (8.60) | (0.01) |
|  Net asset value, end of year | $28.04 | $27.64 | $19.80 | $20.86 | $34.39 |
|  **Total Return<sup>(e)</sup>**  | 14.96% | 39.60% | (4.84)% | (17.83)% | 53.83% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767 |
|  Ratio of net expenses to average net assets | 1.45% | 1.45% | 1.46% | 1.46% | 1.46% |
|  Ratio of total expenses to average net assets | 1.54% | 1.54% | 1.56% | 1.54% | 1.54% |
|  Ratio of net investment income (loss) to average net assets | 0.09 %<sup>(b)</sup> | (0.08)% | 0.26 %<sup>(c)</sup> | (0.04)%<sup>(d)</sup> | (0.36)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $30.54 | $21.91 | $23.09 | $36.92 | $23.98 |
|  Net investment income<sup>(a)</sup>  | 0.20 <sup>(b)</sup> | 0.15 | 0.19 <sup>(c)</sup> | 0.15 <sup>(d)</sup> | 0.08 |
|  Net realized and unrealized gain (loss) | 4.31 | 8.68 | (1.17) | (5.38) | 13.02 |
|  Total from investment operations | 4.51 | 8.83 | (0.98) | (5.23) | 13.10 |
|  Distributions to shareholders from net investment income | (0.33) | (0.20) | (0.20) |  | (0.16) |
|  Distributions to shareholders from net realized gains | (3.31) |  |  | (8.60) |  |
|  Total distributions | (3.64) | (0.20) | (0.20) | (8.60) | (0.16) |
|  Net asset value, end of year | $31.41 | $30.54 | $21.91 | $23.09 | $36.92 |
|  **Total Return<sup>(e)</sup>**  | 15.64% | 40.49% | (4.26)% | (17.31)% | 54.78% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144239 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.84% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.92% | 0.92% | 0.93% | 0.91% | 0.92% |
|  Ratio of net investment income to average net assets | 0.71 %<sup>(b)</sup> | 0.54% | 0.80 %<sup>(c)</sup> | 0.58 %<sup>(d)</sup> | 0.23% |
|  Portfolio turnover rate<sup>(f)</sup>  | 162% | 164% | 145% | 155% | 165% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.05 per share and 0.18% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.25% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.08 per share and 0.31% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $16.16 | $11.42 | $11.94 | $47.18 | $34.29 |
|  Net investment loss<sup>(a)</sup>  | (0.07)<sup>(b)</sup> | (0.07) | (0.04)<sup>(c)</sup> | (0.05)<sup>(d)</sup> | (0.28) |
|  Net realized and unrealized gain (loss) | 3.36 | 4.81 | (0.46) | (6.01) | 14.62 |
|  Total from investment operations | 3.29 | 4.74 | (0.50) | (6.06) | 14.34 |
|  Distributions to shareholders from net investment income | (0.17) |  | (0.02) |  | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) |
|  Total distributions | (0.17) |  | (0.02) | (29.18) | (1.45) |
|  Net asset value, end of year | $19.28 | $16.16 | $11.42 | $11.94 | $47.18 |
|  **Total Return<sup>(e)</sup>**  | 20.44% | 41.51% | (4.15)% | (25.73)% | 42.51% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59166 |
|  Ratio of net expenses to average net assets | 1.20% | 1.20% | 1.21% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.39% | 1.43% | 1.45% | 1.40% | 1.33% |
|  Ratio of net investment loss to average net assets | (0.42)%<sup>(b)</sup> | (0.49)% | (0.36)%<sup>(c)</sup> | (0.37)%<sup>(d)</sup> | (0.64)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 167% | 166% | 153% | 155% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data\* |  |  |  |  |  |
|  Net asset value, beginning of year | $25.91 | $18.46 | $19.39 | $306.54 | $227.34 |
|  Net investment loss<sup>(a)</sup>  | (0.32)<sup>(b)</sup> | (0.29) | (0.22)<sup>(c)</sup> | (0.24)<sup>(d)</sup> | (4.05) |
|  Net realized and unrealized gain (loss) | 5.40 | 7.74 | (0.71) | (24.29) | 96.30 |
|  Total from investment operations | 5.08 | 7.45 | (0.93) | (24.53) | 92.25 |
|  Distributions to shareholders from net investment income |  |  |  |  | (0.36) |
|  Distributions to shareholders from net realized gains |  |  |  | (262.62) | (12.69) |
|  Total distributions |  |  |  | (262.62) | (13.05) |
|  Net asset value, end of year | $30.99 | $25.91 | $18.46 | $19.39 | $306.54 |
|  **Total Return<sup>(e)</sup>**  | 19.61% | 40.36% | (4.80)% | (26.49)% | 41.47% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866 |
|  Ratio of net expenses to average net assets | 1.95% | 1.95% | 1.96% | 1.96% | 1.96% |
|  Ratio of total expenses to average net assets | 2.14% | 2.18% | 2.21% | 2.14% | 2.08% |
|  Ratio of net investment loss to average net assets | (1.17)%<sup>(b)</sup> | (1.23)% | (1.08)%<sup>(c)</sup> | (1.10)%<sup>(d)</sup> | (1.39)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 167% | 166% | 153% | 155% | 170% |

---

\* On June 10, 2022, the Fund's Class C Shares affected a 9-for-1 reverse share split. All per share data prior to June 10, 2022 has been adjusted to reflect the reverse share split.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.55 | $18.70 | $19.51 | $57.27 | $41.22 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.01)<sup>(b)</sup> | (0.03) | – <sup>(c)(d)</sup> | 0.01 <sup>(e)</sup> | (0.13) |
|  Net realized and unrealized gain (loss) | 5.54 | 7.88 | (0.74) | (8.59) | 17.63 |
|  Total from investment operations | 5.53 | 7.85 | (0.74) | (8.58) | 17.50 |
|  Distributions to shareholders from net investment income | (0.22) |  | (0.06) |  | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) |
|  Distributions to shareholders from return of capital |  |  | (0.01) |  |  |
|  Total distributions | (0.22) |  | (0.07) | (29.18) | (1.45) |
|  Net asset value, end of year | $31.86 | $26.55 | $18.70 | $19.51 | $57.27 |
|  **Total Return<sup>(f)</sup>**  | 20.91% | 41.98% | (3.78)% | (25.48)% | 43.04% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163028 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.85% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 1.03% | 1.07% | 1.09% | 1.01% | 0.96% |
|  Ratio of net investment income (loss) to average net assets | (0.05)%<sup>(b)</sup> | (0.13)% | 0.02 %<sup>(c)</sup> | 0.04 %<sup>(e)</sup> | (0.25)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 167% | 166% | 153% | 155% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.05 | $12.73 | $13.29 | $48.95 | $35.44 |
|  Net investment loss<sup>(a)</sup>  | (0.03)<sup>(b)</sup> | (0.04) | (0.01)<sup>(c)</sup> | (0.02)<sup>(d)</sup> | (0.15) |
|  Net realized and unrealized gain (loss) | 3.76 | 5.36 | (0.50) | (6.46) | 15.11 |
|  Total from investment operations | 3.73 | 5.32 | (0.51) | (6.48) | 14.96 |
|  Distributions to shareholders from net investment income | (0.20) |  | (0.05) |  | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) |
|  Total distributions | (0.20) |  | (0.05) | (29.18) | (1.45) |
|  Net asset value, end of year | $21.58 | $18.05 | $12.73 | $13.29 | $48.95 |
|  **Total Return<sup>(e)</sup>**  | 20.81% | 41.79% | (3.85)% | (25.59)% | 42.89% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22341 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66827 |
|  Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 1.14% | 1.18% | 1.21% | 1.14% | 1.06% |
|  Ratio of net investment loss to average net assets | (0.17)%<sup>(b)</sup> | (0.23)% | (0.11)%<sup>(c)</sup> | (0.10)%<sup>(d)</sup> | (0.32)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 167% | 166% | 153% | 155% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.61 | $18.74 | $19.54 | $57.31 | $41.24 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.02)<sup>(b)</sup> | (0.03) | 0.01 <sup>(c)</sup> | 0.02 <sup>(d)</sup> | (0.10) |
|  Net realized and unrealized gain (loss) | 5.56 | 7.90 | (0.74) | (8.61) | 17.62 |
|  Total from investment operations | 5.54 | 7.87 | (0.73) | (8.59) | 17.52 |
|  Distributions to shareholders from net investment income | (0.22) |  | (0.06) |  | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) |
|  Distributions to shareholders from return of capital |  |  | (0.01) |  |  |
|  Total distributions | (0.22) |  | (0.07) | (29.18) | (1.45) |
|  Net asset value, end of year | $31.93 | $26.61 | $18.74 | $19.54 | $57.31 |
|  **Total Return<sup>(e)</sup>**  | 20.91% | 42.00% | (3.78)% | (25.45)% | 43.07% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96907 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.84% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.02% | 1.06% | 1.10% | 0.99% | 0.93% |
|  Ratio of net investment income (loss) to average net assets | (0.06)%<sup>(b)</sup> | (0.12)% | 0.07 %<sup>(c)</sup> | 0.07 %<sup>(d)</sup> | (0.19)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 167% | 166% | 153% | 155% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.71 | $9.71 | $10.16 | $44.83 | $32.71 |
|  Net investment loss<sup>(a)</sup>  | (0.09)<sup>(b)</sup> | (0.09) | (0.06)<sup>(c)</sup> | (0.08)<sup>(d)</sup> | (0.36) |
|  Net realized and unrealized gain (loss) | 2.84 | 4.09 | (0.39) | (5.41) | 13.93 |
|  Total from investment operations | 2.75 | 4.00 | (0.45) | (5.49) | 13.57 |
|  Distributions to shareholders from net investment income | (0.14) |  |  |  | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) |
|  Total distributions | (0.14) |  |  | (29.18) | (1.45) |
|  Net asset value, end of year | $16.32 | $13.71 | $9.71 | $10.16 | $44.83 |
|  **Total Return<sup>(e)</sup>**  | 20.19% | 41.19% | (4.43)% | (25.92)% | 42.20% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6605 |
|  Ratio of net expenses to average net assets | 1.45% | 1.45% | 1.46% | 1.46% | 1.46% |
|  Ratio of total expenses to average net assets | 1.64% | 1.68% | 1.70% | 1.65% | 1.57% |
|  Ratio of net investment loss to average net assets | (0.64)%<sup>(b)</sup> | (0.74)% | (0.61)%<sup>(c)</sup> | (0.64)%<sup>(d)</sup> | (0.86)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 167% | 166% | 153% | 155% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $26.59 | $18.73 | $19.54 | $57.31 | $41.24 |
|  Net investment loss<sup>(a)</sup>  | (0.01)<sup>(b)</sup> | (0.04) | – <sup>(c)(d)</sup> | – <sup>(d)(e)</sup> | (0.13) |
|  Net realized and unrealized gain (loss) | 5.56 | 7.90 | (0.73) | (8.59) | 17.65 |
|  Total from investment operations | 5.55 | 7.86 | (0.73) | (8.59) | 17.52 |
|  Distributions to shareholders from net investment income | (0.22) |  | (0.07) |  | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (29.18) | (1.41) |
|  Distributions to shareholders from return of capital |  |  | (0.01) |  |  |
|  Total distributions | (0.22) |  | (0.08) | (29.18) | (1.45) |
|  Net asset value, end of year | $31.92 | $26.59 | $18.73 | $19.54 | $57.31 |
|  **Total Return<sup>(f)</sup>**  | 20.97% | 41.96% | (3.74)% | (25.49)% | 43.07% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10801 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.84% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.02% | 1.06% | 1.08% | 1.01% | 0.95% |
|  Ratio of net investment income (loss) to average net assets | (0.05)%<sup>(b)</sup> | (0.17)% | 0.02 %<sup>(c)</sup> | – %<sup>(e)</sup> | (0.25)% |
|  Portfolio turnover rate<sup>(g)</sup>  | 167% | 166% | 153% | 155% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.04 per share and 0.17% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounts to $0.02 per share and 0.13% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.07 per share and 0.34% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $41.08 | $30.81 | $34.42 | $53.90 | $32.93 |
|  Net investment income<sup>(a)</sup>  | 0.38 | 0.30 | 0.41 | 0.27 <sup>(b)</sup> | 0.24 |
|  Net realized and unrealized gain (loss) | 2.92 | 10.63 | (2.86) | (4.48) | 21.00 |
|  Total from investment operations | 3.30 | 10.93 | (2.45) | (4.21) | 21.24 |
|  Distributions to shareholders from net investment income | (0.34) | (0.66) | (0.50) | (0.31) | (0.27) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |
|  Total distributions | (8.63) | (0.66) | (1.16) | (15.27) | (0.27) |
|  Net asset value, end of year | $35.75 | $41.08 | $30.81 | $34.42 | $53.90 |
|  **Total Return<sup>(c)</sup>**  | 8.53% | 35.77% | (7.32)% | (9.67)% | 64.75% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154971 |
|  Ratio of net expenses to average net assets | 1.20% | 1.20% | 1.21% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.26% | 1.25% | 1.27% | 1.26% | 1.26% |
|  Ratio of net investment income to average net assets | 1.13% | 0.78% | 1.25% | 0.73 %<sup>(b)</sup> | 0.49% |
|  Portfolio turnover rate<sup>(d)</sup>  | 139% | 152% | 136% | 173% | 187% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.29 | $16.26 | $18.74 | $36.61 | $22.48 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.05 | 0.01 | 0.09 | – <sup>(b)(c)</sup> | (0.08) |
|  Net realized and unrealized gain (loss) | 1.44 | 5.57 | (1.53) | (2.69) | 14.32 |
|  Total from investment operations | 1.49 | 5.58 | (1.44) | (2.69) | 14.24 |
|  Distributions to shareholders from net investment income | (0.31) | (0.55) | (0.38) | (0.22) | (0.11) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |
|  Total distributions | (8.60) | (0.55) | (1.04) | (15.18) | (0.11) |
|  Net asset value, end of year | $14.18 | $21.29 | $16.26 | $18.74 | $36.61 |
|  **Total Return<sup>(d)</sup>**  | 7.68% | 34.78% | (8.01)% | (10.33)% | 63.49% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 |
|  Ratio of net expenses to average net assets | 1.95% | 1.95% | 1.96% | 1.96% | 1.96% |
|  Ratio of total expenses to average net assets | 2.01% | 2.00% | 2.02% | 2.01% | 2.01% |
|  Ratio of net investment income (loss) to average net assets | 0.38% | 0.04% | 0.52% | (0.02)%<sup>(b)</sup> | (0.25)% |
|  Portfolio turnover rate<sup>(e)</sup>  | 139% | 152% | 136% | 173% | 187% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $63.50 | $47.25 | $52.11 | $73.39 | $44.70 |
|  Net investment income<sup>(a)</sup>  | 0.82 | 0.67 | 0.82 | 0.60 <sup>(b)</sup> | 0.56 |
|  Net realized and unrealized gain (loss) | 4.59 | 16.36 | (4.39) | (6.48) | 28.53 |
|  Total from investment operations | 5.41 | 17.03 | (3.57) | (5.88) | 29.09 |
|  Distributions to shareholders from net investment income | (0.45) | (0.78) | (0.63) | (0.44) | (0.40) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |
|  Total distributions | (8.74) | (0.78) | (1.29) | (15.40) | (0.40) |
|  Net asset value, end of year | $60.17 | $63.50 | $47.25 | $52.11 | $73.39 |
|  **Total Return<sup>(c)</sup>**  | 8.92% | 36.25% | (6.98)% | (9.32)% | 65.37% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281601 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379380 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.85% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.90% | 0.89% | 0.90% | 0.89% | 0.89% |
|  Ratio of net investment income to average net assets | 1.47% | 1.14% | 1.62% | 1.09 %<sup>(b)</sup> | 0.86% |
|  Portfolio turnover rate<sup>(d)</sup>  | 139% | 152% | 136% | 173% | 187% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $40.90 | $30.62 | $34.20 | $53.64 | $32.77 |
|  Net investment income<sup>(a)</sup>  | 0.46 | 0.40 | 0.51 | 0.37 <sup>(b)</sup> | 0.36 |
|  Net realized and unrealized gain (loss) | 2.91 | 10.57 | (2.87) | (4.46) | 20.88 |
|  Total from investment operations | 3.37 | 10.97 | (2.36) | (4.09) | 21.24 |
|  Distributions to shareholders from net investment income | (0.43) | (0.69) | (0.56) | (0.39) | (0.37) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |
|  Total distributions | (8.72) | (0.69) | (1.22) | (15.35) | (0.37) |
|  Net asset value, end of year | $35.55 | $40.90 | $30.62 | $34.20 | $53.64 |
|  **Total Return<sup>(c)</sup>**  | 8.80% | 36.13% | (7.07)% | (9.44)% | 65.17% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363808 |
|  Ratio of net expenses to average net assets | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 1.01% | 1.00% | 1.02% | 1.01% | 1.01% |
|  Ratio of net investment income to average net assets | 1.39% | 1.09% | 1.54% | 0.99 %<sup>(b)</sup> | 0.75% |
|  Portfolio turnover rate<sup>(d)</sup>  | 139% | 152% | 136% | 173% | 187% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $63.48 | $47.24 | $52.10 | $73.38 | $44.70 |
|  Net investment income<sup>(a)</sup>  | 0.84 | 0.67 | 0.82 | 0.62 <sup>(b)</sup> | 0.57 |
|  Net realized and unrealized gain (loss) | 4.59 | 16.35 | (4.39) | (6.49) | 28.51 |
|  Total from investment operations | 5.43 | 17.02 | (3.57) | (5.87) | 29.08 |
|  Distributions to shareholders from net investment income | (0.46) | (0.78) | (0.63) | (0.45) | (0.40) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |
|  Total distributions | (8.75) | (0.78) | (1.29) | (15.41) | (0.40) |
|  Net asset value, end of year | $60.16 | $63.48 | $47.24 | $52.10 | $73.38 |
|  **Total Return<sup>(c)</sup>**  | 8.93% | 36.27% | (6.97)% | (9.31)% | 65.36% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306101 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.84% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.89% | 0.88% | 0.89% | 0.88% | 0.88% |
|  Ratio of net investment income to average net assets | 1.51% | 1.15% | 1.62% | 1.11 %<sup>(b)</sup> | 0.86% |
|  Portfolio turnover rate<sup>(d)</sup>  | 139% | 152% | 136% | 173% | 187% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $39.54 | $29.68 | $33.20 | $52.56 | $32.21 |
|  Net investment income<sup>(a)</sup>  | 0.28 | 0.19 | 0.32 | 0.17 <sup>(b)</sup> | 0.11 |
|  Net realized and unrealized gain (loss) | 2.79 | 10.26 | (2.77) | (4.33) | 20.52 |
|  Total from investment operations | 3.07 | 10.45 | (2.45) | (4.16) | 20.63 |
|  Distributions to shareholders from net investment income | (0.27) | (0.59) | (0.41) | (0.24) | (0.28) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |
|  Total distributions | (8.56) | (0.59) | (1.07) | (15.20) | (0.28) |
|  Net asset value, end of year | $34.05 | $39.54 | $29.68 | $33.20 | $52.56 |
|  **Total Return<sup>(c)</sup>**  | 8.24% | 35.46% | (7.56)% | (9.88)% | 64.31% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19951 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22584 |
|  Ratio of net expenses to average net assets | 1.45% | 1.45% | 1.46% | 1.46% | 1.46% |
|  Ratio of total expenses to average net assets | 1.51% | 1.50% | 1.52% | 1.51% | 1.51% |
|  Ratio of net investment income to average net assets | 0.88% | 0.53% | 0.99% | 0.47 %<sup>(b)</sup> | 0.24% |
|  Portfolio turnover rate<sup>(d)</sup>  | 139% | 152% | 136% | 173% | 187% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $63.47 | $47.23 | $52.09 | $73.38 | $44.69 |
|  Net investment income<sup>(a)</sup>  | 0.83 | 0.66 | 0.82 | 0.61 <sup>(b)</sup> | 0.57 |
|  Net realized and unrealized gain (loss) | 4.60 | 16.37 | (4.38) | (6.49) | 28.52 |
|  Total from investment operations | 5.43 | 17.03 | (3.56) | (5.88) | 29.09 |
|  Distributions to shareholders from net investment income | (0.46) | (0.79) | (0.64) | (0.45) | (0.40) |
|  Distributions to shareholders from net realized gains | (8.29) |  | (0.66) | (14.96) |  |
|  Total distributions | (8.75) | (0.79) | (1.30) | (15.41) | (0.40) |
|  Net asset value, end of year | $60.15 | $63.47 | $47.23 | $52.09 | $73.38 |
|  **Total Return<sup>(c)</sup>**  | 8.93% | 36.29% | (6.97)% | (9.32)% | 65.36% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55616 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45484 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.84% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 0.89% | 0.88% | 0.89% | 0.88% | 0.88% |
|  Ratio of net investment income to average net assets | 1.47% | 1.14% | 1.62% | 1.10 %<sup>(b)</sup> | 0.88% |
|  Portfolio turnover rate<sup>(d)</sup>  | 139% | 152% | 136% | 173% | 187% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.15 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $69.20 | $51.10 | $48.39 | $72.68 | $53.72 |
|  Net investment income<sup>(a)</sup>  | 0.22 | 0.14 | 0.20 | 0.33 <sup>(b)</sup> | 0.20 |
|  Net realized and unrealized gain (loss) | 12.23 | 19.39 | 2.85 | (8.80) | 21.27 |
|  Total from investment operations | 12.45 | 19.53 | 3.05 | (8.47) | 21.47 |
|  Distributions to shareholders from net investment income | (0.12) | (0.22) | (0.34) | (0.25) | (0.28) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (9.93) | (1.43) | (0.34) | (15.82) | (2.51) |
|  Net asset value, end of year | $71.72 | $69.20 | $51.10 | $48.39 | $72.68 |
|  **Total Return<sup>(c)</sup>**  | 19.64% | 38.87% | 6.37% | (14.87)% | 41.26% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276758 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380721 |
|  Ratio of net expenses to average net assets | 0.92% | 0.92% | 0.93% | 0.93% | 0.93% |
|  Ratio of total expenses to average net assets | 0.95% | 0.96% | 0.97% | 0.97% | 0.97% |
|  Ratio of net investment income to average net assets | 0.34% | 0.22% | 0.40% | 0.62 %<sup>(b)</sup> | 0.31% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $58.03 | $43.18 | $40.94 | $64.06 | $47.71 |
|  Net investment loss<sup>(a)</sup>  | (0.21) | (0.27) | (0.14) | (0.06)<sup>(b)</sup> | (0.25) |
|  Net realized and unrealized gain (loss) | 10.03 | 16.33 | 2.41 | (7.49) | 18.83 |
|  Total from investment operations | 9.82 | 16.06 | 2.27 | (7.55) | 18.58 |
|  Distributions to shareholders from net investment income |  |  | (0.03) |  |  |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (9.81) | (1.21) | (0.03) | (15.57) | (2.23) |
|  Net asset value, end of year | $58.04 | $58.03 | $43.18 | $40.94 | $64.06 |
|  **Total Return<sup>(c)</sup>**  | 18.74% | 37.84% | 5.56% | (15.50)% | 40.22% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19252 |
|  Ratio of net expenses to average net assets | 1.67% | 1.67% | 1.68% | 1.68% | 1.68% |
|  Ratio of total expenses to average net assets | 1.70% | 1.71% | 1.72% | 1.72% | 1.72% |
|  Ratio of net investment loss to average net assets | (0.40)% | (0.52)% | (0.34)% | (0.13)%<sup>(b)</sup> | (0.44)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $72.61 | $53.54 | $50.70 | $75.37 | $55.60 |
|  Net investment income<sup>(a)</sup>  | 0.48 | 0.38 | 0.41 | 0.55 <sup>(b)</sup> | 0.45 |
|  Net realized and unrealized gain (loss) | 12.89 | 20.31 | 2.97 | (9.20) | 22.02 |
|  Total from investment operations | 13.37 | 20.69 | 3.38 | (8.65) | 22.47 |
|  Distributions to shareholders from net investment income | (0.33) | (0.41) | (0.54) | (0.45) | (0.47) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (10.14) | (1.62) | (0.54) | (16.02) | (2.70) |
|  Net asset value, end of year | $75.84 | $72.61 | $53.54 | $50.70 | $75.37 |
|  **Total Return<sup>(c)</sup>**  | 20.07% | 39.37% | 6.75% | (14.55)% | 41.79% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325457 |
|  Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.57% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets | 0.59% | 0.60% | 0.61% | 0.60% | 0.60% |
|  Ratio of net investment income to average net assets | 0.71% | 0.58% | 0.77% | 0.99 %<sup>(b)</sup> | 0.68% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $68.60 | $50.69 | $48.01 | $72.21 | $53.38 |
|  Net investment income<sup>(a)</sup>  | 0.13 | 0.09 | 0.13 | 0.26 <sup>(b)</sup> | 0.11 |
|  Net realized and unrealized gain (loss) | 12.12 | 19.19 | 2.82 | (8.74) | 21.14 |
|  Total from investment operations | 12.25 | 19.28 | 2.95 | (8.48) | 21.25 |
|  Distributions to shareholders from net investment income |  | (0.16) | (0.27) | (0.15) | (0.19) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (9.81) | (1.37) | (0.27) | (15.72) | (2.42) |
|  Net asset value, end of year | $71.04 | $68.60 | $50.69 | $48.01 | $72.21 |
|  **Total Return<sup>(c)</sup>**  | 19.48% | 38.68% | 6.20% | (14.98)% | 41.08% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6302 |
|  Ratio of net expenses to average net assets | 1.06% | 1.06% | 1.07% | 1.06% | 1.06% |
|  Ratio of total expenses to average net assets | 1.09% | 1.10% | 1.11% | 1.10% | 1.10% |
|  Ratio of net investment income to average net assets | 0.21% | 0.15% | 0.26% | 0.49 %<sup>(b)</sup> | 0.17% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $67.97 | $50.18 | $47.56 | $71.70 | $53.02 |
|  Net investment income<sup>(a)</sup>  | 0.37 | 0.29 | 0.35 | 0.46 <sup>(b)</sup> | 0.36 |
|  Net realized and unrealized gain (loss) | 12.01 | 19.02 | 2.76 | (8.63) | 20.96 |
|  Total from investment operations | 12.38 | 19.31 | 3.11 | (8.17) | 21.32 |
|  Distributions to shareholders from net investment income | (0.26) | (0.31) | (0.49) | (0.40) | (0.41) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (10.07) | (1.52) | (0.49) | (15.97) | (2.64) |
|  Net asset value, end of year | $70.28 | $67.97 | $50.18 | $47.56 | $71.70 |
|  **Total Return<sup>(c)</sup>**  | 19.96% | 39.20% | 6.62% | (14.65)% | 41.61% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127076 |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.68% | 0.68% | 0.68% |
|  Ratio of total expenses to average net assets | 0.70% | 0.71% | 0.72% | 0.72% | 0.72% |
|  Ratio of net investment income to average net assets | 0.59% | 0.48% | 0.71% | 0.87 %<sup>(b)</sup> | 0.56% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $72.52 | $53.47 | $50.64 | $75.30 | $55.56 |
|  Net investment income<sup>(a)</sup>  | 0.48 | 0.38 | 0.40 | 0.52 <sup>(b)</sup> | 0.46 |
|  Net realized and unrealized gain (loss) | 12.89 | 20.30 | 2.97 | (9.15) | 21.99 |
|  Total from investment operations | 13.37 | 20.68 | 3.37 | (8.63) | 22.45 |
|  Distributions to shareholders from net investment income | (0.34) | (0.42) | (0.54) | (0.46) | (0.48) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (10.15) | (1.63) | (0.54) | (16.03) | (2.71) |
|  Net asset value, end of year | $75.74 | $72.52 | $53.47 | $50.64 | $75.30 |
|  **Total Return<sup>(c)</sup>**  | 20.10% | 39.40% | 6.75% | (14.54)% | 41.78% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14142 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.56% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.58% | 0.59% | 0.60% | 0.59% | 0.60% |
|  Ratio of net investment income to average net assets | 0.71% | 0.59% | 0.75% | 0.95 %<sup>(b)</sup> | 0.69% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $67.60 | $49.94 | $47.07 | $71.12 | $52.63 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.06 | (0.02) | 0.09 | 0.19 <sup>(b)</sup> | 0.07 |
|  Net realized and unrealized gain (loss) | 11.92 | 18.96 | 2.78 | (8.58) | 20.80 |
|  Total from investment operations | 11.98 | 18.94 | 2.87 | (8.39) | 20.87 |
|  Distributions to shareholders from net investment income |  | (0.07) |  | (0.09) | (0.15) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (9.81) | (1.28) |  | (15.66) | (2.38) |
|  Net asset value, end of year | $69.77 | $67.60 | $49.94 | $47.07 | $71.12 |
|  **Total Return<sup>(c)</sup>**  | 19.35% | 38.52% | 6.10% | (15.08)% | 40.91% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22030 |
|  Ratio of net expenses to average net assets | 1.17% | 1.17% | 1.18% | 1.18% | 1.18% |
|  Ratio of total expenses to average net assets | 1.20% | 1.21% | 1.22% | 1.22% | 1.22% |
|  Ratio of net investment income (loss) to average net assets | 0.09% | (0.03)% | 0.18% | 0.37 %<sup>(b)</sup> | 0.11% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $72.53 | $53.48 | $50.65 | $75.31 | $55.56 |
|  Net investment income<sup>(a)</sup>  | 0.48 | 0.38 | 0.41 | 0.55 <sup>(b)</sup> | 0.46 |
|  Net realized and unrealized gain (loss) | 12.89 | 20.30 | 2.96 | (9.18) | 22.00 |
|  Total from investment operations | 13.37 | 20.68 | 3.37 | (8.63) | 22.46 |
|  Distributions to shareholders from net investment income | (0.34) | (0.42) | (0.54) | (0.46) | (0.48) |
|  Distributions to shareholders from net realized gains | (9.81) | (1.21) |  | (15.57) | (2.23) |
|  Total distributions | (10.15) | (1.63) | (0.54) | (16.03) | (2.71) |
|  Net asset value, end of year | $75.75 | $72.53 | $53.48 | $50.65 | $75.31 |
|  **Total Return<sup>(c)</sup>**  | 20.09% | 39.40% | 6.75% | (14.54)% | 41.80% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367888 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327501 |
|  Ratio of net expenses to average net assets | 0.55% | 0.55% | 0.56% | 0.55% | 0.55% |
|  Ratio of total expenses to average net assets | 0.58% | 0.59% | 0.60% | 0.59% | 0.59% |
|  Ratio of net investment income to average net assets | 0.71% | 0.59% | 0.78% | 1.00 %<sup>(b)</sup> | 0.68% |
|  Portfolio turnover rate<sup>(d)</sup>  | 204% | 206% | 203% | 205% | 214% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.13 per share and 0.23% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Large Cap Growth Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Non-Diversified |
| Goldman Sachs Large Cap Value Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Growth Insights Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Value Insights Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs U.S. Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| Large Cap Growth Insights Fund | Annually | Annually |
| Large Cap Value Insights Fund | Quarterly | Annually |
| Small Cap Equity Insights Fund | Annually | Annually |
| Small Cap Growth Insights Fund | Annually | Annually |
| Small Cap Value Insights Fund | Annually | Annually |
| U.S. Equity Insights Fund | Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Portfolio investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectuses. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**86**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee") GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities— Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Growth Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1648326823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $1648326823 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $63443 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**88**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Value Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $117495 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 557495526 |  |  |
|  Investment Company | 2291221 |  |  |
|  **Total** | $559904242 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $287769 | $— | $— |
| **Small Cap Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1470862 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2916571 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 6337884 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 499847375 |  |  |
|  Investment Company | 2766768 |  |  |
|  Securities Lending Reinvestment Vehicle | 2990120 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516329580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(12132) | $— | $— |
| **Small Cap Growth Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $1925587 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1050281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 166683821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 28847 |  |  |
|  Investment Company | 873895 |  |  |
|  Securities Lending Reinvestment Vehicle | 1758974 |  |  |
|  **Total** | $172321405 | $— | $— |
| Derivative Type |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $(6761) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Value Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $4929407 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 200997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 15477552 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 809219175 |  |  |
|  Investment Company | 592 |  |  |
|  Securities Lending Reinvestment Vehicle | 4832198 |  |  |
|  **Total** | $834659921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $146667 | $— | $— |
| **U.S. Equity Insights Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $1381924 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1182539092 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183921016 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $262403 | $— | $— |

---

<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at fiscal year end. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63443 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**90**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $287769 | Variation margin on futures contracts | $— |
| **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $— | Variation margin on futures contracts | $(12132) |
| **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $— | Variation margin on futures contracts | $(6761) |
| **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $146667 | Variation margin on futures contracts | $— |
| **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262403 | Variation margin on futures contracts | $— |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of October 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| <br> Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | $(1725178) | $(3412) |
| **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| <br> Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | (668513) | 287769 |
| **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| <br> Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130587 |
| **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| <br> Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 146677 | 30401 |
| **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| <br> Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | $(319781) | $179500 |
| **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 1799424 | 262403 |

---

For the fiscal year ended October 31, 2025, the relevant values for each derivative type were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**92**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | |
|:---|:---|
| **Fund** | **Average** <br> **Number of** <br> **Contracts<sup>(a)</sup>**  |
|  Large Cap Growth Insights Fund | 46 |
|  Large Cap Value Insights Fund | 25 |
|  Small Cap Equity Insights Fund | 57 |
|  Small Cap Growth Insights Fund | 24 |
|  Small Cap Value Insights Fund | 79 |
|  U.S. Equity Insights Fund | 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | | |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** | **Effective Net<br>Management<br>Rate^** |
|  Large Cap Growth Insights Fund | 0.52% | 0.47% | 0.44% | 0.44% | 0.43% | 0.50% | 0.50% |
|  Large Cap Value Insights Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
|  Small Cap Equity Insights Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |
|  Small Cap Growth Insights Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |
|  Small Cap Value Insights Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |
|  U.S. Equity Insights Fund | 0.52 | 0.47 | 0.44 | 0.44 | 0.43 | 0.52 | 0.52 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

The Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated underlying fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated underlying funds in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the fiscal year ended October 31, 2025, the management fee waived by GSAM for each Fund was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | |
|:---|:---|
| **Fund** | **Management** <br> **Fee Waived**  |
|  Large Cap Growth Insights Fund | $2127 |
|  Large Cap Value Insights Fund | 3025 |
|  Small Cap Equity Insights Fund | 3640 |
|  Small Cap Growth Insights Fund | 1324 |
|  Small Cap Value Insights Fund | 879 |
|  U.S. Equity Insights Fund | 432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended October 31, 2025, Goldman Sachs retained the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**94**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | **Front End<br>Sales Charge** | **Contingent Deferred<br>Sales Charge** |
| **Fund** | **Class A** | **Class C** |
|  Large Cap Growth Insights Fund | $16680 | $— |
|  Large Cap Value Insights Fund | 978 | 334 |
|  Small Cap Equity Insights Fund | 3701 | 514 |
|  Small Cap Growth Insights Fund | 3543 | 25 |
|  Small Cap Value Insights Fund | 2854 |  |
|  U.S. Equity Insights Fund | 6899 | 436 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended October 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other Expense<br>Reimbursements** | **Total Expense** <br> **Reductions** |
|  Large Cap Growth Insights Fund | $2127 | $443669 | $445796 |
|  Large Cap Value Insights Fund | 3025 | 363421 | 366446 |
|  Small Cap Equity Insights Fund | 3640 | 371454 | 375094 |
|  Small Cap Growth Insights Fund | 1324 | 264376 | 265700 |
|  Small Cap Value Insights Fund | 879 | 445742 | 446621 |
|  U.S. Equity Insights Fund | 432 | 393550 | 393982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of October 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2025, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.

As of October 31, 2025, the following Goldman Sachs funds were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Goldman Sachs<br>Dynamic Global**<br> **Equity** | **Goldman<br>Sachs Growth<br>and Income<br>Strategy<br>Portfolio** | **Goldman Sachs**<br> **Growth Strategy<br>Portfolio** | **Goldman Sachs<br>Balanced<br>Strategy<br>Portfolio** |
|  Large Cap Growth Insights Fund | –% | 6% | 8% | –% |
|  Large Cap Value Insights Fund | 13 | 17 | 23 | 6 |

---

The following table provides information about the Funds' investments in the Underlying Money Market Fund as of and for the fiscal year ended October 31, 2025:

#### Large Cap Growth Insights Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $– | $85976051 | $(85976051) | $– |  | $61043 |
| <br> **Large Cap Value Insights Fund** | <br> **Large Cap Value Insights Fund** | <br> **Large Cap Value Insights Fund** | <br> **Large Cap Value Insights Fund** | <br> **Large Cap Value Insights Fund** | <br> **Large Cap Value Insights Fund** | <br> **Large Cap Value Insights Fund** |
| **Underlying Fund** | **Beginning value<br>as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 453783 | 76737632 | (74900194) | 2291221 | 2291221 | 87223 |
| <br> **Small Cap Equity Insights Fund** | <br> **Small Cap Equity Insights Fund** | <br> **Small Cap Equity Insights Fund** | <br> **Small Cap Equity Insights Fund** | <br> **Small Cap Equity Insights Fund** | <br> **Small Cap Equity Insights Fund** | <br> **Small Cap Equity Insights Fund** |
| **Underlying Fund** | **Beginning value<br>as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 3881815 | 98144806 | (99259853) | 2766768 | 2766768 | 88402 |
| <br> **Small Cap Growth Insights Fund** | <br> **Small Cap Growth Insights Fund** | <br> **Small Cap Growth Insights Fund** | <br> **Small Cap Growth Insights Fund** | <br> **Small Cap Growth Insights Fund** | <br> **Small Cap Growth Insights Fund** | <br> **Small Cap Growth Insights Fund** |
| **Underlying Fund** | **Beginning value<br>as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 1341626 | 35348641 | (35816372) | 873895 | 873895 | 37300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**96**

------

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### Small Cap Value Insights Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $6661301 | $31117873 | $(37778582) | $592 | 592 | $23866 |
| <br> **U.S. Equity Insights Fund** | <br> **U.S. Equity Insights Fund** | <br> **U.S. Equity Insights Fund** | <br> **U.S. Equity Insights Fund** | <br> **U.S. Equity Insights Fund** | <br> **U.S. Equity Insights Fund** | <br> **U.S. Equity Insights Fund** |
| **Underlying Fund** | **Beginning value<br>as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  |  | 10314197 | (10314197) |  |  | 12235 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Large Cap Growth Insights Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060543108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079315222 |
|  Large Cap Value Insights Fund | 1228558667 | 1094612198 |
|  Small Cap Equity Insights Fund | 729036051 | 708398060 |
|  Small Cap Growth Insights Fund | 251176824 | 233812742 |
|  Small Cap Value Insights Fund | 1177232497 | 1338889997 |
|  U.S. Equity Insights Fund | 2241715470 | 2327331111 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned by the Funds for the fiscal year ended October 31, 2025 are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year ended October 31, 2025** | **For the Fiscal Year ended October 31, 2025** | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities Loaned** | **Amounts Received<br>by the Funds<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>October 31, 2025** |
|  Large Cap Growth Insights Fund | $31 | $— | $— |
|  Large Cap Value Insights Fund | 8 |  |  |
|  Small Cap Equity Insights Fund | 8214 | 2384 |  |
|  Small Cap Growth Insights Fund | 3512 | 1022 |  |
|  Small Cap Value Insights Fund | 27842 | 16081 | 86583 |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as of<br>October 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending value as<br>of October 31, 2025** |
|  Large Cap Growth Insights Fund | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1875300) | $— |
|  Large Cap Value Insights Fund |  | 562800 | (562800) |  |
|  Small Cap Equity Insights Fund | 2996700 | 87828460 | (87835040) | 2990120 |
|  Small Cap Growth Insights Fund | 1099725 | 40897969 | (40238720) | 1758974 |
|  Small Cap Value Insights Fund | 6197240 | 115590744 | (116955786) | 4832198 |
|  U.S. Equity Insights Fund |  | 155050 | (155050) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**98**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $144158192 | $49808972 | $12357557 | $1165011 | $84425047 |
|  Long-term capital gains | 14213178 | 10702819 | 38538002 |  | 66564181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $158371370 | $60511791 | $50895559 | $1165011 | $150989228 |
|  |  |  |  |  | **U.S. Equity Insights<br>Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income |  |  |  |  | $130591357 |
|  Long-term capital gains |  |  |  |  | 23048889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions |  |  |  |  | $153640246 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $21916869 | $12458625 | $3072589 | $— | $13500382 |
|  Long-term capital gains | 54633845 | 1150645 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $76550714 | $13609270 | $3072589 | $— | $13500382 |
|  |  |  |  |  | **U.S. Equity Insights<br>Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income |  |  |  |  | $11510828 |
|  Long-term capital gains |  |  |  |  | 13614063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions |  |  |  |  | $25124891 |

---

As of the funds most current year end, October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** | **Small Cap Growth<br>Insights Fund\*** | **Small Cap Value<br>Insights Fund** |
|  Undistributed ordinary income — net | $42541548 | $28557396 | $21626966 | $377796 | $13373040 |
|  Undistributed long-term capital gains | 77309714 | 7248753 | 29474310 | 10159833 | 31096820 |
|  Total undistributed earnings | $119851262 | $35806149 | $51101276 | $10537629 | $44469860 |
|  Timing differences (Qualified Late Year Loss Deferral) | (1429725) |  |  | (198918) |  |
|  Unrealized gains (losses) — net | 803083642 | 47027537 | 58807224 | 27452068 | 70547306 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921505179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82833686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109908500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37790779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115017166 |

---

\* The, Small Cap Growth Insights Fund utilized $3,228,151 of capital losses in the current fiscal year. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

---

| | |
|:---|:---|
|  | **U.S. Equity<br>Insights Fund** |
|  Undistributed ordinary income — net | $62562706 |
|  Undistributed long-term capital gains | 68823701 |
|  Total undistributed earnings | $131386407 |
|  Unrealized gains (losses) — net | 380398641 |
|  Total accumulated earnings (losses) — net | $511785048 |

---

As of October 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** |
|  Tax Cost | $845306624 | $513164474 | $457510224 |
|  Gross unrealized gain | 825701050 | 67522659 | 88142703 |
|  Gross unrealized loss | (22617408) | (20495122) | (29335479) |
|  Net unrealized gain (loss) | $803083642 | $47027537 | $58807224 |
|  | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity Insights<br>Fund** |
|  Tax Cost | $144862576 | $764259282 | $803784778 |
|  Gross unrealized gain | 35829108 | 122622823 | 408937549 |
|  Gross unrealized loss | (8377040) | (52075517) | (28538908) |
|  Net unrealized gain (loss) | $27452068 | $70547306 | $380398641 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and differences in the tax treatment of passive foreign investment company investments, and differences in the tax treatment of underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.

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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**100**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transaction defaults.

Non-Diversification Risk — The Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** | **Large Cap Growth Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class A Shares |  |  |  |  |
|  Shares sold | 1098870 | $34881233 | 757468 | $21470410 |
|  Reinvestment of distributions | 754303 | 23888771 | 472195 | 11927636 |
|  Shares redeemed | (1508960) | (47499365) | (1689801) | (48701601) |
|  | 344213 | 11270639 | (460138) | (15303555) |
| Class C Shares |  |  |  |  |
|  Shares sold | 177830 | 3655499 | 123799 | 2528084 |
|  Reinvestment of distributions | 192714 | 4091315 | 125430 | 2255235 |
|  Shares redeemed | (570797) | (12019559) | (378134) | (7685756) |
|  | (200253) | (4272745) | (128905) | (2902437) |
| Institutional Shares |  |  |  |  |
|  Shares sold | 2002229 | 67316709 | 2336562 | 70672170 |
|  Reinvestment of distributions | 749220 | 26164098 | 512634 | 14088375 |
|  Shares redeemed | (2596078) | (89158514) | (3521817) | (109400667) |
|  | 155371 | 4322293 | (672621) | (24640122) |
| Service Shares |  |  |  |  |
|  Shares sold | 170056 | 5214511 | 155105 | 4306272 |
|  Reinvestment of distributions | 40839 | 1232111 | 28650 | 694203 |
|  Shares redeemed | (270038) | (7993622) | (177726) | (5107647) |
|  | (59143) | (1547000) | 6029 | (107172) |
| Investor Shares |  |  |  |  |
|  Shares sold | 2261258 | 70527314 | 2505919 | 68299019 |
|  Reinvestment of distributions | 755444 | 23328120 | 409390 | 10083287 |
|  Shares redeemed | (3208411) | (97357884) | (2454550) | (68115403) |
|  | (191709) | (3502450) | 460759 | 10266903 |
| Class R6 Shares |  |  |  |  |
|  Shares sold | 5956221 | 207408484 | 1853677 | 59000912 |
|  Reinvestment of distributions | 1510444 | 52658286 | 888387 | 24388611 |
|  Shares redeemed | (3791014) | (129736569) | (2914031) | (89546092) |
|  | 3675651 | 130330201 | (171967) | (6156569) |
| Class R Shares |  |  |  |  |
|  Shares sold | 240287 | 6940932 | 257865 | 6920001 |
|  Reinvestment of distributions | 146648 | 4280646 | 89102 | 2098344 |
|  Shares redeemed | (494263) | (14320543) | (369959) | (9910914) |
|  | (107328) | (3098965) | (22992) | (892569) |
| Class P Shares |  |  |  |  |
|  Shares sold | 297772 | 10608452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10788382 |
|  Reinvestment of distributions | 245984 | 8568200 | 133678 | 3665773 |
|  Shares redeemed | (329191) | (11191572) | (208244) | (6194187) |
|  | 214565 | 7985080 | 268734 | 8259968 |
|  **NET INCREASE (DECREASE) IN SHARES** | 3831367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141487053 | (721101) | $(31475553) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**102**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** | **Large Cap Value Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class A Shares |  |  |  |  |
|  Shares sold | 133628 | $3190660 | 137867 | $3306586 |
|  Reinvestment of distributions | 269499 | 6474002 | 72650 | 1661332 |
|  Shares redeemed | (476141) | (11417384) | (408273) | (9846435) |
|  | (73014) | (1752722) | (197756) | (4878517) |
| Class C Shares |  |  |  |  |
|  Shares sold | 24645 | 577669 | 19496 | 453915 |
|  Reinvestment of distributions | 42555 | 1007993 | 9927 | 220547 |
|  Shares redeemed | (111640) | (2681045) | (75462) | (1788517) |
|  | (44440) | (1095383) | (46039) | (1114055) |
| Institutional Shares |  |  |  |  |
|  Shares sold | 671886 | 15663496 | 258753 | 6213983 |
|  Reinvestment of distributions | 211111 | 5062196 | 60329 | 1384953 |
|  Shares redeemed | (881702) | (20942465) | (2224160) | (48974661) |
|  | 1295 | (216773) | (1905078) | (41375725) |
| Service Shares |  |  |  |  |
|  Shares sold | 21684 | 543148 | 18578 | 449144 |
|  Reinvestment of distributions | 14026 | 339331 | 3320 | 76301 |
|  Shares redeemed | (25599) | (620346) | (25363) | (618657) |
|  | 10111 | 262133 | (3465) | (93212) |
| Investor Shares |  |  |  |  |
|  Shares sold | 1411049 | 34103172 | 341439 | 8039269 |
|  Reinvestment of distributions | 339319 | 8104589 | 99951 | 2282440 |
|  Shares redeemed | (1691666) | (38665811) | (782674) | (18746056) |
|  | 58702 | 3541950 | (341284) | (8424347) |
| Class R6 Shares |  |  |  |  |
|  Shares sold | 6770035 | 169482741 | 258819 | 6516362 |
|  Reinvestment of distributions | 1294771 | 31046440 | 256370 | 5886409 |
|  Shares redeemed | (466174) | (11303593) | (992336) | (24123354) |
|  | 7598632 | 189225588 | (477147) | (11720583) |
| Class R Shares |  |  |  |  |
|  Shares sold | 27282 | 669331 | 44877 | 1022377 |
|  Reinvestment of distributions | 26614 | 632407 | 6139 | 138695 |
|  Shares redeemed | (63569) | (1452906) | (23978) | (565066) |
|  | (9673) | (151168) | 27038 | 596006 |
| Class P Shares |  |  |  |  |
|  Shares sold | 76970 | 1797159 | 150437 | 3692859 |
|  Reinvestment of distributions | 257650 | 6173357 | 65864 | 1514351 |
|  Shares redeemed | (206379) | (4723121) | (482805) | (10963258) |
|  | 128241 | 3247395 | (266504) | (5756048) |
|  **NET INCREASE (DECREASE) IN SHARES** | 7669854 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193061020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3210235) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72766481) |

---

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**103**

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Notes to Financial Statements (continued) *October 31, 2025*

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** | **Small Cap Equity Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class A Shares |  |  |  |  |
|  Shares sold | 194668 | $5488267 | 177270 | $4690383 |
|  Reinvestment of distributions | 131314 | 3627477 | 4589 | 111606 |
|  Shares redeemed | (358607) | (9819282) | (237404) | (6146615) |
|  | (32625) | (703538) | (55545) | (1344626) |
| Class C Shares |  |  |  |  |
|  Shares sold | 39894 | 790730 | 45999 | 917231 |
|  Reinvestment of distributions | 35079 | 723886 |  |  |
|  Shares redeemed | (94383) | (1885890) | (66961) | (1384356) |
|  | (19410) | (371274) | (20962) | (467125) |
| Institutional Shares |  |  |  |  |
|  Shares sold | 1171611 | 33701025 | 815653 | 22320354 |
|  Reinvestment of distributions | 483795 | 14321475 | 30406 | 784182 |
|  Shares redeemed | (1043699) | (29668812) | (997676) | (27599249) |
|  | 611707 | 18353688 | (151617) | (4494713) |
| Service Shares |  |  |  |  |
|  Shares sold | 12785 | 320504 | 4935 | 130639 |
|  Reinvestment of distributions | 4429 | 118634 | 356 | 8429 |
|  Shares redeemed | (12693) | (310541) | (66276) | (1600377) |
|  | 4521 | 128597 | (60985) | (1461309) |
| Investor Shares |  |  |  |  |
|  Shares sold | 1560416 | 42514198 | 524422 | 13647555 |
|  Reinvestment of distributions | 207785 | 5709456 | 9934 | 239907 |
|  Shares redeemed | (1169556) | (30857588) | (395186) | (10404377) |
|  | 598645 | 17366066 | 139170 | 3483085 |
| Class R6 Shares |  |  |  |  |
|  Shares sold | 411538 | 11846153 | 1112938 | 27854969 |
|  Reinvestment of distributions | 312677 | 9254708 | 31465 | 811483 |
|  Shares redeemed | (431292) | (12936700) | (1610795) | (46406801) |
|  | 292923 | 8164161 | (466392) | (17740349) |
| Class R Shares |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456213 |
|  Reinvestment of distributions | 19194 | 508366 |  |  |
|  Shares redeemed | (41317) | (1048727) | (30350) | (788863) |
|  | 21895 | 564341 | (12043) | (332650) |
| Class P Shares |  |  |  |  |
|  Shares sold | 1730671 | 43336798 | 1400326 | 38169911 |
|  Reinvestment of distributions | 544760 | 16118834 | 41503 | 1069929 |
|  Shares redeemed | (1259700) | (37753507) | (1438544) | (37731319) |
|  | 1015731 | 21702125 | 3285 | 1508521 |
|  **NET INCREASE (DECREASE) IN SHARES** | 2493387 | $65204166 | (625089) | $(20849166) |

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** | **Small Cap Growth Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class A Shares |  |  |  |  |
|  Shares sold | 231568 | $3992445 | 162292 | $2355153 |
|  Reinvestment of distributions | 19147 | 332971 |  |  |
|  Shares redeemed | (431161) | (7418328) | (422015) | (6132210) |
|  | (180446) | (3092912) | (259723) | (3777057) |
| Class C Shares |  |  |  |  |
|  Shares sold | 10725 | 307160 | 12298 | 284714 |
|  Shares redeemed | (46900) | (1256560) | (48025) | (1080838) |
|  | (36175) | (949400) | (35727) | (796124) |
| Institutional Shares |  |  |  |  |
|  Shares sold | 906850 | 25146534 | 246889 | 5813130 |
|  Reinvestment of distributions | 7939 | 227460 |  |  |
|  Shares redeemed | (446598) | (12313353) | (408488) | (9631039) |
|  | 468191 | 13060641 | (161599) | (3817909) |
| Investor Shares |  |  |  |  |
|  Shares sold | 336971 | 6429111 | 206561 | 3540573 |
|  Reinvestment of distributions | 10081 | 195776 |  |  |
|  Shares redeemed | (263406) | (4846551) | (508550) | (7970227) |
|  | 83646 | 1778336 | (301989) | (4429654) |
| Class R6 Shares |  |  |  |  |
|  Shares sold | 236776 | 6927334 | 115091 | 2765152 |
|  Reinvestment of distributions | 2440 | 70041 |  |  |
|  Shares redeemed | (89645) | (2481363) | (165804) | (3956226) |
|  | 149571 | 4516012 | (50713) | (1191074) |
| Class R Shares |  |  |  |  |
|  Shares sold | 381012 | 5196409 | 62929 | 780847 |
|  Reinvestment of distributions | 2688 | 39647 |  |  |
|  Shares redeemed | (135473) | (1920934) | (104553) | (1268812) |
|  | 248227 | 3315122 | (41624) | (487965) |
| Class P Shares |  |  |  |  |
|  Shares sold | 128117 | 3505981 | 735824 | 15006295 |
|  Reinvestment of distributions | 7560 | 216902 |  |  |
|  Shares redeemed | (142545) | (3244724) | (25210) | (609708) |
|  | (6868) | 478159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14396587 |
|  **NET INCREASE (DECREASE) IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19105958 | (140761) | $(103196) |

---

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**105**

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Notes to Financial Statements (continued) *October 31, 2025*

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** | **Small Cap Value Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class A Shares |  |  |  |  |
|  Shares sold | 279269 | $9410875 | 229044 | $8804203 |
|  Reinvestment of distributions | 667658 | 23528461 | 54601 | 1971082 |
|  Shares redeemed | (668869) | (22578133) | (736839) | (27687847) |
|  | 278058 | 10361203 | (453194) | (16912562) |
| Class C Shares |  |  |  |  |
|  Shares sold | 23676 | 309945 | 9386 | 186708 |
|  Reinvestment of distributions | 82974 | 1181331 | 4577 | 86185 |
|  Shares redeemed | (110898) | (1469623) | (38615) | (737634) |
|  | (4248) | 21653 | (24652) | (464741) |
| Institutional Shares |  |  |  |  |
|  Shares sold | 1334213 | 74350238 | 1127048 | 65884567 |
|  Reinvestment of distributions | 781623 | 46115007 | 74878 | 4165461 |
|  Shares redeemed | (2855808) | (149923675) | (1479577) | (84579585) |
|  | (739972) | (29458430) | (277651) | (14529557) |
| Investor Shares |  |  |  |  |
|  Shares sold | 1335419 | 43983573 | 1152573 | 45345052 |
|  Reinvestment of distributions | 583845 | 20454687 | 46445 | 1665993 |
|  Shares redeemed | (1732802) | (58268285) | (3928979) | (142613518) |
|  | 186462 | 6169975 | (2729961) | (95602473) |
| Class R6 Shares |  |  |  |  |
|  Shares sold | 911116 | 50542145 | 1430234 | 84015143 |
|  Reinvestment of distributions | 762821 | 44987854 | 72925 | 4055349 |
|  Shares redeemed | (1857158) | (103314341) | (1466534) | (85285507) |
|  | (183221) | (7784342) | 36625 | 2784985 |
| Class R Shares |  |  |  |  |
|  Shares sold | 132752 | 4319705 | 131807 | 4797543 |
|  Reinvestment of distributions | 136311 | 4579142 | 9295 | 323659 |
|  Shares redeemed | (208045) | (6524114) | (170172) | (6227629) |
|  | 61018 | 2374733 | (29070) | (1106427) |
| Class P Shares |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4701654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16947215 |
|  Reinvestment of distributions | 131155 | 7733635 | 14467 | 804361 |
|  Shares redeemed | (483427) | (26763357) | (208303) | (12212607) |
|  | (264767) | (14328068) | 136689 | 5538969 |
|  **NET DECREASE IN SHARES** | (666670) | $(32643276) | (3341214) | $(120291806) |

---

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**106**

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** | **U.S. Equity Insights Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class A Shares |  |  |  |  |
|  Shares sold | 158650 | $10118261 | 147062 | $9213160 |
|  Reinvestment of distributions | 726334 | 46805971 | 128431 | 7180590 |
|  Shares redeemed | (628723) | (40500129) | (674604) | (41876488) |
|  | 256261 | 16424103 | (399111) | (25482738) |
| Class C Shares |  |  |  |  |
|  Shares sold | 10526 | 569139 | 15629 | 794230 |
|  Reinvestment of distributions | 44886 | 2352008 | 7295 | 342786 |
|  Shares redeemed | (79321) | (4236220) | (65012) | (3427212) |
|  | (23909) | (1315073) | (42088) | (2290196) |
| Institutional Shares |  |  |  |  |
|  Shares sold | 718772 | 47942144 | 594086 | 38404668 |
|  Reinvestment of distributions | 613883 | 41821537 | 124504 | 7299271 |
|  Shares redeemed | (1139516) | (77241683) | (1122258) | (74659924) |
|  | 193139 | 12521998 | (403668) | (28955985) |
| Service Shares |  |  |  |  |
|  Shares sold | 3263 | 203542 | 7292 | 430377 |
|  Reinvestment of distributions | 5643 | 359949 | 2336 | 129509 |
|  Shares redeemed | (12269) | (707543) | (67779) | (4393082) |
|  | (3363) | (144052) | (58151) | (3833196) |
| Investor Shares |  |  |  |  |
|  Shares sold | 163977 | 10217604 | 102747 | 6168035 |
|  Reinvestment of distributions | 119292 | 7533105 | 24792 | 1360524 |
|  Shares redeemed | (269868) | (17446954) | (274236) | (17258353) |
|  | 13401 | 303755 | (146697) | (9729794) |
| Class R6 Shares |  |  |  |  |
|  Shares sold | 234379 | 16348703 | 125270 | 8043887 |
|  Reinvestment of distributions | 62554 | 4255892 | 10992 | 643694 |
|  Shares redeemed | (172642) | (11792068) | (112034) | (7248809) |
|  | 124291 | 8812527 | 24228 | 1438772 |
| Class R Shares |  |  |  |  |
|  Shares sold | 21119 | 1359612 | 17287 | 1039083 |
|  Reinvestment of distributions | 17959 | 1126218 | 3074 | 167845 |
|  Shares redeemed | (38657) | (2571103) | (29139) | (1770389) |
|  | 421 | (85273) | (8778) | (563461) |
| Class P Shares |  |  |  |  |
|  Shares sold | 532677 | 35636828 | 324618 | 20432829 |
|  Reinvestment of distributions | 679964 | 46268703 | 128617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7532725 |
|  Shares redeemed | (862009) | (57615613) | (550234) | (35337680) |
|  | 350632 | 24289918 | (96999) | (7372126) |
|  **NET INCREASE (DECREASE) IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60807903 | (1131264) | $(76788724) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Report of Independent Registered Public Accounting Firm

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund and Goldman Sachs U.S. Equity Insights Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund and Goldman Sachs U.S. Equity Insights Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025, and each of the financial highlights for each of the five years in the period ended October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Small Cap Growth Insights Fund, Goldman Sachs Small Cap Value Insights Fund, and Goldman Sachs U.S. Equity Insights Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), a benchmark performance index, and (in the case of the Small Cap Growth Insights Fund and the U.S. Equity Insights Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**110**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**111**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Small Cap Growth Insights Fund's and the U.S. Equity Insights Fund's performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees noted that the Large Cap Growth Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group and had underperformed the Fund's benchmark index for the one-, three , five-, and ten-year periods ended March 31, 2025. They observed that the Large Cap Value Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods, and had outperformed the Fund's benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2025. The Trustees noted that the Small Cap Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group and had outperformed the Fund's benchmark index for the one-, three-, five, and ten-year periods ended March 31, 2025. They observed that the Small Cap Growth Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, three-, and five-year periods and in the third quartile for the ten-year period, and had outperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. The Trustees noted that the Small Cap Value Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and ten-year periods and in the third quartile for the three- and five-year periods, and had outperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They observed that the U.S. Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**112**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **Large Cap Growth<br>Insights Fund** | **Large Cap Value<br>Insights Fund** | **Small Cap Equity<br>Insights Fund** | **Small Cap Growth<br>Insights Fund** | **Small Cap Value<br>Insights Fund** | **U.S. Equity <br>Insights Fund** |
|  First $1 billion | 0.52% | 0.52% | 0.80% | 0.80% | 0.80% | 0.52% |
|  Next $1 billion | 0.47 | 0.47 | 0.80 | 0.80 | 0.80 | 0.47 |
|  Next $3 billion | 0.44 | 0.44 | 0.72 | 0.72 | 0.72 | 0.44 |
|  Next $3 billion | 0.44 | 0.44 | 0.68 | 0.68 | 0.68 | 0.44 |
|  Over $8 billion | 0.43 | 0.43 | 0.67 | 0.67 | 0.67 | 0.43 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee (in the case of the Large Cap Growth Insights Fund) and to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**113**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds' ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**114**

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Trust — Domestic Equity Insights Funds — Tax Information (Unaudited)
For the year ended October 31, 2025, 4.43%, 14.51%, 24.78%, 40.62%, 14.96%, and 8.12% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2025, 0.15%, 0.96, 7.51%, 7.74%, 3.85% and 0.21% of the dividend paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualifies as section 199A dividends.

For the year ended October 31, 2025, 4.19%, 12.72%, 34.67%, 56.38%, 16.96% and 7.28% of the dividends paid from net investment company taxable income by the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

Pursuant to Section 852 of the Internal Revenue Code, the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Value Insights and U.S. Equity Insights Funds, designate $14,213,178, $10,702,819, $38,538,002, $66,564,181 and $23,048,889, respectively, or if different, the maximum amount allowable, as capital gains dividends paid during the fiscal year ended October 31, 2025.

During the fiscal year ended October 31, 2025, the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, designate $143,566,314, $43,259,821, $7,517,062, $80, $76,061,853, and $126,269,007 respectively, as short-term capital gains dividends pursuant to Section 871(k) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 115

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![LOGO](g75443dsp116.jpg)

TRUSTEESGregory G. Weaver, ChairCheryl K. BeebeDwight L. BushKathryn A. CassidyJohn G. ChouJoaquin DelgadoEileen H. DowlingLawrence HughesJohn F. KillianSteven D. KrichmarMichael LathamJames A. McNamaraLawrence W. StranghoenerOFFICERSJames A. McNamara, PresidentJoseph F. DiMaria, Principal Financial Officer,Principal Accounting Officer and TreasurerRobert Griffith, SecretaryGOLDMAN SACHS & CO. LLCDistributor and Transfer AgentGOLDMAN SACHS ASSET MANAGEMENT, L.P.Investment Adviser200 West Street, New York,New York 10282© 2025 Goldman Sachs. All-rights reserved. DOMINSAR-25

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![LOGO](g78611dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements October 31, 2025 Goldman Sachs Fundamental Equity International Funds Goldman Sachs China Equity Fund Goldman Sachs Emerging Markets Equity Fund Goldman Sachs Emerging Markets Equity ex. China Fund Goldman Sachs ESG Emerging Markets Equity Fund Goldman Sachs International Equity ESG Fund Goldman Sachs International Equity Income 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 Fundamental Equity International Funds

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| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#fei78611_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs China Equity Fund](#fei78611_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Fund](#fei78611_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity ex. China Fund](#fei78611_4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ESG Emerging Markets Equity Fund](#fei78611_5) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity ESG Fund](#fei78611_6) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Income Fund](#fei78611_7) | 19 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fei78611_8) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fei78611_9) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fei78611_10) | 25 |
|  **[Financial Highlights](#fei78611_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs China Equity Fund](#fei78611_12) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Fund](#fei78611_13) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity ex. China Fund](#fei78611_14) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ESG Emerging Markets Equity Fund](#fei78611_15) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity ESG Fund](#fei78611_16) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Income Fund](#fei78611_17) | 62 |
|  **[Notes to Financial Statements](#fei78611_18)** | 69 |
|  **[Report of Independent Registered Public Accounting Firm](#fei78611_19)** | 90 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#fei78611_20)** | 91 |

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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 CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| China – 96.2% | China – 96.2% | China – 96.2% |
| 180276 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836048 |
| 18921 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 522924 |
| 44000 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 459278 |
| 418400 | Bank of Jiangsu Co. Ltd., Class A (Banks) | 633156 |
| 101600 | Beijing Geekplus Technology Co. Ltd., Class H (Capital Goods)\* | 358810 |
| 12378 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Durables & Apparel) | 283824 |
| 11200 | BYD Co. Ltd., Class A (Automobiles & Components) | 158598 |
| 6900 | BYD Co. Ltd., Class H (Automobiles & Components) | 89148 |
| 2298 | Cambricon Technologies Corp. Ltd., Class A (Semiconductors & Semiconductor Equipment)\* | 443509 |
| &nbsp;&nbsp;&nbsp;&nbsp;1736000 | China Construction Bank Corp., Class H (Banks) | 1718713 |
| 121200 | China Merchants Bank Co. Ltd., Class A (Banks) | 696161 |
| 121500 | China Merchants Bank Co. Ltd., Class H (Banks) | 761627 |
| 48000 | China Resources Mixc Lifestyle Services Ltd. (Real Estate Management & Development)<sup>(a)</sup> | 251142 |
| 113900 | China Tower Corp. Ltd., Class H (Telecommunication Services)<sup>(a)</sup> | 164545 |
| 143100 | China Yangtze Power Co. Ltd., Class A (Utilities) | 564537 |
| 25250 | CIG Shanghai Co. Ltd., Class H (Technology Hardware & Equipment)\* | 266455 |
| 125289 | CITIC Securities Co. Ltd., Class A (Financial Services) | 517117 |
| 126500 | CITIC Securities Co. Ltd., Class H (Financial Services) | 481597 |
| 25134 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 1372236 |
| 68300 | East Money Information Co. Ltd., Class A (Financial Services) | 244666 |
| 34680 | Fuyao Glass Industry Group Co. Ltd., Class A (Automobiles & Components) | 328605 |
| 209000 | Geely Automobile Holdings Ltd. (Automobiles & Components) | 495813 |

---

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 16300 | GigaDevice Semiconductor, Inc., Class A (Semiconductors & Semiconductor Equipment) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503487 |
| 38400 | H World Group Ltd. (Consumer Services) | 148901 |
| 4950 | H World Group Ltd. ADR (Consumer Services) | 191070 |
| 86000 | Hansoh Pharmaceutical Group Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 394801 |
| 30000 | Hua Hong Semiconductor Ltd., Class H (Semiconductors & Semiconductor Equipment)\*<sup>(a)</sup> | 307506 |
| 24500 | Huaqin Technology Co. Ltd., Class A (Technology Hardware & Equipment) | 349221 |
| 170100 | Huaxin Cement Co. Ltd., Class A (Materials) | 515295 |
| 85099 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Food, Beverage & Tobacco) | 327609 |
| 35500 | Innovent Biologics, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 398225 |
| 40179 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Capital Goods) | 541890 |
| 72938 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 656141 |
| 3600 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)\* | 34890 |
| 66400 | Jinan Shengquan Group Share Holding Co. Ltd., Class A (Materials) | 261028 |
| 10644 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 181480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167000 | Kingdee International Software Group Co. Ltd. (Software & Services)\* | 315070 |
| 64000 | Kuaishou Technology (Media & Entertainment)<sup>(a)</sup> | 594197 |
| 4419 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 887603 |
| 3500 | Laopu Gold Co. Ltd., Class H (Consumer Durables & Apparel) | 308091 |
| 24800 | Mao Geping Cosmetics Co. Ltd., Class H (Household & Personal Products)<sup>(b)</sup> | 286440 |
| 28490 | Meituan, Class B (Consumer Services)\*<sup>(a)</sup> | 375007 |

---

&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 CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 11600 | Midea Group Co. Ltd., Class A (Consumer Durables & Apparel) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124428 |
| 78000 | Minth Group Ltd. (Automobiles & Components) | 346111 |
| 39403 | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 754159 |
| 11540 | NAURA Technology Group Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 659310 |
| 28400 | NetEase, Inc. (Media & Entertainment) | 796925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378000 | PetroChina Co. Ltd., Class H (Energy) | 390746 |
| 296000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 699307 |
| 32400 | Ping An Insurance Group Co. of China Ltd., Class A (Insurance) | 263113 |
| 109000 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 787452 |
| 18000 | Pop Mart International Group Ltd. (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> | 512012 |
| 968000 | Postal Savings Bank of China Co. Ltd., Class H (Banks)<sup>(a)</sup> | 682063 |
| 195914 | Sany Heavy Industry Co. Ltd., Class A (Capital Goods) | 608788 |
| 7200 | Sany Heavy Industry Co. Ltd., Class H (Capital Goods)\* | 21663 |
| 12100 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Food, Beverage & Tobacco) | 323735 |
| 43078 | Shenzhen Inovance Technology Co. Ltd., Class A (Capital Goods) | 465422 |
| 7500 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | 226424 |
| 32400 | Sieyuan Electric Co. Ltd., Class A (Capital Goods) | 597279 |
| 49854 | Sunresin New Materials Co. Ltd., Class A (Materials) | 388645 |
| 56600 | Tencent Holdings Ltd. (Media & Entertainment) | 4597491 |
| 17662 | Tencent Music Entertainment Group ADR (Media & Entertainment) | 394216 |
| 6650 | Trip.com Group Ltd. (Consumer Services) | 467970 |
| 29228 | WuXi AppTec Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 408406 |
| 35100 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Capital Goods) | 288125 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 101400 | Xiaomi Corp., Class B (Technology Hardware & Equipment)\*<sup>(a)</sup> | $562558 |
| 181170 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 584360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286000 | Zijin Mining Group Co. Ltd., Class H (Materials) | 1183186 |
|  |  | 39360355 |
| Hong Kong – 1.8% | Hong Kong – 1.8% | Hong Kong – 1.8% |
| 4101 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) | 223516 |
| 47200 | Jiaxin International Resources Investment Ltd. (Materials)\* | 234708 |
| 16813 | Zijin Gold International Co. Ltd. (Materials)\* | 284308 |
|  |  | 742532 |
| Taiwan – 1.5% | Taiwan – 1.5% | Taiwan – 1.5% |
| 8000 | Accton Technology Corp. (Technology Hardware & Equipment) | 278214 |
| 5000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | 342831 |
|  |  | 621045 |
| **TOTAL COMMON STOCKS**<br> **(Cost $26,654,885)** | **TOTAL COMMON STOCKS**<br> **(Cost $26,654,885)** | 40723932 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.956% | 587 |
| **(Cost $587)** | **(Cost $587)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $26,655,472)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $26,655,472)** | 40724519 |
| Securities Lending Reinvestment Vehicle – 0.3%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.3%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 106920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.956% | 106920 |
| (Cost $106,920) | (Cost $106,920) |  |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $26,762,392)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $26,762,392)** | $40831439 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | 95369 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40926808 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |

---

---

| | |
|:---|:---|
| Sector Name | **% of**<br> **Market<br>Value** |
|  Consumer Discretionary | 19.9% |
|  Financials | 18.9 |
|  Communication Services | 16.0 |
|  Information Technology | 12.9 |
|  Industrials | 10.5 |
|  Materials | 8.4 |
|  Health Care | 5.2 |
|  Consumer Staples | 4.5 |
|  Utilities | 1.4 |
|  Real Estate | 1.1 |
|  Energy | 0.9 |
|  Investment Company | 0.0 |
|  Securities Lending Reinvestment Vehicle | 0.3 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.9% | Common Stocks – 99.9% | Common Stocks – 99.9% |
| Brazil – 3.4% | Brazil – 3.4% | Brazil – 3.4% |
| 11099 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25830259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000640 | NU Holdings Ltd., Class A (Banks)\* | 48340310 |
| 4189100 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 15573007 |
| 141292 | Wheaton Precious Metals Corp. (Materials) | 13637504 |
|  |  | 103381080 |
| China – 28.0% | China – 28.0% | China – 28.0% |
| 6684324 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 142234054 |
| 467698 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 12925869 |
| 1455600 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 15193744 |
| 570904 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Durables & Apparel) | 13090684 |
| 7692000 | China Merchants Bank Co. Ltd., Class H (Banks) | 48217581 |
| 702071 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 38330820 |
| 1308400 | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles &<br>Components)<sup>(a)</sup> | 11651732 |
| 5746000 | Geely Automobile Holdings Ltd. (Automobiles & Components) | 13631292 |
| 317803 | H World Group Ltd. ADR (Consumer Services) | 12267196 |
| 1364187 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Capital Goods) | 18398665 |
| 1524800 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)\* | 14777998 |
| 581789 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 9919502 |
| 90351 | Kweichow Moutai Co. Ltd., Class A (Food, Beverage & Tobacco) | 18147965 |
| 703400 | Mao Geping Cosmetics Co. Ltd., Class H (Household & Personal Products)<sup>(b)</sup> | 8124265 |
| 776268 | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 14857493 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 293455 | NAURA Technology Group Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16765854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247500 | NetEase, Inc. (Media & Entertainment) |  | 35005768 |
| 11314000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) |  | 26729601 |
| 775500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) |  | 5602469 |
| 5512500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) |  | 39824127 |
| 511400 | Pop Mart International Group Ltd. (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> |  | 14546839 |
| 3021800 | Sany Heavy Industry Co. Ltd., Class H (Capital Goods)\* |  | 9091980 |
| 389729 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) |  | 11765862 |
| 2668900 | Tencent Holdings Ltd. (Media & Entertainment) |  | 216788776 |
| 834588 | Tencent Music Entertainment Group ADR (Media & Entertainment) |  | 18628004 |
| 7464192 | Yunnan Aluminium Co. Ltd., Class A (Materials) |  | 24075596 |
| 7990000 | Zijin Mining Group Co. Ltd., Class H (Materials) |  | 33054749 |
|  |  |  | 843648485 |
| Greece – 1.6% | Greece – 1.6% | Greece – 1.6% | Greece – 1.6% |
| 402794 | JUMBO SA (Consumer Discretionary Distribution & Retail) |  | 12786293 |
| 1036975 | National Bank of Greece SA (Banks) |  | 15242008 |
| 2482816 | Piraeus Financial Holdings SA (Banks)\* |  | 19391341 |
|  |  |  | 47419642 |
| Hong Kong – 0.6% | Hong Kong – 0.6% | Hong Kong – 0.6% | Hong Kong – 0.6% |
| 518500 | Techtronic Industries Co. Ltd. (Capital Goods) |  | 6047791 |
| 639395 | Zijin Gold International Co. Ltd. (Materials)\* |  | 10812170 |
|  |  |  | 16859961 |
| Hungary – 0.7% | Hungary – 0.7% | Hungary – 0.7% | Hungary – 0.7% |
| 237653 | OTP Bank Nyrt (Banks) |  | 22685269 |
| India – 16.8% | India – 16.8% | India – 16.8% | India – 16.8% |
| 653928 | 360 ONE WAM Ltd. (Financial Services) |  | 7958377 |
| 202526 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)\* |  | 18314328 |

---

&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 EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 233462 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20204210 |
| 683637 | Archean Chemical Industries Ltd. (Materials) | 5092217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701468 | Axis Bank Ltd. (Banks) | 23612131 |
| 2587745 | Bajaj Finance Ltd. (Financial Services) | 30392053 |
| 325116 | Cartrade Tech Ltd. (Consumer Discretionary Distribution & Retail)\* | 11048681 |
| 697637 | Coforge Ltd. (Software & Services) | 13963130 |
| 373724 | Computer Age Management Services Ltd. (Commercial & Professional Services) | 16574725 |
| 11290645 | Eternal Ltd. (Consumer Services)\* | 40295398 |
| 701421 | Five-Star Business Finance Ltd. (Financial Services) | 5155079 |
| 764606 | Godrej Properties Ltd. (Real Estate Management & Development)\* | 19687147 |
| 527415 | Grasim Industries Ltd. (Materials) | 17166473 |
| 3535855 | ICICI Bank Ltd. (Banks) | 53577522 |
| 837849 | Info Edge India Ltd. (Media & Entertainment) | 12999787 |
| 1841911 | Infosys Ltd. (Software & Services) | 30690093 |
| 164086 | MakeMyTrip Ltd. (Consumer Services)\* | 13126880 |
| 313351 | Navin Fluorine International Ltd. (Materials) | 20081508 |
| 236821 | Netweb Technologies India Ltd. (Technology Hardware & Equipment) | 10764333 |
| 863579 | SAI Life Sciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 8927447 |
| 1086977 | SBI Life Insurance Co. Ltd.<br>(Insurance)<sup>(a)</sup> | 23915767 |
| 1418839 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 27047119 |
| 15206821 | Suzlon Energy Ltd. (Capital Goods)\* | 10154723 |
| 2789520 | Tata Capital Ltd. (Financial Services)\* | 10284973 |
| 1834601 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 24067355 |
| 404258 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 16212098 |
| 407096 | TVS Motor Co. Ltd. (Automobiles & Components) | 16078169 |
|  |  | 507391723 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – 1.3% | Indonesia – 1.3% | Indonesia – 1.3% |
| 42854300 | Bank Central Asia Tbk PT (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21941059 |
| 128119600 | BFI Finance Indonesia Tbk PT (Financial Services) | 6201821 |
| 1152124800 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary Distribution & Retail)\* | 4138977 |
| 191173900 | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) | 8027473 |
| 14645700 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)<sup>(a)</sup> | 104801 |
| 269300 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)<sup>(a)</sup> | 1927 |
|  |  | 40416058 |
| Mexico – 1.9% | Mexico – 1.9% | Mexico – 1.9% |
| 2209999 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 21404700 |
| 2921600 | Banco del Bajio SA (Banks)<sup>(a)</sup> | 7480718 |
| 5579350 | Gentera SAB de CV (Financial Services) | 13273799 |
| 3536171 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 14121082 |
|  |  | 56280299 |
| Peru – 0.8% | Peru – 0.8% | Peru – 0.8% |
| 87274 | Credicorp Ltd. (Banks) | 22778514 |
| Philippines – 1.0% | Philippines – 1.0% | Philippines – 1.0% |
| 4432886 | BDO Unibank, Inc. (Banks) | 10055909 |
| 2530750 | Jollibee Foods Corp. (Consumer Services) | 9314536 |
| 91590200 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 10501949 |
|  |  | 29872394 |
| Poland – 1.1% | Poland – 1.1% | Poland – 1.1% |
| 360637 | Bank Pekao SA (Banks) | 18465258 |
| 1257075 | Dino Polska SA (Consumer Staples Distribution & Retail)\*<sup>(a)</sup> | 15014889 |
|  |  | 33480147 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 2495750 | Renaissance Insurance Group JSC (Insurance)\*<sup>(c)</sup> |  |
| 4327745 | Sberbank of Russia PJSC (Banks)\*<sup>(c)</sup> |  |
| Saudi Arabia – 3.3% | Saudi Arabia – 3.3% | Saudi Arabia – 3.3% |
| 1067166 | Al Rajhi Bank (Banks) | 30162514 |
| 984177 | Almarai Co. JSC (Food, Beverage & Tobacco) | 13048424 |
| 191628 | Co. for Cooperative Insurance (The) (Insurance) | 6959372 |
| 52967 | Elm Co. (Software & Services) | 13399499 |

---

&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 EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| 385031 | Rasan Information Technology Co. (Insurance)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11309243 |
| 2288059 | Saudi National Bank (The) (Banks) |  | 24346224 |
|  |  |  | 99225276 |
| Singapore – 0.3% | Singapore – 0.3% | Singapore – 0.3% | Singapore – 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870993 | Nanofilm Technologies International Ltd. (Materials) |  | 997455 |
| 53668 | Sea Ltd. ADR (Consumer Discretionary Distribution & Retail)\* |  | 8385625 |
|  |  |  | 9383080 |
| Slovenia – 0.6% | Slovenia – 0.6% | Slovenia – 0.6% | Slovenia – 0.6% |
| 483077 | Nova Ljubljanska Banka dd, GDR (Banks) |  | 19377303 |
| South Africa – 2.6% | South Africa – 2.6% | South Africa – 2.6% | South Africa – 2.6% |
| 95049 | Capitec Bank Holdings Ltd. (Banks)<sup>(b)</sup> |  | 21029356 |
| 580581 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) |  | 12241541 |
| 4799319 | FirstRand Ltd. (Financial Services) |  | 22777075 |
| 1099720 | JSE Ltd. (Financial Services) |  | 8936133 |
| 19179507 | Old Mutual Ltd. (Insurance) |  | 14997492 |
|  |  |  | 79981597 |
| South Korea – 14.5% | South Korea – 14.5% | South Korea – 14.5% | South Korea – 14.5% |
| 99896 | Hyundai Rotem Co. Ltd. (Capital Goods) |  | 16161452 |
| 311307 | IsuPetasys Co. Ltd. (Technology Hardware & Equipment) |  | 24691149 |
| 577280 | KB Financial Group, Inc. (Banks) |  | 47125436 |
| 357282 | Kia Corp. (Automobiles & Components) |  | 29968322 |
| 39925 | LG Chem Ltd. (Materials) |  | 11105068 |
| 190104 | LG Electronics, Inc. (Consumer Durables & Apparel) |  | 11659691 |
| 70795 | NCSoft Corp. (Media & Entertainment) |  | 10927481 |
| 26088 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> |  | 22303768 |
| 1856483 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |  | 139749022 |
| 770070 | Samsung Heavy Industries Co. Ltd. (Capital Goods)\* |  | 15971622 |
| 276931 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |  | 107752053 |
|  |  |  | 437415064 |
| Taiwan – 19.3% | Taiwan – 19.3% | Taiwan – 19.3% | Taiwan – 19.3% |
| 802000 | Accton Technology Corp. (Technology Hardware & Equipment) |  | 27890921 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 2642000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21138010 |
| 734000 | Chroma ATE, Inc. (Technology Hardware & Equipment) |  | 19433896 |
| 1487000 | Delta Electronics, Inc. (Technology Hardware & Equipment) |  | 47827679 |
| 2072000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) |  | 14234470 |
| 673000 | Elite Material Co. Ltd. (Technology Hardware & Equipment) |  | 29568728 |
| 982000 | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) |  | 2949094 |
| 228000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 15633113 |
| 405000 | Lotes Co. Ltd. (Technology Hardware & Equipment) |  | 18057221 |
| 957000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |  | 40585846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240000 | Merida Industry Co. Ltd. (Consumer Durables & Apparel) |  | 4018603 |
| 470200 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |  | 5632917 |
| 6965883 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 336867913 |
|  |  |  | 583838411 |
| Thailand – 0.7% | Thailand – 0.7% | Thailand – 0.7% | Thailand – 0.7% |
| 14573400 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) |  | 8504294 |
| 35288600 | True Corp. PCL, NVDR (Telecommunication Services)\* |  | 12323599 |
|  |  |  | 20827893 |
| Turkey – 0.6% | Turkey – 0.6% | Turkey – 0.6% | Turkey – 0.6% |
| 3471017 | Aselsan Elektronik Sanayi Ve Ticaret AS (Capital Goods) |  | 16780779 |
| United Arab Emirates – 0.8% | United Arab Emirates – 0.8% | United Arab Emirates – 0.8% | United Arab Emirates – 0.8% |
| 2181321 | Abu Dhabi Islamic Bank PJSC (Banks) |  | 12534154 |
| 4521714 | Aldar Properties PJSC (Real Estate Management & Development) |  | 11078734 |
|  |  |  | 23612888 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,900,455,369)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,900,455,369)** |  | 3014655863 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 1.0% | Preferred Stocks – 1.0% | Preferred Stocks – 1.0% | Preferred Stocks – 1.0% |
| Brazil – 1.0% | Brazil – 1.0% | Brazil – 1.0% | Brazil – 1.0% |
| 3087490 | Itau Unibanco Holding SA (Banks) | 6.57% | $22634152 |
| 5930100 | Marcopolo SA (Capital Goods) | 8.58 | 8696826 |
|  |  |  | 31330978 |
| India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% |
| 1716372 | TVS Motor Co. Ltd., 9/1/2026 (Automobiles &<br>Components)\*<sup>(c)</sup> | 6.00 | 193348 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $22,954,198)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $22,954,198)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $22,954,198)** | 31524326 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(d)</sup> | Investment Company – 0.0%<sup>(d)</sup> | Investment Company – 0.0%<sup>(d)</sup> | Investment Company – 0.0%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61845 | 3.956% | 3.956% | 61845 |
| **(Cost $61,845)** | **(Cost $61,845)** | **(Cost $61,845)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $1,923,471,412)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $1,923,471,412)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $1,923,471,412)** | 3046242034 |
| Securities Lending Reinvestment Vehicle – 0.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.7%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20911972 | 3.956% | 3.956% | 20911972 |
| (Cost $20,911,972) | (Cost $20,911,972) | (Cost $20,911,972) |  |
| **TOTAL INVESTMENTS – 101.6%**<br> **(Cost $1,944,383,384)** | **TOTAL INVESTMENTS – 101.6%**<br> **(Cost $1,944,383,384)** | **TOTAL INVESTMENTS – 101.6%**<br> **(Cost $1,944,383,384)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067154006 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.6)%** | (49597790) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $3017556216 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Global Depositary Receipt |
| NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Non-Voting Depository Receipt |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of <br>Market <br>Value** |
|  Information Technology | 31.1% |
|  Financials | 23.6 |
|  Consumer Discretionary | 14.4 |
|  Communication Services | 10.1 |
|  Industrials | 5.1 |
|  Consumer Staples | 4.5 |
|  Materials | 4.5 |
|  Health Care | 4.2 |
|  Real Estate | 1.8 |
|  Investment Company | 0.0 |
|  Securities Lending Reinvestment Vehicle | 0.7 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.1% | Common Stocks – 99.1% |  |
| Brazil – 4.9% | Brazil – 4.9% |  |
| 24000 | Caixa Seguridade Participacoes SA (Insurance) | $66782 |
| 74 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)\* | 172217 |
| 15438 | NU Holdings Ltd., Class A (Banks)\* | 248706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 117845 |
| 612 | Wheaton Precious Metals Corp. (Materials) | 59070 |
|  |  | 664620 |
| Greece – 2.6% | Greece – 2.6% |  |
| 2883 | Hellenic Telecommunications Organization SA (Telecommunication Services) | 54139 |
| 1984 | JUMBO SA (Consumer Discretionary Distribution & Retail) | 62980 |
| 7309 | National Bank of Greece SA (Banks) | 107432 |
| 16940 | Piraeus Financial Holdings SA (Banks)\* | 132305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356856 |
| Hungary – 0.8% | Hungary – 0.8% |  |
| 1191 | OTP Bank Nyrt (Banks) | 113687 |
| India – 23.1% | India – 23.1% |  |
| 4859 | 360 ONE WAM Ltd. (Financial Services) | 59135 |
| 997 | Amber Enterprises India Ltd. (Consumer Durables & Apparel)\* | 90158 |
| 1266 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 109562 |
| 3589 | Archean Chemical Industries Ltd. (Materials) | 26734 |
| 11020 | Axis Bank Ltd. (Banks) | 152930 |
| 12611 | Bajaj Finance Ltd. (Financial Services) | 148111 |
| 8273 | Bharti Airtel Ltd. (Telecommunication Services) | 191571 |
| 6220 | CMS Info Systems Ltd. (Commercial & Professional Services) | 26001 |
| 4029 | Coforge Ltd. (Software & Services) | 80640 |
| 1531 | Computer Age Management Services Ltd. (Commercial & Professional Services) | 67900 |
| 63694 | Eternal Ltd. (Consumer Services)\* | 227319 |
| 3982 | Five-Star Business Finance Ltd. (Financial Services) | 29266 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| India – (continued) | India – (continued) |  |
| 5387 | Godrej Consumer Products Ltd. (Household & Personal Products) | $67846 |
| 4271 | Godrej Properties Ltd. (Real Estate Management & Development)\* | 109970 |
| 4563 | Gokaldas Exports Ltd. (Consumer Durables & Apparel)\* | 43078 |
| 2145 | Grasim Industries Ltd. (Materials) | 69816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11875 | Hindalco Industries Ltd. (Materials) | 113262 |
| 4157 | Home First Finance Co. India Ltd. (Financial Services)<sup>(a)</sup> | 55934 |
| 18664 | ICICI Bank Ltd. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282809 |
| 3529 | Info Edge India Ltd. (Media & Entertainment) | 54755 |
| 8729 | Infosys Ltd. (Software & Services) | 145443 |
| 2156 | Kfin Technologies Ltd. (Financial Services) | 26651 |
| 743 | MakeMyTrip Ltd. (Consumer Services)\* | 59440 |
| 1766 | Navin Fluorine International Ltd. (Materials) | 113176 |
| 1108 | Netweb Technologies India Ltd. (Technology Hardware & Equipment) | 50362 |
| 6035 | SAI Life Sciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 62388 |
| 6086 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> | 133905 |
| 6746 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 128598 |
| 70009 | Suzlon Energy Ltd. (Capital Goods)\* | 46750 |
| 2449 | Tata Capital Ltd. (Financial Services)\* | 9030 |
| 8545 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) | 112098 |
| 33836 | Tata Steel Ltd. (Materials) | 69635 |
| 1889 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 75755 |
| 2970 | TVS Motor Co. Ltd. (Automobiles & Components) | 117300 |
|  |  | 3157328 |
| Indonesia – 1.4% | Indonesia – 1.4% |  |
| 224800 | Bank Central Asia Tbk PT (Banks) | 115096 |
| 551500 | BFI Finance Indonesia Tbk PT (Financial Services) | 26696 |

---

&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 EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Indonesia – (continued) | Indonesia – (continued) |  |
| 973100 | Map Aktif Adiperkasa PT (Consumer Discretionary Distribution & Retail) | $40861 |
| 1200800 | Nusantara Sejahtera Raya Tbk PT (Media & Entertainment)<sup>(a)</sup> | 8592 |
|  |  | 191245 |
| Mexico – 1.9% | Mexico – 1.9% |  |
| 6927 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | 67091 |
| 7400 | Banco del Bajio SA (Banks)<sup>(a)</sup> | 18948 |
| 10900 | Grupo Financiero Banorte SAB de CV, Class O (Banks) | 102584 |
| 18045 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) | 72059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260682 |
| Peru – 1.0% | Peru – 1.0% |  |
| 519 | Credicorp Ltd. (Banks) | 135459 |
| Philippines – 1.0% | Philippines – 1.0% |  |
| 20729 | BDO Unibank, Inc. (Banks) | 47023 |
| 11020 | Jollibee Foods Corp. (Consumer Services) | 40560 |
| 440100 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> | 50463 |
|  |  | 138046 |
| Poland – 1.2% | Poland – 1.2% |  |
| 1810 | Bank Pekao SA (Banks) | 92675 |
| 6350 | Dino Polska SA (Consumer Staples Distribution & Retail)\*<sup>(a)</sup> | 75847 |
|  |  | 168522 |
| Saudi Arabia – 4.1% | Saudi Arabia – 4.1% |  |
| 6682 | Al Rajhi Bank (Banks) | 188861 |
| 5822 | Almarai Co. JSC (Food, Beverage & Tobacco) | 77189 |
| 1669 | Co. for Cooperative Insurance (The) (Insurance) | 60613 |
| 242 | Elm Co. (Software & Services) | 61221 |
| 1625 | Rasan Information Technology Co. (Insurance)\* | 47730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 | Saudi National Bank (The) (Banks) | 120664 |
|  |  | 556278 |
| Singapore – 0.8% | Singapore – 0.8% |  |
| 31900 | Nanofilm Technologies International Ltd. (Materials) | 17006 |
| 595 | Sea Ltd. ADR (Consumer Discretionary Distribution & Retail)\* | 92969 |
|  |  | 109975 |
| Slovenia – 0.7% | Slovenia – 0.7% |  |
| 2464 | Nova Ljubljanska Banka dd, GDR (Banks) | 98836 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| South Africa – 4.4% | South Africa – 4.4% |  |
| 2098 | Bid Corp. Ltd. (Consumer Staples Distribution & Retail) | $51900 |
| 479 | Capitec Bank Holdings Ltd. (Banks) | 105977 |
| 3507 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | 73945 |
| 21532 | FirstRand Ltd. (Financial Services) | 102189 |
| 6174 | JSE Ltd. (Financial Services) | 50169 |
| 111859 | Old Mutual Ltd. (Insurance) | 87469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26619 | Pepkor Holdings Ltd. (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> | 40586 |
| 5078 | Shoprite Holdings Ltd. (Consumer Staples Distribution & Retail) | 84953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597188 |
| South Korea – 18.7% | South Korea – 18.7% |  |
| 537 | Hyundai Rotem Co. Ltd. (Capital Goods) | 86877 |
| 2609 | I-Scream Media Co. Ltd. (Consumer Services)\* | 32376 |
| 1675 | IsuPetasys Co. Ltd. (Technology Hardware & Equipment) | 132852 |
| 3423 | KB Financial Group, Inc. (Banks) | 279432 |
| 2330 | Kia Corp. (Automobiles & Components) | 195437 |
| 286 | LG Chem Ltd. (Materials) | 79550 |
| 1483 | LG Electronics, Inc. (Consumer Durables & Apparel) | 90957 |
| 359 | NCSoft Corp. (Media & Entertainment) | 55413 |
| 184 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 157310 |
| 11638 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 876065 |
| 3726 | Samsung Heavy Industries Co. Ltd. (Capital Goods)\* | 77279 |
| 1295 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 503876 |
|  |  | 2567424 |
| Taiwan – 29.0% | Taiwan – 29.0% |  |
| 6000 | Accton Technology Corp. (Technology Hardware & Equipment) | 208660 |
| 14000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 112011 |
| 5000 | Chroma ATE, Inc. (Technology Hardware & Equipment) | 132383 |
| 12000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 385966 |

---

&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 EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Shares** | **Description** |  | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 13000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) | E Ink Holdings, Inc. (Technology Hardware & Equipment) | $| 89309 |
| 3000 | Elite Material Co. Ltd. (Technology Hardware & Equipment) | Elite Material Co. Ltd. (Technology Hardware & Equipment) |  | 131807 |
| 2000 | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) | Jentech Precision Industrial Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 137133 |
| 2000 | Lotes Co. Ltd. (Technology Hardware & Equipment) | Lotes Co. Ltd. (Technology Hardware & Equipment) |  | 89171 |
| 6000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |  | 254457 |
| 6000 | Merida Industry Co. Ltd. (Consumer Durables & Apparel) | Merida Industry Co. Ltd. (Consumer Durables & Apparel) |  | 19445 |
| 3000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |  | 35940 |
| 49000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 2369625 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965907 |
| Thailand – 0.7% | Thailand – 0.7% | Thailand – 0.7% | Thailand – 0.7% | Thailand – 0.7% |
| 93300 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) |  | 54445 |
| &nbsp;&nbsp;&nbsp;&nbsp;104700 | True Corp. PCL, NVDR (Telecommunication Services)\* | True Corp. PCL, NVDR (Telecommunication Services)\* |  | 36564 |
|  |  |  |  | 91009 |
| Turkey – 0.6% | Turkey – 0.6% | Turkey – 0.6% | Turkey – 0.6% | Turkey – 0.6% |
| 18507 | Aselsan Elektronik Sanayi Ve Ticaret AS (Capital Goods) | Aselsan Elektronik Sanayi Ve Ticaret AS (Capital Goods) |  | 89473 |
| United Arab Emirates – 2.2% | United Arab Emirates – 2.2% | United Arab Emirates – 2.2% | United Arab Emirates – 2.2% | United Arab Emirates – 2.2% |
| 18743 | Abu Dhabi Islamic Bank PJSC (Banks) | Abu Dhabi Islamic Bank PJSC (Banks) |  | 107700 |
| 78263 | ADNOC Drilling Co. PJSC (Energy) | ADNOC Drilling Co. PJSC (Energy) |  | 118898 |
| 25134 | Aldar Properties PJSC (Real Estate Management & Development) | Aldar Properties PJSC (Real Estate Management & Development) |  | 61581 |
| 32822 | Emirates Central Cooling Systems Corp. (Utilities) | Emirates Central Cooling Systems Corp. (Utilities) |  | 14119 |
|  |  |  |  | 302298 |
| **TOTAL COMMON STOCKS**<br> **(Cost $8,922,505)** | **TOTAL COMMON STOCKS**<br> **(Cost $8,922,505)** | **TOTAL COMMON STOCKS**<br> **(Cost $8,922,505)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13564833 |
| **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – 1.3% | Preferred Stocks – 1.3% | Preferred Stocks – 1.3% | Preferred Stocks – 1.3% | Preferred Stocks – 1.3% |
| Brazil – 1.3% | Brazil – 1.3% | Brazil – 1.3% | Brazil – 1.3% | Brazil – 1.3% |
| 17330 | Itau Unibanco Holding SA (Banks) | 7.44% |  | 127045 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| 38734 | Marcopolo SA<br> (Capital Goods) | 6.96% | $56806 |
|  |  |  | 183851 |
| India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% |
| 11880 | TVS Motor Co. Ltd.,<br> 9/1/2026 (Automobiles &<br> Components)\*<sup>(b)</sup>  | 6.00 | 1338 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $139,604)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $139,604)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $139,604)** | 185189 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | 3.956% | 3.956% | 10 |
| **(Cost $10)** | **(Cost $10)** | **(Cost $10)** |  |
| **TOTAL INVESTMENTS – 100.4%**<br> **(Cost $9,062,119)** | **TOTAL INVESTMENTS – 100.4%**<br> **(Cost $9,062,119)** | **TOTAL INVESTMENTS – 100.4%**<br> **(Cost $9,062,119)** | $13750032 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.4)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.4)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.4)%** | (58903) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13691129 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Global Depositary Receipt |
| NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Non-Voting Depository Receipt |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA 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;

---

| | |
|:---|:---|
| Sector Name | **% of <br>Market** <br> **Value**  |
|  Information Technology | 41.9% |
|  Financials | 25.2 |
|  Consumer Discretionary | 9.9 |
|  Consumer Staples | 5.7 |
|  Health Care | 4.3 |
|  Materials | 4.0 |
|  Industrials | 3.3 |
|  Communication Services | 2.9 |
|  Real Estate | 1.8 |
|  Energy | 0.9 |
|  Utilities | 0.1 |
|  Investment Company | 0.0 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.5% | Common Stocks – 99.5% |  |
| Brazil – 3.3% | Brazil – 3.3% | Brazil – 3.3% |
| 133 | MercadoLibre, Inc. (Consumer Discretionary Distribution & Retail)\* | $309526 |
| 25829 | NU Holdings Ltd., Class A (Banks)\* | 416105 |
| 34000 | Raia Drogasil SA (Consumer Staples Distribution & Retail) | 126395 |
|  |  | 852026 |
| China – 28.6% | China – 28.6% | China – 28.6% |
| 59227 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260276 |
| 16400 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 171185 |
| 4922 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Durables & Apparel) | 112860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81500 | China Merchants Bank Co. Ltd., Class H (Banks) | 510886 |
| 27899 | China Yangtze Power Co. Ltd., Class A (Utilities) | 110063 |
| 7560 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 412752 |
| 14400 | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles &<br>Components)<sup>(a)</sup> | 128237 |
| 50000 | Geely Automobile Holdings Ltd. (Automobiles & Components) | 118616 |
| 2959 | H World Group Ltd. ADR (Consumer Services) | 114217 |
| 11800 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Capital Goods) | 159146 |
| 13200 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)\* | 127931 |
| 5335 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 90962 |
| 6716 | Montage Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 128542 |
| 11700 | NetEase, Inc. (Media & Entertainment) | 328311 |
| 96000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 226802 |
| 55500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 400950 |
| 4400 | Pop Mart International Group Ltd. (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> | 125159 |
| 25600 | Sany Heavy Industry Co. Ltd., Class H (Capital Goods)\* | 77025 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 3600 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Services) | $| 108683 |
| 26300 | Tencent Holdings Ltd. (Media & Entertainment) |  | 2136290 |
| 8823 | Tencent Music Entertainment Group ADR (Media & Entertainment) |  | 196929 |
| 84600 | Yunnan Aluminium Co. Ltd., Class A (Materials) |  | 272876 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318698 |
| Greece – 2.2% | Greece – 2.2% | Greece – 2.2% | Greece – 2.2% |
| 4123 | JUMBO SA (Consumer Discretionary Distribution & Retail) |  | 130880 |
| 13067 | National Bank of Greece SA (Banks) |  | 192066 |
| 30956 | Piraeus Financial Holdings SA (Banks)\* |  | 241773 |
|  |  |  | 564719 |
| Hong Kong – 0.8% | Hong Kong – 0.8% | Hong Kong – 0.8% | Hong Kong – 0.8% |
| 2767 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) |  | 150810 |
| 4000 | Techtronic Industries Co. Ltd. (Capital Goods) |  | 46656 |
|  |  |  | 197466 |
| Hungary – 0.7% | Hungary – 0.7% | Hungary – 0.7% | Hungary – 0.7% |
| 1951 | OTP Bank Nyrt (Banks) |  | 186234 |
| India – 16.5% | India – 16.5% | India – 16.5% | India – 16.5% |
| 3044 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) |  | 263433 |
| 16882 | Axis Bank Ltd. (Banks) |  | 234280 |
| 24721 | Bajaj Finance Ltd. (Financial Services) |  | 290338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133618 | Eternal Ltd. (Consumer Services)\* |  | 476872 |
| 6920 | Godrej Properties Ltd. (Real Estate Management & Development)\* |  | 178177 |
| 3624 | Grasim Industries Ltd. (Materials) |  | 117955 |
| 39567 | ICICI Bank Ltd. (Banks) |  | 599544 |
| 10772 | Info Edge India Ltd. (Media & Entertainment) |  | 167135 |
| 16117 | Infosys Ltd. ADR (Software & Services) |  | 267059 |
| 1422 | MakeMyTrip Ltd. (Consumer Services)\* |  | 113760 |
| 121663 | NTPC Green Energy Ltd. (Utilities)\* |  | 141204 |
| 10968 | SBI Life Insurance Co. Ltd. (Insurance)<sup>(a)</sup> |  | 241319 |

---

&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 ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| India – (continued) | India – (continued) | India – (continued) | India – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11765 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | $| 224274 |
| 127941 | Suzlon Energy Ltd. (Capital Goods)\* |  | 85436 |
| 24228 | Tata Capital Ltd. (Financial Services)\* |  | 89329 |
| 27354 | Tata Consumer Products Ltd. (Food, Beverage & Tobacco) |  | 358845 |
| 5096 | Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 204367 |
| 4300 | TVS Motor Co. Ltd. (Automobiles & Components) |  | 169828 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223155 |
| Indonesia – 0.8% | Indonesia – 0.8% | Indonesia – 0.8% | Indonesia – 0.8% |
| 357500 | Bank Central Asia Tbk PT (Banks) |  | 183037 |
| 9403900 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary Distribution & Retail)\* |  | 33783 |
|  |  |  | 216820 |
| Mexico – 1.4% | Mexico – 1.4% | Mexico – 1.4% | Mexico – 1.4% |
| 21499 | Arca Continental SAB de CV (Food, Beverage & Tobacco) |  | 208226 |
| 24200 | Banco del Bajio SA (Banks)<sup>(a)</sup> |  | 61964 |
| 20480 | Prologis Property Mexico SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) |  | 81783 |
|  |  |  | 351973 |
| Peru – 0.8% | Peru – 0.8% | Peru – 0.8% | Peru – 0.8% |
| 742 | Credicorp Ltd. (Banks) |  | 193662 |
| Philippines – 1.1% | Philippines – 1.1% | Philippines – 1.1% | Philippines – 1.1% |
| 37126 | BDO Unibank, Inc. (Banks) |  | 84219 |
| 23390 | Jollibee Foods Corp. (Consumer Services) |  | 86088 |
| 913400 | Monde Nissin Corp. (Food, Beverage & Tobacco)<sup>(a)</sup> |  | 104733 |
|  |  |  | 275040 |
| Poland – 0.6% | Poland – 0.6% | Poland – 0.6% | Poland – 0.6% |
| 3066 | Bank Pekao SA (Banks) |  | 156985 |
| Russia – –% | Russia – –% | Russia – –% | Russia – –% |
| 16753 | Renaissance Insurance Group JSC (Insurance)\*<sup>(b)</sup> |  |  |
| Saudi Arabia – 3.5% | Saudi Arabia – 3.5% | Saudi Arabia – 3.5% | Saudi Arabia – 3.5% |
| 8998 | Al Rajhi Bank (Banks) |  | 254320 |
| 8604 | Almarai Co. JSC (Food, Beverage & Tobacco) |  | 114074 |
| 2910 | Co. for Cooperative Insurance (The) (Insurance) |  | 105683 |
| 452 | Elm Co. (Software & Services) |  | 114346 |
| 3397 | Rasan Information Technology Co. (Insurance)\* |  | 99778 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19182 | Saudi National Bank (The) (Banks) | $| 204107 |
|  |  |  | 892308 |
| Singapore – 0.3% | Singapore – 0.3% | Singapore – 0.3% | Singapore – 0.3% |
| 448 | Sea Ltd. ADR (Consumer Discretionary Distribution & Retail)\* |  | 70000 |
| South Africa – 3.2% | South Africa – 3.2% | South Africa – 3.2% | South Africa – 3.2% |
| 4120 | Bid Corp. Ltd. (Consumer Staples Distribution & Retail) |  | 101919 |
| 829 | Capitec Bank Holdings Ltd. (Banks) |  | 183414 |
| 8503 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) |  | 179286 |
| 40164 | FirstRand Ltd. (Financial Services) |  | 190614 |
| 227362 | Old Mutual Ltd. (Insurance) |  | 177787 |
|  |  |  | 833020 |
| South Korea – 14.6% | South Korea – 14.6% | South Korea – 14.6% | South Korea – 14.6% |
| 4990 | KB Financial Group, Inc. (Banks) |  | 407352 |
| 3043 | Kia Corp. (Automobiles & Components) |  | 255243 |
| 327 | LG Chem Ltd. (Materials) |  | 90954 |
| 2687 | LG Electronics, Inc. (Consumer Durables & Apparel) |  | 164802 |
| 745 | NCSoft Corp. (Media & Entertainment) |  | 114994 |
| 296 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> |  | 253063 |
| 16856 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |  | 1268856 |
| 6657 | Samsung Heavy Industries Co. Ltd. (Capital Goods)\* |  | 138069 |
| 2728 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |  | 1061447 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754780 |
| Taiwan – 19.5% | Taiwan – 19.5% | Taiwan – 19.5% | Taiwan – 19.5% |
| 9000 | Accton Technology Corp. (Technology Hardware & Equipment) |  | 312990 |
| 22000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 176017 |
| 6000 | Chroma ATE, Inc. (Technology Hardware & Equipment) |  | 158860 |
| 17000 | Delta Electronics, Inc. (Technology Hardware & Equipment) |  | 546786 |
| 18000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) |  | 123659 |

---

&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 ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) |  |  |  |
| 6000 | Elite Material Co. Ltd. (Technology Hardware & Equipment) | Elite Material Co. Ltd. (Technology Hardware & Equipment) | $| 263614 |
| 7000 | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) |  | 21022 |
| 3000 | Lotes Co. Ltd. (Technology Hardware & Equipment) | Lotes Co. Ltd. (Technology Hardware & Equipment) |  | 133757 |
| 11000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |  | 466504 |
| 4000 | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) | Nien Made Enterprise Co. Ltd. (Consumer Durables & Apparel) |  | 47919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 2756502 |
|  |  |  |  | 5007630 |
| Thailand – 0.8% | Thailand – 0.8% |  |  |  |
| 156400 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) |  | 91267 |
| 306300 | True Corp. PCL, NVDR (Telecommunication Services)\* | True Corp. PCL, NVDR (Telecommunication Services)\* |  | 106967 |
|  |  |  |  | 198234 |
| United Arab Emirates – 0.8% | United Arab Emirates – 0.8% |  |  |  |
| 19001 | Abu Dhabi Islamic Bank PJSC (Banks) | Abu Dhabi Islamic Bank PJSC (Banks) |  | 109182 |
| 36283 | Aldar Properties PJSC (Real Estate Management & Development) | Aldar Properties PJSC (Real Estate Management & Development) |  | 88898 |
|  |  |  |  | 198080 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $16,448,240)** | **TOTAL COMMON STOCKS**<br> **(Cost $16,448,240)** | **TOTAL COMMON STOCKS**<br> **(Cost $16,448,240)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25490830 |
| **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – 1.0% | Preferred Stocks – 1.0% | Preferred Stocks – 1.0% | Preferred Stocks – 1.0% | Preferred Stocks – 1.0% |
| Brazil – 1.0% | Brazil – 1.0% | Brazil – 1.0% | Brazil – 1.0% | Brazil – 1.0% |
| 35890 | Itau Unibanco<br>Holding SA (Banks) | 7.44% |  | 263107 |
| India – 0.0% | India – 0.0% |  |  |  |
| 17988 | TVS Motor Co.<br>Ltd., 9/1/2026<br>(Automobiles &<br>Components)\*<sup>(b)</sup> | 6.00 |  | 2026 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $164,585)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $164,585)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $164,585)** |  | 265133 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | 3.956% | $194 |
| **(Cost $194)** | **(Cost $194)** |  |
| **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $16,613,019)** | **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $16,613,019)** | $25756157 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.5)%** | (126172) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25629985 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| NVDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Non-Voting Depository Receipt |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of<br>Market<br>Value** |
|  Information Technology | 30.2% |
|  Financials | 25.1 |
|  Consumer Discretionary | 15.1 |
|  Communication Services | 12.0 |
|  Health Care | 4.9 |
|  Consumer Staples | 4.6 |
|  Industrials | 3.6 |
|  Materials | 1.9 |
|  Real Estate | 1.7 |
|  Utilities | 0.9 |
|  Investment Company | 0.0 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.0% | Common Stocks – 98.0% |  |
| Denmark – 1.1% | Denmark – 1.1% |  |
| 224006 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | $11028199 |
| France – 6.6% | France – 6.6% |  |
| 98345 | Air Liquide SA (Materials) | 19033596 |
| &nbsp;&nbsp;&nbsp;&nbsp;103647 | Capgemini SE (Software & Services) | 15945629 |
| 40482 | L'Oreal SA (Household & Personal Products) | 16893611 |
| 113214 | Vinci SA (Capital Goods) | 15138568 |
|  |  | 67011404 |
| Germany – 7.8% | Germany – 7.8% |  |
| 684005 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 27150158 |
| 84335 | SAP SE (Software & Services) | 21933230 |
| 106800 | Siemens AG (Capital Goods) | 30266854 |
|  |  | 79350242 |
| Hong Kong – 3.5% | Hong Kong – 3.5% |  |
| 3647200 | AIA Group Ltd. (Insurance) | 35489943 |
| Italy – 1.7% | Italy – 1.7% |  |
| 281483 | Moncler SpA (Consumer Durables & Apparel) | 16885999 |
| Japan – 21.2% | Japan – 21.2% |  |
| 204800 | Hoya Corp. (Health Care Equipment & Services) | 33266095 |
| 553400 | ITOCHU Corp. (Capital Goods) | 32054757 |
| 41700 | Keyence Corp. (Technology Hardware & Equipment) | 15476321 |
| 266800 | Nomura Research Institute Ltd. (Software & Services) | 10301971 |
| 1252600 | ORIX Corp. (Financial Services) | 30641162 |
| 347400 | Recruit Holdings Co. Ltd. (Commercial & Professional Services) | 17226862 |
| 1069000 | Sony Group Corp. (Consumer Durables & Apparel) | 29771209 |
| 1343600 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 36376370 |
| 337373 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 9104857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214219604 |
| Netherlands – 7.7% | Netherlands – 7.7% |  |
| 23262 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 24595154 |
| 1000552 | ING Groep NV (Banks) | 24983476 |
| 695160 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 28453335 |
|  |  | 78031965 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Spain – 8.3% | Spain – 8.3% |  |
| 1309420 | Banco Bilbao Vizcaya Argentaria SA (Banks) | $26379706 |
| 773246 | Cellnex Telecom SA (Telecommunication Services)\*<sup>(a)</sup> | 24072512 |
| 1633967 | Iberdrola SA (Utilities) | 33114398 |
|  |  | 83566616 |
| Switzerland – 6.0% | Switzerland – 6.0% |  |
| 35822 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | 24736234 |
| 52281 | Zurich Insurance Group AG (Insurance) | 36359942 |
|  |  | 61096176 |
| Taiwan – 2.0% | Taiwan – 2.0% |  |
| 68126 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 20467094 |
| United Kingdom – 23.9% | United Kingdom – 23.9% |  |
| 470679 | Ashtead Group PLC (Capital Goods) | 31438961 |
| 204195 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 33681726 |
| 870442 | Compass Group PLC (Consumer Services) | 28811522 |
| 163586 | InterContinental Hotels Group PLC (Consumer Services) | 19732955 |
| 185554 | London Stock Exchange Group PLC (Financial Services) | 23124945 |
| 2291875 | National Grid PLC (Utilities) | 34364666 |
| 3241979 | NatWest Group PLC (Banks) | 24958457 |
| 575368 | RELX PLC (Commercial & Professional Services) | 25429219 |
| 3524582 | Rentokil Initial PLC (Commercial & Professional Services) | 19672309 |
|  |  | 241214760 |
| United States – 8.2% | United States – 8.2% |  |
| 195565 | Experian PLC (Commercial & Professional Services) | 9122178 |
| 69063 | Ferguson Enterprises, Inc. (Capital Goods) | 17162156 |
| 112986 | Schneider Electric SE (Capital Goods) | 32193114 |
| 37279 | Spotify Technology SA (Media & Entertainment)\* | 24429674 |
|  |  | 82907122 |
| **TOTAL COMMON STOCKS**<br> **(Cost $776,526,814)** | **TOTAL COMMON STOCKS**<br> **(Cost $776,526,814)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991269124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.8%<sup>(b)</sup> | Investment Company – 1.8%<sup>(b)</sup> | Investment Company – 1.8%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17808154 | 3.956% | $17808154 |
| **(Cost $17,808,154)** | **(Cost $17,808,154)** | **(Cost $17,808,154)** |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $794,334,968)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $794,334,968)** | $1009077278 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | 2135302 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;1011212580 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

---

---

| | |
|:---|:---|
| Sector Name | **% of** <br> **Market** <br> **Value**  |
|  Financials | 23.6% |
|  Industrials | 22.8 |
|  Information Technology | 13.4 |
|  Health Care | 11.1 |
|  Consumer Discretionary | 9.4 |
|  Utilities | 6.7 |
|  Communication Services | 4.8 |
|  Consumer Staples | 4.5 |
|  Materials | 1.9 |
|  Investment Company | 1.8 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.2% | Common Stocks – 97.2% | Common Stocks – 97.2% |
| Australia – 3.6% | Australia – 3.6% | Australia – 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;1536094 | Rio Tinto PLC (Materials) | $110737177 |
| France – 9.7% | France – 9.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898165 | Accor SA (Consumer Services) | 45692271 |
| 353228 | Capgemini SE (Software & Services) | 54342553 |
| 2294151 | Orange SA (Telecommunication Services) | 36698126 |
| 605312 | Societe Generale SA (Banks) | 38389308 |
| 1281592 | TotalEnergies SE (Energy) | 80016294 |
| 336316 | Vinci SA (Capital Goods) | 44970962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300109514 |
| Germany – 6.8% | Germany – 6.8% |  |
| 3041643 | Deutsche Telekom AG (Telecommunication Services) | 94215515 |
| 410974 | Siemens AG (Capital Goods) | 116469007 |
|  |  | 210684522 |
| Italy – 2.7% | Italy – 2.7% |  |
| 8380789 | Enel SpA (Utilities) | 84778104 |
| Japan – 15.7% | Japan – 15.7% |  |
| 1487600 | ITOCHU Corp. (Capital Goods) | 86166707 |
| 2435400 | Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment) | 52509464 |
| 3654800 | ORIX Corp. (Financial Services) | 89403895 |
| 2294900 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 62131684 |
| 1420100 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 38324962 |
| 292900 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 64575762 |
| 4559800 | Toyota Motor Corp. (Automobiles & Components) | 92961266 |
|  |  | 486073740 |
| Netherlands – 5.9% | Netherlands – 5.9% |  |
| 3807969 | ING Groep NV (Banks) | 95083816 |
| 2092468 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 85646027 |
|  |  | 180729843 |
| Singapore – 4.5% | Singapore – 4.5% |  |
| 2092950 | DBS Group Holdings Ltd. (Banks) | 86653440 |
| 4210300 | Singapore Exchange Ltd. (Financial Services) | 54630971 |
|  |  | 141284411 |
| Spain – 8.3% | Spain – 8.3% |  |
| 4503663 | Banco Bilbao Vizcaya Argentaria SA (Banks)<sup>(a)</sup> | 90731243 |
| 4858064 | Iberdrola SA (Utilities) | 98454783 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| 1251506 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> | $| 69108711 |
|  |  |  | 258294737 |
| Switzerland – 4.6% | Switzerland – 4.6% |  |  |
| 32513 | Partners Group Holding AG (Financial Services) |  | 39815970 |
| 148651 | Zurich Insurance Group AG (Insurance) |  | 103382525 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143198495 |
| Taiwan – 1.5% | Taiwan – 1.5% |  |  |
| 969000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 46860536 |
| United Kingdom – 20.3% | United Kingdom – 20.3% |  |  |
| 695948 | AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences) |  | 114795807 |
| 1041509 | Coca-Cola Europacific Partners PLC (Food, Beverage & Tobacco) |  | 92517244 |
| 2993467 | Compass Group PLC (Consumer Services) |  | 99083385 |
| 9247335 | HSBC Holdings PLC (Banks) |  | 129457758 |
| 6363411 | National Grid PLC (Utilities) |  | 95413798 |
| 12953399 | NatWest Group PLC (Banks) |  | 99722069 |
|  |  |  | 630990061 |
| United States – 13.6% | United States – 13.6% |  |  |
| 204260 | Ferguson Enterprises, Inc. (Capital Goods) |  | 50758610 |
| 4489 | Ferguson Enterprises, Inc. (Capital Goods) |  | 1107528 |
| 637503 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 78898436 |
| 331647 | Schneider Electric SE (Capital Goods) |  | 94496218 |
| 2765986 | Shell PLC (Energy) |  | 103695337 |
| 516571 | Swiss Re AG (Insurance) |  | 94326883 |
|  |  |  | 423283012 |
| **TOTAL COMMON STOCKS**<br> **(Cost $2,391,888,929)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,391,888,929)** |  | 3017024152 |
| **Shares** | **Dividend Rate** | **Value** | **Value** |
| Investment Company – 2.4%<sup>(b)</sup> | Investment Company – 2.4%<sup>(b)</sup> | Investment Company – 2.4%<sup>(b)</sup> | Investment Company – 2.4%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |  |  |
| 74308962 | 3.956% |  | 74308962 |
| **(Cost $74,308,962)** | **(Cost $74,308,962)** |  |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES**<br> **LENDING REINVESTMENT VEHICLE**<br> **(Cost $2,466,197,891)** | **TOTAL INVESTMENTS BEFORE SECURITIES**<br> **LENDING REINVESTMENT VEHICLE**<br> **(Cost $2,466,197,891)** |  | 3091333114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 3.2%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 3.2%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 3.2%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;98941250 | 3.956% | $98941250 |
| (Cost $98,941,250) | (Cost $98,941,250) | (Cost $98,941,250) |
| **TOTAL INVESTMENTS – 102.8%**<br> **(Cost $2,565,139,141)** | **TOTAL INVESTMENTS – 102.8%**<br> **(Cost $2,565,139,141)** | $3190274364 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.8)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.8)%** | (85450897) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;3104823467 |

---

---

| | |
|:---|:---|
| 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 of security is on loan. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |

---

---

| | |
|:---|:---|
| Sector Name | **% of** <br> **Market** <br> **Value**  |
|  Financials | 30.8% |
|  Industrials | 12.3 |
|  Consumer Discretionary | 9.6 |
|  Utilities | 8.7 |
|  Health Care | 7.3 |
|  Information Technology | 6.9 |
|  Energy | 5.8 |
|  Consumer Staples | 5.5 |
|  Communication Services | 4.0 |
|  Materials | 3.5 |
|  Investment Company | 2.4 |
|  Securities Lending Reinvestment Vehicle<br>| 3.2  |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets<br>Equity Fund** | **Emerging Markets<br>Equity ex. China Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $26,654,885, $1,923,409,567 and $9,062,109, respectively)<sup>(a)</sup>  | $40723932 | $3046180189 | $13750022 |
|  Investments in affiliated issuers, at value (cost $587, $61,845 and $10, respectively) | 587 | 61845 | 10 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 106920 | 20911972 |  |
|  Cash | 252905 |  | 28306 |
|  Foreign Currency, at value (cost $58,878, $– and $114,159, respectively) | 58561 |  | 113717 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 788087 | 31701833 | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 19353 |  | 26156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5606 | 573653 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 917 | 36789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 1165242 | 7549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 678238 | 1707 |
|  Other assets | 37621 | 68855 | 29175 |
|  **Total assets** | 41994489 | 3101378616 | 13961360 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 809260 | 12507477 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 106920 | 20911972 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Audit fees | 43836 | 43836 | 43836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 37468 | 719765 | 50933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 18162 | 1186920 | 5312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 2922 | 38357 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2843 | 2936796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 16995696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bank overdraft (cost $–, $1,152,516 and $–, respectively) |  | 1159584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  | 27219340 | 157182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 46270 | 102657 | 12097 |
|  **Total liabilities** | 1067681 | 83822400 | 270231 |
| Net Assets: |  |  |  |
|  Paid-in capital | 74792819 | 2740883241 | 9306032 |
|  Total distributable earnings (loss) | (33866011) | 276672975 | 4385097 |
|  **NET ASSETS** | $40926808 | $3017556216 | $13691129 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $11223361 | $90151498 | $229359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1012649 | 8757867 | 75420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 6522725 | 2271751787 | 8973411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 23250735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 313442 | 67016323 | 77582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 447953 | 98843612 | 77878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 76513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 21406678 | 457784394 | 4180966 |
|  Total Net Assets | $40926808 | $3017556216 | $13691129 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 430080 | 3182803 | 15130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 44977 | 353414 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 229901 | 74434485 | 589792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 855277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 11124 | 2211673 | 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 15851 | 3223992 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 5055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 757090 | 14928040 | 275015 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $26.10 | $28.32 | $15.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 22.51 | 24.78 | 15.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 28.37 | 30.52 | 15.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 27.19 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 28.18 | 30.30 | 15.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 28.26 | 30.66 | 15.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  |  | 15.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 28.27 | 30.67 | 15.20 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $101,640, $19,764,459 and $– for China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the China Equity Fund, Emerging Markets Equity Fund and Emerging Markets Equity ex. China Fund is $27.62, $29.97 and $16.04, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ESG Emerging Markets<br>Equity Fund** | **International Equity<br>ESG Fund** | **International Equity<br>Income Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $16,612,825, $776,526,814 and $2,391,888,929, respectively)<sup>(a)</sup>  | $25755963 | $991269124 | $3017024152 |
|  Investments in affiliated issuers, at value (cost $194, $17,808,154 and $74,308,962, respectively) | 194 | 17808154 | 74308962 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  |  | 98941250 |
|  Cash |  | 479008 | 46369 |
|  Foreign Currency, at value (cost $212,420, $11,640 and $178,269, respectively) | 212357 | 9788 | 178106 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 183361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 32826 | 25670 | 59408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 10205 | 1985136 | 7730428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 1935 | 7454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 3441652 | 5672167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 599601 | 3360906 |
|  Other assets | 43568 | 58551 | 141871 |
|  **Total assets** | 26238474 | 1015678619 | 3207471073 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 221498 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 116057 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 111431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody, accounting and administrative services | 46768 | 104465 | 163838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Audit fees | 43836 | 43836 | 43836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 37157 | 3851397 | 2356375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 10247 | 368128 | 987812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 869 | 30121 | 96387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  |  | 98941250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 20626 | 68092 | 58108 |
|  **Total liabilities** | 608489 | 4466039 | 102647606 |
| Net Assets: |  |  |  |
|  Paid-in capital | 84875728 | 789617914 | 2440944581 |
|  Total distributable earnings (loss) | (59245743) | 221594666 | 663878886 |
|  **NET ASSETS** | $25629985 | $1011212580 | $3104823467 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $2074975 | $77347941 | $91380628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 105375 | 7555452 | 7592675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 17930964 | 605776940 | 1857152907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 269917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 486368 | 128615141 | 761534128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 60793 | 92338542 | 273975895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 189290 |  | 2078920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 4782220 | 99308647 | 111108314 |
|  Total Net Assets | $25629985 | $1011212580 | $3104823467 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 161496 | 2436660 | 4424497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8469 | 261620 | 427679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1391468 | 18538751 | 84408841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 8142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 37774 | 3965569 | 36995617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 4710 | 2843241 | 12472900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 14914 |  | 100150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 370972 | 3056758 | 5060436 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $12.85 | $31.74 | $20.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12.44 | 28.88 | 17.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 12.89 | 32.68 | 22.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 33.15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 12.88 | 32.43 | 20.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12.91 | 32.48 | 21.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 12.69 |  | 20.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 12.89 | 32.49 | 21.96 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $–, $– and $95,103,166 for ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund is $13.60, $33.59 and $21.85, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets<br>Equity Fund** | **Emerging Markets<br>Equity ex. China<br>Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $65,936, $7,378,995 and $37,544, respectively) | $775961 | $54847094 | $232267 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 3503 | 139484 |  |
|  Dividends — affiliated issuers | 2106 | 180993 | 387 |
|  **Total Investment Income** | 781570 | 55167571 | 232654 |
| Expenses: |  |  |  |
|  Management fees | 356599 | 27572478 | 104673 |
|  Professional fees | 114245 | 170819 | 139507 |
|  Custody, accounting and administrative services | 82072 | 1799793 | 62625 |
|  Registration fees | 78227 | 131332 | 107015 |
|  Printing and mailing costs | 35514 | 206129 | 24409 |
|  Trustee fees | 27510 | 32998 | 27461 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 27343 | 416770 | 1166 |
|  Transfer Agency fees<sup>(a)</sup>  | 23386 | 1281986 | 4646 |
|  Service fees — Class C | 1290 | 20980 | 158 |
|  Shareholder Administration fees — Service Shares |  | 50799 |  |
|  Other | 113 | 110747 | 9173 |
|  **Total expenses** | 746299 | 31794831 | 480833 |
|  Less — expense reductions | (318505) | (2417199) | (358974) |
|  **Net expenses** | 427794 | 29377632 | 121859 |
|  **NET INVESTMENT INCOME** | 353776 | 25789939 | 110795 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $–, $(9137185) and $(45390), respectively) | 2867566 | 196390558 | 20521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4185 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7191) | (1551407) | (9689) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $–, $(666704) and $(8808), respectively) | 6362354 | 471940033 | 2443159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 89 | 132625 | 2355 |
|  **Net realized and unrealized gain** | 9227003 | 666911809 | 2456346 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $9580779 | $692701748 | $2567141 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  China Equity Fund | $23474 | $3869 | $– | $– | $14084 | $774 | $2499 | $– | $221 | $155 | $– | $5653 |
|  Emerging Markets Equity Fund | 303031 | 62940 | 50799 |  | 181818 | 12588 | 814994 | 8128 | 108494 | 32196 |  | 123768 |
|  Emerging Markets Equity ex. China Fund | 372 | 474 |  | 320 | 223 | 95 | 2991 |  | 97 | 20 | 96 | 1124 |

---

&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 FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ESG Emerging<br>Markets Equity<br>Fund** | **International<br>Equity ESG Fund** | **International Equity<br>Income Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $61,020, $2,022,039 and $7,607,088, respectively) | $434054 | $24381396 | $81512822 |
|  Dividends — affiliated issuers | 5814 | 500025 | 2445331 |
|  Securities lending income, net of rebates received or paid to borrowers – affiliated issuer |  | 22116 | 42971 |
|  **Total Investment Income** | 439868 | 24903537 | 84001124 |
| Expenses: |  |  |  |
|  Management fees | 224848 | 8555377 | 17684241 |
|  Professional fees | 153719 | 161578 | 186976 |
|  Custody, accounting and administrative services | 116892 | 242816 | 425167 |
|  Registration fees | 91735 | 115674 | 225839 |
|  Printing and mailing costs | 35245 | 99335 | 154656 |
|  Trustee fees | 27317 | 29436 | 31965 |
|  Transfer Agency fees<sup>(a)</sup>  | 11584 | 619043 | 1680278 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 6227 | 259333 | 275785 |
|  Service fees — Class C | 222 | 17960 | 15775 |
|  Shareholder Administration fees — Service Shares |  | 1885 |  |
|  Other | 17788 | 43485 | 67613 |
|  **Total expenses** | 685577 | 10145922 | 20748295 |
|  Less — expense reductions | (438917) | (1064503) | (1060086) |
|  **Net expenses** | 246660 | 9081419 | 19688209 |
|  **NET INVESTMENT INCOME** | 193208 | 15822118 | 64312915 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $(54577), $– and $–, respectively) | 862213 | 36641820 | 42708430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (942) | (96846) | 132328 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $11,023, $– and $–, respectively) | 4265060 | 95608485 | 419327256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1383 | 245182 | 218652 |
|  **Net realized and unrealized gain** | 5127714 | 132398641 | 462386666 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5320922 | $148220759 | $526699581 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  ESG Emerging Markets Equity Fund | $4667 | $667 | $– | $893 | $2800 | $133 | $6388 | $– | $679 | $15 | $268 | $1301 |
|  International Equity ESG Fund | 203570 | 53878 | 1885 |  | 122142 | 10776 | 240257 | 302 | 187582 | 28902 |  | 29082 |
|  International Equity Income Fund | 219692 | 47325 |  | 8768 | 131815 | 9465 | 566317 |  | 891203 | 53930 | 2631 | 24917 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **For the Fiscal**<br> **Year Ended<br>October 31, 2025** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** | **For the Fiscal**<br> **Year Ended<br>October 31, 2025** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $353776 | $527538 | $25789939 | $32130183 |
|  Net realized gain (loss) | 2864560 | (6590687) | 194839151 | (43626573) |
|  Net change in unrealized gain | 6362443 | 10414816 | 472072658 | 597889474 |
| **Net increase in net assets resulting from operations** | 9580779 | 4351667 | 692701748 | 586393084 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (118541) | (78216) | (1016465) | (1171626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1861) | (838) |  | (54328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (105678) | (79737) | (20960093) | (25625540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (124858) | (170765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (2898) | (1342) | (802265) | (1299258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (8253) | (6706) | (1166910) | (1579416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (283207) | (366992) | (4436977) | (6102843) |
|  **Total distributions to shareholders** | (520438) | (533831) | (28507568) | (36003776) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 7906749 | 10537290 | 331532715 | 621504121 |
|  Reinvestment of distributions | 516667 | 524821 | 26482816 | 33534121 |
|  Cost of shares redeemed | (12451542) | (28742050) | (863555206) | (947977680) |
| **Net decrease in net assets resulting from share transactions** | (4028126) | (17679939) | (505539675) | (292939438) |
|  **TOTAL INCREASE (DECREASE)** | 5032215 | (13862103) | 158654505 | 257449870 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $35894593 | $49756696 | $2858901711 | $2601451841 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40926808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35894593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017556216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858901711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $110795 | $116720 | $193208 | $253740 |
|  Net realized gain (loss) | 10832 | (113302) | 861271 | (561439) |
|  Net change in unrealized gain | 2445514 | 2172384 | 4266443 | 5572560 |
| **Net increase in net assets resulting from operations** | 2567141 | 2175802 | 5320922 | 5264861 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (841) | (396) | (11780) | (23675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares |  |  | (43) | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (76982) | (56292) | (136755) | (236421) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (605) | (461) | (3481) | (8507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (674) | (532) | (404) | (349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (296) | (188) | (921) | (2902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (45633) | (33781) | (38616) | (101718) |
|  **Total distributions to shareholders** | (125031) | (91650) | (192000) | (373961) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 397462 | 2319386 | 2802705 | 3409377 |
|  Reinvestment of distributions | 125032 | 91651 | 191875 | 373737 |
|  Cost of shares redeemed | (1369630) | (614963) | (5376419) | (11102107) |
| **Net increase (decrease) in net assets resulting from share transactions** | (847136) | 1796074 | (2381839) | (7318993) |
|  **TOTAL INCREASE (DECREASE)** | 1594974 | 3880226 | 2747083 | (2428093) |
| Net Assets: |  |  |  |  |
|  Beginning of year | $12096155 | $8215929 | $22882902 | $25310995 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13691129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12096155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25629985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22882902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **For the Fiscal**<br> **Year Ended<br>October 31, 2025** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** | **For the Fiscal**<br> **Year Ended<br>October 31, 2025** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $15822118 | $19249204 | $64312915 | $44683819 |
|  Net realized gain | 36544974 | 1388336 | 42840758 | 3429536 |
|  Net change in unrealized gain | 95853667 | 170924328 | 419545908 | 208879974 |
| **Net increase in net assets resulting from operations** | 148220759 | 191561868 | 526699581 | 256993329 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2086643) | (1671550) | (2284723) | (2477947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (107234) | (67969) | (125319) | (157719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (15211477) | (9517753) | (38139075) | (29355570) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (24820) | (10514) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (2919686) | (1780835) | (16593776) | (12925592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2439527) | (1652881) | (4809251) | (2576510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares |  |  | (37317) | (33162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2312822) | (1569940) | (2249542) | (1910659) |
|  **Total distributions to shareholders** | (25102209) | (16271442) | (64239003) | (49437159) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 237328558 | 338348301 | 1488744416 | 734224622 |
|  Reinvestment of distributions | 18629391 | 12269837 | 63562665 | 49006081 |
|  Cost of shares redeemed | (438995344) | (393895485) | (625263362) | (349973827) |
| **Net increase (decrease) in net assets resulting from share transactions** | (183037395) | (43277347) | 927043719 | 433256876 |
|  **TOTAL INCREASE (DECREASE)** | (59918845) | 132013079 | 1389504297 | 640813046 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $1071131425 | $939118346 | $1715319170 | $1074506124 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011212580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071131425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104823467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715319170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $20.30 | $18.09 | $16.62 | $35.80 | $36.99 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.17 | 0.21 | 0.02 | (0.15) | (0.15) |
|  Net realized and unrealized gain (loss) | 5.90 | 2.16 | 1.45 | (16.89) | 0.93 |
|  Total from investment operations | 6.07 | 2.37 | 1.47 | (17.04) | 0.78 |
|  Distributions to shareholders from net investment income | (0.27) | (0.16) |  |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |
|  Total distributions | (0.27) | (0.16) |  | (2.14) | (1.97) |
|  Net asset value, end of year | $26.10 | $20.30 | $18.09 | $16.62 | $35.80 |
|  **Total Return<sup>(b)</sup>**  | 30.31% | 13.30% | 8.91% | (50.53)% | 1.96% |
|  Net assets, end of year (in 000's) | $11223 | $8409 | $9149 | $9664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22002 |
|  Ratio of net expenses to average net assets | 1.45% | 1.46% | 1.48% | 1.47% | 1.45% |
|  Ratio of total expenses to average net assets | 2.34% | 2.30% | 1.92% | 1.81% | 1.77% |
|  Ratio of net investment income (loss) to average net assets | 0.76% | 1.15% | 0.11% | (0.55)% | (0.38)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 63% | 70% | 73% | 37% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.46 | $15.55 | $14.39 | $31.53 | $33.03 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.04) | 0.06 | (0.12) | (0.36) | (0.40) |
|  Net realized and unrealized gain (loss) | 5.15 | 1.87 | 1.28 | (14.64) | 0.87 |
|  Total from investment operations | 5.11 | 1.93 | 1.16 | (15.00) | 0.47 |
|  Distributions to shareholders from net investment income | (0.06) | (0.02) |  |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |
|  Total distributions | (0.06) | (0.02) |  | (2.14) | (1.97) |
|  Net asset value, end of year | $22.51 | $17.46 | $15.55 | $14.39 | $31.53 |
|  **Total Return<sup>(b)</sup>**  | 29.35% | 12.40% | 8.06% | (50.89)% | 1.22% |
|  Net assets, end of year (in 000's) | $1013 | $754 | $831 | $1042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737 |
|  Ratio of net expenses to average net assets | 2.20% | 2.21% | 2.23% | 2.22% | 2.20% |
|  Ratio of total expenses to average net assets | 3.11% | 3.06% | 2.68% | 2.56% | 2.54% |
|  Ratio of net investment income (loss) to average net assets | (0.21)% | 0.40% | (0.67)% | (1.56)% | (1.17)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 63% | 70% | 73% | 37% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $22.03 | $19.63 | $18.01 | $38.50 | $39.52 |
|  Net investment income<sup>(a)</sup>  | 0.25 | 0.29 | 0.10 | 0.01 | 0.03 |
|  Net realized and unrealized gain (loss) | 6.43 | 2.34 | 1.57 | (18.36) | 0.92 |
|  Total from investment operations | 6.68 | 2.63 | 1.67 | (18.35) | 0.95 |
|  Distributions to shareholders from net investment income | (0.34) | (0.23) | (0.05) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |
|  Total distributions | (0.34) | (0.23) | (0.05) | (2.14) | (1.97) |
|  Net asset value, end of year | $28.37 | $22.03 | $19.63 | $18.01 | $38.50 |
|  **Total Return<sup>(b)</sup>**  | 30.76% | 13.68% | 9.24% | (50.35)% | 2.28% |
|  Net assets, end of year (in 000's) | $6523 | $6843 | $6778 | $8320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23762 |
|  Ratio of net expenses to average net assets | 1.09% | 1.11% | 1.16% | 1.15% | 1.15% |
|  Ratio of total expenses to average net assets | 1.99% | 1.95% | 1.56% | 1.44% | 1.40% |
|  Ratio of net investment income to average net assets | 1.06% | 1.50% | 0.46% | 0.03% | 0.07% |
|  Portfolio turnover rate<sup>(c)</sup>  | 63% | 70% | 73% | 37% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.90 | $19.47 | $17.87 | $38.24 | $39.28 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.15 | 0.18 | 0.08 | (0.06) | (0.01) |
|  Net realized and unrealized gain (loss) | 6.45 | 2.43 | 1.56 | (18.17) | 0.94 |
|  Total from investment operations | 6.60 | 2.61 | 1.64 | (18.23) | 0.93 |
|  Distributions to shareholders from net investment income | (0.32) | (0.18) | (0.04) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |
|  Total distributions | (0.32) | (0.18) | (0.04) | (2.14) | (1.97) |
|  Net asset value, end of year | $28.18 | $21.90 | $19.47 | $17.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.24 |
|  **Total Return<sup>(b)</sup>**  | 30.66% | 13.60% | 9.19% | (50.40)% | 2.22% |
|  Net assets, end of year (in 000's) | $313 | $211 | $262 | $298 | $636 |
|  Ratio of net expenses to average net assets | 1.20% | 1.21% | 1.23% | 1.22% | 1.20% |
|  Ratio of total expenses to average net assets | 2.10% | 2.03% | 1.68% | 1.56% | 1.49% |
|  Ratio of net investment income (loss) to average net assets | 0.62% | 0.94% | 0.37% | (0.20)% | (0.02)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 63% | 70% | 73% | 37% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.95 | $19.56 | $17.95 | $38.37 | $39.39 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.27 | 0.29 | 0.11 | (0.05) | 0.03 |
|  Net realized and unrealized gain (loss) | 6.38 | 2.33 | 1.56 | (18.23) | 0.92 |
|  Total from investment operations | 6.65 | 2.62 | 1.67 | (18.28) | 0.95 |
|  Distributions to shareholders from net investment income | (0.34) | (0.23) | (0.06) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |
|  Total distributions | (0.34) | (0.23) | (0.06) | (2.14) | (1.97) |
|  Net asset value, end of year | $28.26 | $21.95 | $19.56 | $17.95 | $38.37 |
|  **Total Return<sup>(b)</sup>**  | 30.81% | 13.63% | 9.32% | (50.37)% | 2.29% |
|  Net assets, end of year (in 000's) | $448 | $531 | $659 | $734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 |
|  Ratio of net expenses to average net assets | 1.08% | 1.10% | 1.15% | 1.14% | 1.14% |
|  Ratio of total expenses to average net assets | 1.98% | 1.93% | 1.55% | 1.43% | 1.38% |
|  Ratio of net investment income (loss) to average net assets | 1.15% | 1.48% | 0.51% | (0.18)% | 0.08% |
|  Portfolio turnover rate<sup>(c)</sup>  | 63% | 70% | 73% | 37% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CHINA EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.96 | $19.57 | $17.95 | $38.39 | $39.40 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.27 | 0.28 | 0.10 | (0.02) | –<sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | 6.38 | 2.34 | 1.58 | (18.28) | 0.96 |
|  Total from investment operations | 6.65 | 2.62 | 1.68 | (18.30) | 0.96 |
|  Distributions to shareholders from net investment income | (0.34) | (0.23) | (0.06) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (2.14) | (1.97) |
|  Total distributions | (0.34) | (0.23) | (0.06) | (2.14) | (1.97) |
|  Net asset value, end of year | $28.27 | $21.96 | $19.57 | $17.95 | $38.39 |
|  **Total Return<sup>(c)</sup>**  | 30.79% | 13.63% | 9.31% | (50.35)% | 2.26% |
|  Net assets, end of year (in 000's) | $21407 | $19147 | $32077 | $36651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90250 |
|  Ratio of net expenses to average net assets | 1.08% | 1.11% | 1.15% | 1.14% | 1.14% |
|  Ratio of total expenses to average net assets | 1.98% | 1.92% | 1.55% | 1.43% | 1.39% |
|  Ratio of net investment income (loss) to average net assets | 1.12% | 1.45% | 0.46% | (0.07)% | 0.01% |
|  Portfolio turnover rate<sup>(d)</sup>  | 63% | 70% | 73% | 37% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $22.48 | $18.37 | $16.80 | $28.53 | $23.76 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.17 | 0.19 | 0.13 | 0.08 | (0.02) |
|  Net realized and unrealized gain (loss) | 5.86 | 4.13 | 1.44 | (11.63) | 4.81 |
|  Total from investment operations | 6.03 | 4.32 | 1.57 | (11.55) | 4.79 |
|  Distributions to shareholders from net investment income | (0.19) | (0.21) |  | (0.18) | (0.02) |
|  Net asset value, end of year | $28.32 | $22.48 | $18.37 | $16.80 | $28.53 |
|  **Total Return<sup>(b)</sup>**  | 27.13% | 23.66% | 9.35% | (40.71)% | 20.11% |
|  Net assets, end of year (in 000's) | $90151 | $121954 | $104938 | $165155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265040 |
|  Ratio of net expenses to average net assets | 1.34% | 1.33% | 1.33% | 1.31% | 1.34% |
|  Ratio of total expenses to average net assets | 1.48% | 1.50% | 1.48% | 1.47% | 1.48% |
|  Ratio of net investment income (loss) to average net assets | 0.71% | 0.92% | 0.66% | 0.37% | (0.08)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 36% | 32% | 51% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $19.65 | $16.06 | $14.80 | $25.23 | $21.16 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.03) | 0.02 | (0.01) | (0.07) | (0.21) |
|  Net realized and unrealized gain (loss) | 5.16 | 3.64 | 1.27 | (10.28) | 4.28 |
|  Total from investment operations | 5.13 | 3.66 | 1.26 | (10.35) | 4.07 |
|  Distributions to shareholders from net investment income |  | (0.07) |  | (0.08) |  |
|  Net asset value, end of year | $24.78 | $19.65 | $16.06 | $14.80 | $25.23 |
|  **Total Return<sup>(b)</sup>**  | 26.17% | 22.76% | 8.51% | (41.14)% | 19.23% |
|  Net assets, end of year (in 000's) | $8758 | $9697 | $14191 | $18128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36367 |
|  Ratio of net expenses to average net assets | 2.09% | 2.08% | 2.08% | 2.06% | 2.09% |
|  Ratio of total expenses to average net assets | 2.23% | 2.24% | 2.23% | 2.22% | 2.23% |
|  Ratio of net investment income (loss) to average net assets | (0.13)% | 0.11% | (0.07)% | (0.36)% | (0.81)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 36% | 32% | 51% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $24.20 | $19.77 | $18.07 | $30.67 | $25.54 |
|  Net investment income<sup>(a)</sup>  | 0.24 | 0.27 | 0.21 | 0.17 | 0.07 |
|  Net realized and unrealized gain (loss) | 6.33 | 4.45 | 1.53 | (12.49) | 5.15 |
|  Total from investment operations | 6.57 | 4.72 | 1.74 | (12.32) | 5.22 |
|  Distributions to shareholders from net investment income | (0.25) | (0.29) | (0.04) | (0.28) | (0.09) |
|  Net asset value, end of year | $30.52 | $24.20 | $19.77 | $18.07 | $30.67 |
|  **Total Return<sup>(b)</sup>**  | 27.44% | 24.09% | 9.65% | (40.52)% | 20.51% |
|  Net assets, end of year (in 000's) | $2271752 | $2081734 | $1804776 | $1798319 | $2699332 |
|  Ratio of net expenses to average net assets | 1.04% | 1.03% | 1.03% | 1.00% | 1.03% |
|  Ratio of total expenses to average net assets | 1.12% | 1.14% | 1.12% | 1.10% | 1.11% |
|  Ratio of net investment income to average net assets | 0.95% | 1.19% | 1.00% | 0.70% | 0.24% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 36% | 32% | 51% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.58 | $17.64 | $16.17 | $27.54 | $22.97 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.10 | 0.14 | 0.09 | 0.04 | (0.07) |
|  Net realized and unrealized gain (loss) | 5.65 | 3.98 | 1.38 | (11.20) | 4.64 |
|  Total from investment operations | 5.75 | 4.12 | 1.47 | (11.16) | 4.57 |
|  Distributions to shareholders from net investment income | (0.14) | (0.18) |  | (0.21) |  |
|  Net asset value, end of year | $27.19 | $21.58 | $17.64 | $16.17 | $27.54 |
|  **Total Return<sup>(b)</sup>**  | 26.87% | 23.43% | 9.09% | (40.80)% | 19.90% |
|  Net assets, end of year (in 000's) | $23251 | $19672 | $17321 | $19903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32940 |
|  Ratio of net expenses to average net assets | 1.54% | 1.53% | 1.53% | 1.50% | 1.53% |
|  Ratio of total expenses to average net assets | 1.62% | 1.64% | 1.62% | 1.60% | 1.61% |
|  Ratio of net investment income (loss) to average net assets | 0.46% | 0.72% | 0.49% | 0.19% | (0.26)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 36% | 32% | 51% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $24.03 | $19.62 | $17.92 | $30.43 | $25.33 |
|  Net investment income<sup>(a)</sup>  | 0.22 | 0.24 | 0.19 | 0.17 | 0.06 |
|  Net realized and unrealized gain (loss) | 6.29 | 4.44 | 1.53 | (12.42) | 5.11 |
|  Total from investment operations | 6.51 | 4.68 | 1.72 | (12.25) | 5.17 |
|  Distributions to shareholders from net investment income | (0.24) | (0.27) | (0.02) | (0.26) | (0.07) |
|  Net asset value, end of year | $30.30 | $24.03 | $19.62 | $17.92 | $30.43 |
|  **Total Return<sup>(b)</sup>**  | 27.44% | 24.02% | 9.60% | (40.56)% | 20.43% |
|  Net assets, end of year (in 000's) | $67016 | $80605 | $107702 | $140457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295910 |
|  Ratio of net expenses to average net assets | 1.09% | 1.08% | 1.08% | 1.06% | 1.08% |
|  Ratio of total expenses to average net assets | 1.23% | 1.24% | 1.23% | 1.22% | 1.23% |
|  Ratio of net investment income to average net assets | 0.88% | 1.09% | 0.93% | 0.69% | 0.20% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 36% | 32% | 51% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $24.31 | $19.86 | $18.15 | $30.81 | $25.65 |
|  Net investment income<sup>(a)</sup>  | 0.24 | 0.28 | 0.21 | 0.14 | 0.07 |
|  Net realized and unrealized gain (loss) | 6.36 | 4.46 | 1.55 | (12.52) | 5.19 |
|  Total from investment operations | 6.60 | 4.74 | 1.76 | (12.38) | 5.26 |
|  Distributions to shareholders from net investment income | (0.25) | (0.29) | (0.05) | (0.28) | (0.10) |
|  Net asset value, end of year | $30.66 | $24.31 | $19.86 | $18.15 | $30.81 |
|  **Total Return<sup>(b)</sup>**  | 27.50% | 24.10% | 9.64% | (40.51)% | 20.51% |
|  Net assets, end of year (in 000's) | $98844 | $113102 | $112783 | $132040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141786 |
|  Ratio of net expenses to average net assets | 1.03% | 1.02% | 1.02% | 0.99% | 1.02% |
|  Ratio of total expenses to average net assets | 1.11% | 1.13% | 1.11% | 1.09% | 1.10% |
|  Ratio of net investment income to average net assets | 0.96% | 1.23% | 1.00% | 0.59% | 0.22% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 36% | 32% | 51% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $24.32 | $19.86 | $18.15 | $30.81 | $25.65 |
|  Net investment income<sup>(a)</sup>  | 0.24 | 0.27 | 0.21 | 0.18 | 0.08 |
|  Net realized and unrealized gain (loss) | 6.36 | 4.48 | 1.55 | (12.56) | 5.18 |
|  Total from investment operations | 6.60 | 4.75 | 1.76 | (12.38) | 5.26 |
|  Distributions to shareholders from net investment income | (0.25) | (0.29) | (0.05) | (0.28) | (0.10) |
|  Net asset value, end of year | $30.67 | $24.32 | $19.86 | $18.15 | $30.81 |
|  **Total Return<sup>(b)</sup>**  | 27.49% | 24.10% | 9.67% | (40.51)% | 20.50% |
|  Net assets, end of year (in 000's) | $457784 | $432138 | $439740 | $491281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963360 |
|  Ratio of net expenses to average net assets | 1.03% | 1.02% | 1.02% | 0.99% | 1.01% |
|  Ratio of total expenses to average net assets | 1.11% | 1.13% | 1.11% | 1.09% | 1.10% |
|  Ratio of net investment income to average net assets | 0.94% | 1.20% | 1.00% | 0.72% | 0.27% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 36% | 32% | 51% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $12.38 | $9.99 | $10.00 |
|  Net investment income<sup>(b)</sup>  | 0.07 | 0.08 | 0.10 |
|  Net realized and unrealized gain (loss) | 2.80 | 2.38 | (0.08) |
|  Total from investment operations | 2.87 | 2.46 | 0.02 |
|  Distributions to shareholders from net investment income | (0.09) | (0.07) | (0.03) |
|  Net asset value, end of period | $15.16 | $12.38 | $9.99 |
|  **Total Return<sup>(c)</sup>**  | 23.52% | 24.59% | 0.17% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
|  Ratio of net expenses to average net assets | 1.38% | 1.42% | 1.41 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.57% | 4.61% | 10.78 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.58% | 0.69% | 1.03 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 39% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
|  | 2025 | 2024 | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $12.28 | $9.93 | $10.00 |
|  Net investment income (loss)<sup>(b)</sup>  | (0.01) | (0.01) | 0.02 |
|  Net realized and unrealized gain (loss) | 2.77 | 2.36 | (0.06) |
|  Total from investment operations | 2.76 | 2.35 | (0.04) |
|  Distributions to shareholders from net investment income |  |  | (0.03) |
|  Net asset value, end of period | $15.04 | $12.28 | $9.93 |
|  **Total Return<sup>(c)</sup>**  | 22.58% | 23.69% | (0.54)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  Ratio of net expenses to average net assets | 2.13% | 2.16% | 2.21 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 5.24% | 5.44% | 11.66 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | (0.12)% | (0.04)% | 0.25 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 39% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
|  | 2025 | 2024 | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $12.42 | $10.03 | $10.00 |
|  Net investment income<sup>(b)</sup>  | 0.12 | 0.13 | 0.13 |
|  Net realized and unrealized gain (loss) | 2.80 | 2.37 | (0.07) |
|  Total from investment operations | 2.92 | 2.50 | 0.06 |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.03) |
|  Net asset value, end of period | $15.21 | $12.42 | $10.03 |
|  **Total Return<sup>(c)</sup>**  | 23.91% | 25.04% | 0.46% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5056 |
|  Ratio of net expenses to average net assets | 1.04% | 1.06% | 1.05 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.13% | 4.27% | 10.46 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.98% | 1.07% | 1.41 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 39% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
|  | 2025 | 2024 | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $12.40 | $10.01 | $10.00 |
|  Net investment income<sup>(b)</sup>  | 0.11 | 0.11 | 0.12 |
|  Net realized and unrealized gain (loss) | 2.81 | 2.37 | (0.09) |
|  Total from investment operations | 2.92 | 2.48 | 0.03 |
|  Distributions to shareholders from net investment income | (0.12) | (0.09) | (0.02) |
|  Net asset value, end of period | $15.20 | $12.40 | $10.01 |
|  **Total Return<sup>(c)</sup>**  | 23.80% | 24.91% | 0.33% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  Ratio of net expenses to average net assets | 1.13% | 1.16% | 1.17 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.24% | 4.44% | 10.62 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.88% | 0.96% | 1.29 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 39% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
|  | 2025 | 2024 | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $12.42 | $10.03 | $10.00 |
|  Net investment income<sup>(b)</sup>  | 0.13 | 0.13 | 0.13 |
|  Net realized and unrealized gain (loss) | 2.80 | 2.37 | (0.07) |
|  Total from investment operations | 2.93 | 2.50 | 0.06 |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.03) |
|  Net asset value, end of period | $15.22 | $12.42 | $10.03 |
|  **Total Return<sup>(c)</sup>**  | 23.92% | 25.04% | 0.48% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  Ratio of net expenses to average net assets | 1.03% | 1.05% | 1.04 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.12% | 4.32% | 10.49 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.99% | 1.07% | 1.42 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 39% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
|  | 2025 | 2024 | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $12.35 | $9.97 | $10.00 |
|  Net investment income<sup>(b)</sup>  | 0.05 | 0.05 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.80 | 2.37 | (0.07) |
|  Total from investment operations | 2.85 | 2.42 | – <sup>(c)</sup> |
|  Distributions to shareholders from net investment income | (0.06) | (0.04) | (0.03) |
|  Net asset value, end of period | $15.14 | $12.35 | $9.97 |
|  **Total Return<sup>(d)</sup>**  | 23.11% | 24.29% | (0.03)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  Ratio of net expenses to average net assets | 1.63% | 1.67% | 1.67 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 4.74% | 4.94% | 11.12 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 0.38% | 0.46% | 0.79 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup>  | 39% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY EX. CHINA FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** | **Emerging Markets Equity ex. China Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
|  | 2025 | 2024 | **Period Ended**<br> **October 31, 2023<sup>(a)</sup>** |
| Per Share Data |  |  |  |
|  Net asset value, beginning of period | $12.41 | $10.02 | $10.00 |
|  Net investment income<sup>(b)</sup>  | 0.12 | 0.13 | 0.11 |
|  Net realized and unrealized gain (loss) | 2.80 | 2.37 | (0.06) |
|  Total from investment operations | 2.92 | 2.50 | 0.05 |
|  Distributions to shareholders from net investment income | (0.13) | (0.11) | (0.03) |
|  Net asset value, end of period | $15.20 | $12.41 | $10.02 |
|  **Total Return<sup>(c)</sup>**  | 23.94% | 24.95% | 0.48% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 |
|  Ratio of net expenses to average net assets | 1.03% | 1.05% | 1.04 %<sup>(d)</sup> |
|  Ratio of total expenses to average net assets | 4.09% | 4.25% | 9.69 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 0.95% | 1.06% | 1.20 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 39% | 27% | 26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.38 | $8.45 | $7.84 | $14.02 | $11.73 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.06 | 0.08 | 0.06 | 0.04 | (0.02) |
|  Net realized and unrealized gain (loss) | 2.47 | 1.97 | 0.55 | (5.28) | 2.31 |
|  Total from investment operations | 2.53 | 2.05 | 0.61 | (5.24) | 2.29 |
|  Distributions to shareholders from net investment income | (0.06) | (0.12) | – <sup>(b)</sup> | (0.04) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |
|  Total distributions | (0.06) | (0.12) | – <sup>(b)</sup> | (0.94) |  |
|  Net asset value, end of year | $12.85 | $10.38 | $8.45 | $7.84 | $14.02 |
|  **Total Return<sup>(c)</sup>**  | 24.51% | 24.47% | 7.79% | (39.89)% | 19.52% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 |
|  Ratio of net expenses to average net assets | 1.38% | 1.38% | 1.41% | 1.44% | 1.47% |
|  Ratio of total expenses to average net assets | 3.31% | 3.10% | 3.04% | 2.89% | 3.64% |
|  Ratio of net investment income (loss) to average net assets | 0.56% | 0.83% | 0.62% | 0.39% | (0.17)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 43% | 34% | 54% | 65% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.07 | $8.19 | $7.66 | $13.77 | $11.61 |
|  Net investment income (loss)<sup>(a)</sup>  | (0.02) | 0.01 | (0.01) | (0.07) | (0.14) |
|  Net realized and unrealized gain (loss) | 2.40 | 1.91 | 0.54 | (5.14) | 2.30 |
|  Total from investment operations | 2.38 | 1.92 | 0.53 | (5.21) | 2.16 |
|  Distributions to shareholders from net investment income | (0.01) | (0.04) |  |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |
|  Total distributions | (0.01) | (0.04) |  | (0.90) |  |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.77 |
|  **Total Return<sup>(b)</sup>**  | 23.72% | 23.45% | 6.92% | (40.29)% | 18.60% |
|  Net assets, end of year (in 000's) | $105 | $85 | $74 | $117 | $137 |
|  Ratio of net expenses to average net assets | 2.13% | 2.13% | 2.16% | 2.19% | 2.20% |
|  Ratio of total expenses to average net assets | 4.06% | 3.85% | 3.80% | 3.65% | 3.64% |
|  Ratio of net investment income (loss) to average net assets | (0.18)% | 0.09% | (0.07)% | (0.64)% | (0.96)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 34% | 54% | 65% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.40 | $8.48 | $7.87 | $14.06 | $11.77 |
|  Net investment income<sup>(a)</sup>  | 0.10 | 0.11 | 0.08 | 0.09 | 0.01 |
|  Net realized and unrealized gain (loss) | 2.48 | 1.96 | 0.57 | (5.31) | 2.32 |
|  Total from investment operations | 2.58 | 2.07 | 0.65 | (5.22) | 2.33 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.04) | (0.07) | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |
|  Total distributions | (0.09) | (0.15) | (0.04) | (0.97) | (0.04) |
|  Net asset value, end of year | $12.89 | $10.40 | $8.48 | $7.87 | $14.06 |
|  **Total Return<sup>(b)</sup>**  | 24.99% | 24.72% | 8.20% | (39.66)% | 19.81% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008 |
|  Ratio of net expenses to average net assets | 1.04% | 1.07% | 1.08% | 1.10% | 1.14% |
|  Ratio of total expenses to average net assets | 2.95% | 2.75% | 2.65% | 2.27% | 3.16% |
|  Ratio of net investment income to average net assets | 0.88% | 1.12% | 0.90% | 0.86% | 0.06% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 34% | 54% | 65% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.39 | $8.47 | $7.87 | $14.06 | $11.76 |
|  Net investment income<sup>(a)</sup>  | 0.09 | 0.12 | 0.08 | 0.06 | 0.01 |
|  Net realized and unrealized gain (loss) | 2.48 | 1.94 | 0.55 | (5.28) | 2.32 |
|  Total from investment operations | 2.57 | 2.06 | 0.63 | (5.22) | 2.33 |
|  Distributions to shareholders from net investment income | (0.08) | (0.14) | (0.03) | (0.07) | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |
|  Total distributions | (0.08) | (0.14) | (0.03) | (0.97) | (0.03) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 |
|  **Total Return<sup>(b)</sup>**  | 24.89% | 24.66% | 8.00% | (39.70)% | 19.82% |
|  Net assets, end of year (in 000's) | $486 | $452 | $503 | $829 | $1088 |
|  Ratio of net expenses to average net assets | 1.13% | 1.13% | 1.16% | 1.19% | 1.22% |
|  Ratio of total expenses to average net assets | 3.06% | 2.84% | 2.75% | 2.64% | 3.33% |
|  Ratio of net investment income to average net assets | 0.81% | 1.24% | 0.93% | 0.61% | 0.08% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 34% | 54% | 65% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.42 | $8.49 | $7.87 | $14.07 | $11.77 |
|  Net investment income<sup>(a)</sup>  | 0.10 | 0.10 | 0.09 | 0.11 | 0.02 |
|  Net realized and unrealized gain (loss) | 2.48 | 1.98 | 0.56 | (5.33) | 2.32 |
|  Total from investment operations | 2.58 | 2.08 | 0.65 | (5.22) | 2.34 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.03) | (0.08) | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |
|  Total distributions | (0.09) | (0.15) | (0.03) | (0.98) | (0.04) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 |
|  **Total Return<sup>(b)</sup>**  | 25.08% | 24.68% | 8.19% | (39.69)% | 19.90% |
|  Net assets, end of year (in 000's) | $61 | $44 | $19 | $57 | $17 |
|  Ratio of net expenses to average net assets | 1.03% | 1.06% | 1.08% | 1.09% | 1.13% |
|  Ratio of total expenses to average net assets | 2.95% | 2.77% | 3.00% | 2.05% | 3.00% |
|  Ratio of net investment income to average net assets | 0.92% | 1.05% | 0.97% | 1.09% | 0.13% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 34% | 54% | 65% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.26 | $8.37 | $7.78 | $13.92 | $11.68 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.03 | 0.05 | 0.04 | 0.02 | (0.07) |
|  Net realized and unrealized gain (loss) | 2.45 | 1.94 | 0.55 | (5.25) | 2.31 |
|  Total from investment operations | 2.48 | 1.99 | 0.59 | (5.23) | 2.24 |
|  Distributions to shareholders from net investment income | (0.05) | (0.10) |  | (0.01) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |
|  Total distributions | (0.05) | (0.10) |  | (0.91) |  |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.92 |
|  **Total Return<sup>(b)</sup>**  | 24.29% | 24.02% | 7.58% | (40.03)% | 19.18% |
|  Net assets, end of year (in 000's) | $189 | $189 | $214 | $199 | $267 |
|  Ratio of net expenses to average net assets | 1.63% | 1.63% | 1.65% | 1.69% | 1.72% |
|  Ratio of total expenses to average net assets | 3.55% | 3.35% | 3.29% | 3.10% | 4.12% |
|  Ratio of net investment income (loss) to average net assets | 0.26% | 0.53% | 0.39% | 0.15% | (0.47)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 34% | 54% | 65% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS ESG EMERGING MARKETS EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** | **ESG Emerging Markets Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.40 | $8.48 | $7.87 | $14.07 | $11.77 |
|  Net investment income<sup>(a)</sup>  | 0.09 | 0.11 | 0.09 | 0.08 | 0.02 |
|  Net realized and unrealized gain (loss) | 2.49 | 1.96 | 0.56 | (5.30) | 2.32 |
|  Total from investment operations | 2.58 | 2.07 | 0.65 | (5.22) | 2.34 |
|  Distributions to shareholders from net investment income | (0.09) | (0.15) | (0.04) | (0.08) | (0.04) |
|  Distributions to shareholders from net realized gains |  |  |  | (0.90) |  |
|  Total distributions | (0.09) | (0.15) | (0.04) | (0.98) | (0.04) |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 |
|  **Total Return<sup>(b)</sup>**  | 25.09% | 24.71% | 8.20% | (39.69)% | 19.92% |
|  Net assets, end of year (in 000's) | $4782 | $4648 | $6256 | $13651 | $20156 |
|  Ratio of net expenses to average net assets | 1.03% | 1.06% | 1.08% | 1.10% | 1.13% |
|  Ratio of total expenses to average net assets | 2.94% | 2.72% | 2.73% | 2.46% | 3.46% |
|  Ratio of net investment income to average net assets | 0.87% | 1.10% | 1.02% | 0.73% | 0.17% |
|  Portfolio turnover rate<sup>(c)</sup>  | 43% | 34% | 54% | 65% | 116% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $27.97 | $23.61 | $21.44 | $30.27 | $21.01 |
|  Net investment income<sup>(a)</sup>  | 0.35 <sup>(b)</sup> | 0.40 | 0.42 <sup>(c)</sup> | 0.29 | 0.23 |
|  Net realized and unrealized gain (loss) | 4.02 | 4.33 | 1.94 | (7.31) | 9.03 |
|  Total from investment operations | 4.37 | 4.73 | 2.36 | (7.02) | 9.26 |
|  Distributions to shareholders from net investment income | (0.60) | (0.37) | (0.19) | (0.33) | – <sup>(d)</sup> |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |
|  Total distributions | (0.60) | (0.37) | (0.19) | (1.81) |  |
|  Net asset value, end of year | $31.74 | $27.97 | $23.61 | $21.44 | $30.27 |
|  **Total Return<sup>(e)</sup>**  | 16.09% | 20.14% | 11.02% | (24.50)% | 44.15% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62250 |
|  Ratio of net expenses to average net assets | 1.17% | 1.17% | 1.18% | 1.18% | 1.18% |
|  Ratio of total expenses to average net assets | 1.32% | 1.32% | 1.35% | 1.36% | 1.47% |
|  Ratio of net investment income to average net assets | 1.21 %<sup>(b)</sup> | 1.46% | 1.66 %<sup>(c)</sup> | 1.19% | 0.82% |
|  Portfolio turnover rate<sup>(f)</sup>  | 40% | 43% | 23% | 35% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $25.47 | $21.54 | $19.54 | $27.80 | $19.44 |
|  Net investment income<sup>(a)</sup>  | 0.15 <sup>(b)</sup> | 0.19 | 0.20 <sup>(c)</sup> | 0.12 | – <sup>(d)</sup> |
|  Net realized and unrealized gain (loss) | 3.65 | 3.93 | 1.80 | (6.72) | 8.36 |
|  Total from investment operations | 3.80 | 4.12 | 2.00 | (6.60) | 8.36 |
|  Distributions to shareholders from net investment income | (0.39) | (0.19) |  | (0.18) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |
|  Total distributions | (0.39) | (0.19) |  | (1.66) |  |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.80 |
|  **Total Return<sup>(e)</sup>**  | 15.23% | 19.20% | 10.24% | (25.08)% | 43.08% |
|  Net assets, end of year (in 000's) | $7555 | $7533 | $7639 | $7481 | $8953 |
|  Ratio of net expenses to average net assets | 1.92% | 1.92% | 1.93% | 1.93% | 1.93% |
|  Ratio of total expenses to average net assets | 2.07% | 2.07% | 2.10% | 2.11% | 2.23% |
|  Ratio of net investment income (loss) to average net assets | 0.55 %<sup>(b)</sup> | 0.75% | 0.86 %<sup>(c)</sup> | 0.52% | (0.01)% |
|  Portfolio turnover rate<sup>(f)</sup>  | 40% | 43% | 23% | 35% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $28.80 | $24.30 | $22.03 | $31.04 | $21.53 |
|  Net investment income<sup>(a)</sup>  | 0.48 <sup>(b)</sup> | 0.52 | 0.50 <sup>(c)</sup> | 0.44 | 0.35 |
|  Net realized and unrealized gain (loss) | 4.10 | 4.43 | 2.01 | (7.57) | 9.23 |
|  Total from investment operations | 4.58 | 4.95 | 2.51 | (7.13) | 9.58 |
|  Distributions to shareholders from net investment income | (0.70) | (0.45) | (0.24) | (0.40) | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |
|  Total distributions | (0.70) | (0.45) | (0.24) | (1.88) | (0.07) |
|  Net asset value, end of year | $32.68 | $28.80 | $24.30 | $22.03 | $31.04 |
|  **Total Return<sup>(d)</sup>**  | 16.44% | 20.50% | 11.43% | (24.27)% | 44.62% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111615 |
|  Ratio of net expenses to average net assets | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 0.96% | 0.96% | 0.98% | 0.98% | 1.09% |
|  Ratio of net investment income to average net assets | 1.61 %<sup>(b)</sup> | 1.84% | 1.91 %<sup>(c)</sup> | 1.77% | 1.20% |
|  Portfolio turnover rate<sup>(e)</sup>  | 40% | 43% | 23% | 35% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $29.22 | $24.65 | $22.38 | $31.63 | $22.00 |
|  Net investment income<sup>(a)</sup>  | 0.32 <sup>(b)</sup> | 0.37 | 0.40 <sup>(c)</sup> | 0.32 | 0.17 |
|  Net realized and unrealized gain (loss) | 4.19 | 4.51 | 2.02 | (7.71) | 9.46 |
|  Total from investment operations | 4.51 | 4.88 | 2.42 | (7.39) | 9.63 |
|  Distributions to shareholders from net investment income | (0.58) | (0.31) | (0.15) | (0.38) |  |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |
|  Total distributions | (0.58) | (0.31) | (0.15) | (1.86) |  |
|  Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.63 |
|  **Total Return<sup>(d)</sup>**  | 15.88% | 19.91% | 10.83% | (24.64)% | 43.90% |
|  Net assets, end of year (in 000's) | $270 | $1254 | $893 | $575 | $260 |
|  Ratio of net expenses to average net assets | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
|  Ratio of total expenses to average net assets | 1.46% | 1.46% | 1.48% | 1.48% | 1.58% |
|  Ratio of net investment income to average net assets | 1.09 %<sup>(b)</sup> | 1.28% | 1.52 %<sup>(c)</sup> | 1.27% | 0.57% |
|  Portfolio turnover rate<sup>(e)</sup>  | 40% | 43% | 23% | 35% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $28.59 | $24.12 | $21.88 | $30.85 | $21.41 |
|  Net investment income<sup>(a)</sup>  | 0.46 <sup>(b)</sup> | 0.49 | 0.50 <sup>(c)</sup> | 0.46 | 0.34 |
|  Net realized and unrealized gain (loss) | 4.07 | 4.41 | 1.97 | (7.55) | 9.17 |
|  Total from investment operations | 4.53 | 4.90 | 2.47 | (7.09) | 9.51 |
|  Distributions to shareholders from net investment income | (0.69) | (0.43) | (0.23) | (0.40) | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |
|  Total distributions | (0.69) | (0.43) | (0.23) | (1.88) | (0.07) |
|  Net asset value, end of year | $32.43 | $28.59 | $24.12 | $21.88 | $30.85 |
|  **Total Return<sup>(d)</sup>**  | 16.35% | 20.44% | 11.31% | (24.30)% | 44.52% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120244 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31735 |
|  Ratio of net expenses to average net assets | 0.92% | 0.92% | 0.93% | 0.93% | 0.93% |
|  Ratio of total expenses to average net assets | 1.07% | 1.07% | 1.10% | 1.10% | 1.20% |
|  Ratio of net investment income to average net assets | 1.54 %<sup>(b)</sup> | 1.74% | 1.93 %<sup>(c)</sup> | 1.86% | 1.15% |
|  Portfolio turnover rate<sup>(e)</sup>  | 40% | 43% | 23% | 35% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $28.63 | $24.15 | $21.90 | $30.87 | $21.41 |
|  Net investment income<sup>(a)</sup>  | 0.49 <sup>(b)</sup> | 0.50 | 0.51 <sup>(c)</sup> | 0.44 | 0.36 |
|  Net realized and unrealized gain (loss) | 4.06 | 4.43 | 1.99 | (7.53) | 9.17 |
|  Total from investment operations | 4.55 | 4.93 | 2.50 | (7.09) | 9.53 |
|  Distributions to shareholders from net investment income | (0.70) | (0.45) | (0.25) | (0.40) | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |
|  Total distributions | (0.70) | (0.45) | (0.25) | (1.88) | (0.07) |
|  Net asset value, end of year | $32.48 | $28.63 | $24.15 | $21.90 | $30.87 |
|  **Total Return<sup>(d)</sup>**  | 16.45% | 20.55% | 11.42% | (24.27)% | 44.65% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50922 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15095 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 0.95% | 0.95% | 0.97% | 0.97% | 1.08% |
|  Ratio of net investment income to average net assets | 1.66 %<sup>(b)</sup> | 1.80% | 1.96 %<sup>(c)</sup> | 1.81% | 1.23% |
|  Portfolio turnover rate<sup>(e)</sup>  | 40% | 43% | 23% | 35% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY ESG FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** | **International Equity ESG Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $28.64 | $24.16 | $21.91 | $30.87 | $21.42 |
|  Net investment income<sup>(a)</sup>  | 0.49 <sup>(b)</sup> | 0.50 | 0.50 <sup>(c)</sup> | 0.39 | 0.33 |
|  Net realized and unrealized gain (loss) | 4.06 | 4.43 | 1.99 | (7.47) | 9.19 |
|  Total from investment operations | 4.55 | 4.93 | 2.49 | (7.08) | 9.52 |
|  Distributions to shareholders from net investment income | (0.70) | (0.45) | (0.24) | (0.40) | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.48) |  |
|  Total distributions | (0.70) | (0.45) | (0.24) | (1.88) | (0.07) |
|  Net asset value, end of year | $32.49 | $28.64 | $24.16 | $21.91 | $30.87 |
|  **Total Return<sup>(d)</sup>**  | 16.44% | 20.54% | 11.39% | (24.25)% | 44.64% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89831 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132657 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 0.95% | 0.95% | 0.97% | 0.98% | 1.09% |
|  Ratio of net investment income to average net assets | 1.65 %<sup>(b)</sup> | 1.80% | 1.93 %<sup>(c)</sup> | 1.52% | 1.16% |
|  Portfolio turnover rate<sup>(e)</sup>  | 40% | 43% | 23% | 35% | 39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.04% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.04 | $14.42 | $12.47 | $15.13 | $11.54 |
|  Net investment income<sup>(a)</sup>  | 0.47 | 0.45 | 0.43 | 0.39 | 0.39 |
|  Net realized and unrealized gain (loss) | 3.59 | 2.73 | 1.87 | (2.64) | 3.53 |
|  Total from investment operations | 4.06 | 3.18 | 2.30 | (2.25) | 3.92 |
|  Distributions to shareholders from net investment income | (0.45) | (0.56) | (0.34) | (0.41) | (0.33) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |
|  Total distributions | (0.45) | (0.56) | (0.35) | (0.41) | (0.33) |
|  Net asset value, end of year | $20.65 | $17.04 | $14.42 | $12.47 | $15.13 |
|  **Total Return<sup>(b)</sup>**  | 23.99% | 22.32% | 18.38% | (15.16)% | 34.07% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20086 |
|  Ratio of net expenses to average net assets | 1.13% | 1.16% | 1.19% | 1.19% | 1.20% |
|  Ratio of total expenses to average net assets | 1.19% | 1.25% | 1.29% | 1.42% | 1.69% |
|  Ratio of net investment income to average net assets | 2.54% | 2.75% | 2.86% | 2.80% | 2.71% |
|  Portfolio turnover rate<sup>(c)</sup>  | 49% | 41% | 18% | 12% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.69 | $12.51 | $10.87 | $13.24 | $10.14 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.30 | 0.26 | 0.24 | 0.25 |
|  Net realized and unrealized gain (loss) | 3.11 | 2.35 | 1.66 | (2.30) | 3.09 |
|  Total from investment operations | 3.38 | 2.65 | 1.92 | (2.06) | 3.34 |
|  Distributions to shareholders from net investment income | (0.32) | (0.47) | (0.27) | (0.31) | (0.24) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |
|  Total distributions | (0.32) | (0.47) | (0.28) | (0.31) | (0.24) |
|  Net asset value, end of year | $17.75 | $14.69 | $12.51 | $10.87 | $13.24 |
|  **Total Return<sup>(b)</sup>**  | 23.12% | 21.33% | 17.52% | (15.76)% | 33.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 |
|  Ratio of net expenses to average net assets | 1.88% | 1.91% | 1.94% | 1.94% | 1.95% |
|  Ratio of total expenses to average net assets | 1.94% | 2.00% | 2.04% | 2.19% | 2.44% |
|  Ratio of net investment income to average net assets | 1.71% | 2.08% | 2.04% | 1.92% | 1.92% |
|  Portfolio turnover rate<sup>(c)</sup>  | 49% | 41% | 18% | 12% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.16 | $15.32 | $13.22 | $16.01 | $12.20 |
|  Net investment income<sup>(a)</sup>  | 0.55 | 0.57 | 0.50 | 0.41 | 0.47 |
|  Net realized and unrealized gain (loss) | 3.82 | 2.88 | 1.99 | (2.75) | 3.71 |
|  Total from investment operations | 4.37 | 3.45 | 2.49 | (2.34) | 4.18 |
|  Distributions to shareholders from net investment income | (0.53) | (0.61) | (0.38) | (0.45) | (0.37) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |
|  Total distributions | (0.53) | (0.61) | (0.39) | (0.45) | (0.37) |
|  Net asset value, end of year | $22.00 | $18.16 | $15.32 | $13.22 | $16.01 |
|  **Total Return<sup>(b)</sup>**  | 24.41% | 22.75% | 18.80% | (14.87)% | 34.45% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24118 |
|  Ratio of net expenses to average net assets | 0.80% | 0.82% | 0.85% | 0.85% | 0.85% |
|  Ratio of total expenses to average net assets | 0.83% | 0.88% | 0.92% | 1.03% | 1.30% |
|  Ratio of net investment income to average net assets | 2.74% | 3.20% | 3.17% | 2.87% | 3.05% |
|  Portfolio turnover rate<sup>(c)</sup>  | 49% | 41% | 18% | 12% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.01 | $14.39 | $12.44 | $15.09 | $11.52 |
|  Net investment income<sup>(a)</sup>  | 0.50 | 0.51 | 0.46 | 0.40 | 0.42 |
|  Net realized and unrealized gain (loss) | 3.58 | 2.71 | 1.88 | (2.61) | 3.51 |
|  Total from investment operations | 4.08 | 3.22 | 2.34 | (2.21) | 3.93 |
|  Distributions to shareholders from net investment income | (0.51) | (0.60) | (0.38) | (0.44) | (0.36) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |
|  Total distributions | (0.51) | (0.60) | (0.39) | (0.44) | (0.36) |
|  Net asset value, end of year | $20.58 | $17.01 | $14.39 | $12.44 | $15.09 |
|  **Total Return<sup>(b)</sup>**  | 24.35% | 22.60% | 18.70% | (14.91)% | 34.25% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20450 |
|  Ratio of net expenses to average net assets | 0.88% | 0.91% | 0.94% | 0.94% | 0.95% |
|  Ratio of total expenses to average net assets | 0.94% | 0.99% | 1.04% | 1.16% | 1.43% |
|  Ratio of net investment income to average net assets | 2.67% | 3.06% | 3.07% | 2.95% | 2.92% |
|  Portfolio turnover rate<sup>(c)</sup>  | 49% | 41% | 18% | 12% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.13 | $15.30 | $13.20 | $15.99 | $12.18 |
|  Net investment income<sup>(a)</sup>  | 0.56 | 0.55 | 0.51 | 0.42 | 0.47 |
|  Net realized and unrealized gain (loss) | 3.81 | 2.89 | 1.99 | (2.76) | 3.72 |
|  Total from investment operations | 4.37 | 3.44 | 2.50 | (2.34) | 4.19 |
|  Distributions to shareholders from net investment income | (0.53) | (0.61) | (0.39) | (0.45) | (0.38) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |
|  Total distributions | (0.53) | (0.61) | (0.40) | (0.45) | (0.38) |
|  Net asset value, end of year | $21.97 | $18.13 | $15.30 | $13.20 | $15.99 |
|  **Total Return<sup>(b)</sup>**  | 24.47% | 22.72% | 18.83% | (14.89)% | 34.52% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 |
|  Ratio of net expenses to average net assets | 0.79% | 0.81% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.82% | 0.87% | 0.92% | 1.03% | 1.29% |
|  Ratio of net investment income to average net assets | 2.76% | 3.12% | 3.23% | 2.90% | 3.03% |
|  Portfolio turnover rate<sup>(c)</sup>  | 49% | 41% | 18% | 12% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.14 | $14.50 | $12.53 | $15.19 | $11.60 |
|  Net investment income<sup>(a)</sup>  | 0.41 | 0.42 | 0.36 | 0.34 | 0.41 |
|  Net realized and unrealized gain (loss) | 3.62 | 2.74 | 1.92 | (2.64) | 3.48 |
|  Total from investment operations | 4.03 | 3.16 | 2.28 | (2.30) | 3.89 |
|  Distributions to shareholders from net investment income | (0.41) | (0.52) | (0.30) | (0.36) | (0.30) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |
|  Total distributions | (0.41) | (0.52) | (0.31) | (0.36) | (0.30) |
|  Net asset value, end of year | $20.76 | $17.14 | $14.50 | $12.53 | $15.19 |
|  **Total Return<sup>(b)</sup>**  | 23.72% | 22.01% | 18.14% | (15.36)% | 33.62% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 |
|  Ratio of net expenses to average net assets | 1.38% | 1.40% | 1.44% | 1.44% | 1.44% |
|  Ratio of total expenses to average net assets | 1.44% | 1.49% | 1.54% | 1.69% | 1.91% |
|  Ratio of net investment income to average net assets | 2.18% | 2.52% | 2.42% | 2.39% | 2.79% |
|  Portfolio turnover rate<sup>(c)</sup>  | 49% | 41% | 18% | 12% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** | **International Equity Income Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.12 | $15.29 | $13.20 | $15.98 | $12.17 |
|  Net investment income<sup>(a)</sup>  | 0.56 | 0.56 | 0.50 | 0.44 | 0.47 |
|  Net realized and unrealized gain (loss) | 3.81 | 2.88 | 1.98 | (2.77) | 3.72 |
|  Total from investment operations | 4.37 | 3.44 | 2.48 | (2.33) | 4.19 |
|  Distributions to shareholders from net investment income | (0.53) | (0.61) | (0.38) | (0.45) | (0.38) |
|  Distributions to shareholders from net realized gains |  |  | (0.01) |  |  |
|  Total distributions | (0.53) | (0.61) | (0.39) | (0.45) | (0.38) |
|  Net asset value, end of year | $21.96 | $18.12 | $15.29 | $13.20 | $15.98 |
|  **Total Return<sup>(b)</sup>**  | 24.47% | 22.74% | 18.84% | (14.90)% | 34.55% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59097 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28616 |
|  Ratio of net expenses to average net assets | 0.79% | 0.82% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 0.82% | 0.88% | 0.92% | 1.06% | 1.32% |
|  Ratio of net investment income to average net assets | 2.82% | 3.17% | 3.21% | 2.95% | 3.05% |
|  Portfolio turnover rate<sup>(c)</sup>  | 49% | 41% | 18% | 12% | 28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 China Equity Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs Emerging Markets Equity Fund | A, C, Institutional, Service, Investor, R6 and P | Non-Diversified |
| Goldman Sachs Emerging Markets Equity ex. China Fund | A, C, Institutional, Investor, R6, R and P | Non-Diversified |
| Goldman Sachs ESG Emerging Markets Equity Fund | A, C, Institutional, Investor, R6, R and P | Non-Diversified |
| Goldman Sachs International Equity ESG Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |
| Goldman Sachs International Equity Income Fund | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule.

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| China Equity Fund | Annually | Annually |
| Emerging Markets Equity Fund | Annually | Annually |
| Emerging Markets Equity ex. China Fund | Annually | Annually |
| ESG Emerging Markets Equity Fund | Annually | Annually |
| International Equity ESG Fund | Annually | Annually |
| International Equity Income Fund | Semi-Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in United States ("U.S.") dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments— The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities— Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at sec.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy— The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **China Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38001581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Company | 587 |  |  |
|  Securities Lending Reinvestment Vehicle | 106920 |  |  |
|  **Total** | $2829858 | $38001581 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $79981597 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 157287770 | 2471984242 | 193348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 12786293 | 110176068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 56280299 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 126159594 | 31330978 |  |
|  Investment Company | 61845 |  |  |
|  Securities Lending Reinvestment Vehicle | 20911972 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373487773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693472885 | $193348 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Emerging Markets Equity ex. China Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $136853 | $460335 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 674472 | 10494511 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 62980 | 674921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 260682 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 800079 | 183851 |  |
|  Investment Company | 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11813618 | $1338 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ESG Emerging Markets Equity Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $101919 | $731101 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1433340 | 20918871 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 130880 | 777058 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 351973 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1045688 | 263107 |  |
|  Investment Company | 194 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063994 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22690137 | $2026 |

---

---

| | | | |
|:---|:---|:---|:---|
| **International Equity ESG Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $20467094 | $249709547 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 28453335 | 609732026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 41591830 | 41315292 |  |
|  Investment Company | 17808154 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108320413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900756865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **International Equity Income Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $674218687 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 178163271 | 1630622005 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 50758610 | 372524402 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 110737177 |  |
|  Investment Company | 74308962 |  |  |
|  Securities Lending Reinvestment Vehicle | 98941250 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402172093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788102271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **China Equity Fund** | **China Equity Fund** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | **Contractual Management Rate**  | |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective<br>Rate** | **Effective Net<br>Management<br>Rate^** |
|  China Equity Fund | 1.00% | 0.90% | 0.86% | 0.84% | 0.82% | 1.00% | 1.00% |
|  Emerging Markets Equity Fund | 1.02 | 1.02 | 0.92 | 0.87 | 0.85 | 0.99 | 0.90 <sup>(1)</sup> |
|  Emerging Markets Equity ex. China Fund | 0.90 | 0.90 | 0.81 | 0.77 | 0.75 | 0.90 | 0.90 |
|  ESG Emerging Markets Equity Fund | 0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.98 | 0.91 <sup>(2)</sup> |
|  International Equity ESG Fund | 0.85 | 0.77 | 0.73 | 0.71 | 0.70 | 0.85 | 0.82 <sup>(3)</sup> |
|  International Equity Income Fund | 0.80 | 0.72 | 0.68 | 0.67 | 0.66 | 0.75 | 0.75 |

---

<sup>^</sup> Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

<sup>(1)</sup> GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.90% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. 

<sup>(2)</sup> GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.91% as an annual percentage of average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. 

<sup>(3)</sup> GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.82% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. 

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2025, GSAM waived $79, $7,223, $15, $215, $19,067 and $92,464 of the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
| Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended October 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End**<br>**Sales Charge**  | **Contingent Deferred**<br>**Sales Charge**  |
| **Fund** | **Class A** | **Class C** |
|  China Equity Fund | $1309 | $— |
|  Emerging Markets Equity Fund | 1507 |  |
|  International Equity ESG Fund | 1275 | 178 |
|  International Equity Income Fund | 12819 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

For the fiscal year ended October 31, 2025, the transfer agency fee waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets<br>Equity Fund** | **International Equity<br>ESG Fund** | **International Equity<br>Income Fund** |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) <sup>\*</sup> | –% | 0.06% 0.02%<sup>(a)</sup> 0.01%<sup>(b)</sup> | 0.05% | 0.03% |

---

<sup>\*</sup> These arrangements will remain in effect through at least February 28, 2026, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees.

<sup>(a)</sup> Prior to February 28, 2025, the waiver was 0.01%. 

<sup>(b)</sup> Prior to February 28, 2025, the waiver was 0.05%. 

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

percentage rate of average daily net assets for the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds are 0.054%, 0.104%, 0.084%, 0.074%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2026 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to February 28, 2025, the Other Expense limitation was 0.124% for Emerging Markets Equity ex. China and 0.124% for ESG Emerging Markets Equity. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended October 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense <br>Reductions** |
|  China Equity Fund | $79 | $— | $318426 | $318505 |
|  Emerging Markets Equity Fund | 2296039 | 121160 |  | 2417199 |
|  Emerging Markets Equity ex. China Fund | 15 | 60 | 358899 | 358974 |
|  ESG Emerging Markets Equity Fund | 16275 | 590 | 422052 | 438917 |
|  International Equity ESG Fund | 305679 | 106834 | 651990 | 1064503 |
|  International Equity Income Fund | 92464 | 207023 | 760599 | 1060086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of October 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2025, Goldman Sachs did not earn brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs.

The following table provides information about the Fund's investments in the Underlying Fund as of and for the fiscal year ended October 31, 2025:

#### China Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of**<br> **October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $– | $4432731 | $(4432144) | $587 | 587 | $2106 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund | Emerging Markets Equity Fund |
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  |  | 349038142 | (348976297) | 61845 | 61845 | 180993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**77**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### Emerging Markets Equity ex. China Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of<br>October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $99638 | $431933 | $(531561) | $10 | 10 | $387 |

---

#### ESG Emerging Markets Equity Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value**<br> **as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>October 31, 2025** | **Shares as of**<br> **October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 90986 | 4580461 | (4671253) | 194 | 194 | 5814 |

---

#### International Equity ESG Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value**<br> **as of October 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as<br>of October 31, 2025** | **Shares as of**<br> **October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 25157546 | 240387874 | (247737266) | 17808154 | 17808154 | 500025 |

---

#### International Equity Income Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of October 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as**<br> **of October 31, 2025** | **Shares as of**<br> **October 31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 37356685 | 1029083050 | (992130773) | 74308962 | 74308962 | 2445331 |

---

As of October 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class R** | **Class R6** | **Institutional** | **Investor** |
|  Emerging Markets Equity ex. China Fund | 34% | 100% | 100% | 100% | 82% | 100% |
|  ESG Emerging Markets Equity Fund |  | 10 | 5 | 17 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  China Equity Fund | $22480168 | $26692409 |
|  Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197332772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708142821 |
|  Emerging Markets Equity ex. China Fund | 4480927 | 5216966 |
|  ESG Emerging Markets Equity Fund | 9768018 | 12045080 |
|  International Equity ESG Fund | 394882410 | 575609760 |
|  International Equity Income Fund | 1994510635 | 1125098753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**79**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

of recognized liabilities for securities lending transactions outstanding as of October 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Both the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned by the Funds for the fiscal year ended October 31, 2025 are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year ended October 31, 2025** | **For the Fiscal Year ended October 31, 2025** | |
| **Fund**<br>| **Earnings of GSAL**<br> **Relating to**<br> **Securities**<br> **Loaned** | **Amounts Received**<br> **by the Funds**<br> **from Lending to**<br> **Goldman Sachs** | **Amounts Payable to**<br> **Goldman Sachs**<br> **Upon Return of**<br> **Securities Loaned as of**<br> **October 31, 2025** |
|  China Equity Fund | $329 | $— | $— |
|  Emerging Markets Equity Fund | 13310 | 4880 |  |
|  International Equity ESG Fund | 2383 |  |  |
|  International Equity Income Fund | 4751 | 1604 |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as**<br> **of October 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from Sales**  | **Ending value as** <br> **of October 31, 2025**  |
|  China Equity Fund | $106400 | $505483 | $(504963) | $106920 |
|  Emerging Markets Equity Fund | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87336297 | (67924325) | 20911972 |
|  International Equity ESG Fund |  | 117544750 | (117544750) |  |
|  International Equity Income Fund |  | 292710000 | (193768750) | 98941250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets**<br> **Equity Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets** <br> **Equity ex. China**<br> **Fund** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $520438 | $28507568 | $125031 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **ESG Emerging <br>Markets Equity Fund** | **International Equity<br>ESG Fund** | **International Equity <br>Income Fund** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $192000 | $25102209 | $64239003 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Equity Fund**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets** <br> **Equity Fund** | **Emerging Markets** <br> **Equity ex. China** <br> **Fund** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $533831 | $36003776 | $91650 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;8. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESG Emerging <br>Markets Equity Fund** | **International Equity<br>ESG Fund** | **International Equity <br>Income Fund** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $373961 | $16271442 | $49437159 |

---

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **China Equity**<br> **Fund<sup>\*</sup>**  | **Emerging Markets<br>Equity Fund<sup>\*</sup>** | **Emerging Markets<br>Equity ex. China<br>Fund<sup>\*</sup>** | **ESG Emerging<br>Markets Equity<br>Fund<sup>\*</sup>** | **International<br>Equity ESG Fund<sup>\*</sup>** | **International<br>Equity Income<br>Fund<sup>\*</sup>** |
| Undistributed ordinary income — net | $594255 | $17565752 | $78510 | $192266 | $20970063 | $28525386 |
| Undistributed long-term capital gains |  |  |  |  | 2433153 | 36048231 |
| Total undistributed earnings | $594255 | $17565752 | $78510 | $192266 | $23403216 | $64573617 |
| Capital loss carryforwards: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (18158895) | (479701749) | (134684) | (35304499) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (27865614) | (310523042) |  | (32347344) |  |  |
| Total capital loss carryforwards | (46024509) | (790224791) | (134684) | (67651843) |  |  |
| Unrealized gains (losses) — net | 11564243 | 1049332014 | 4441271 | 8213834 | 198191450 | 599305269 |
| Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33866011) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276672975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385097 | $(59245743) | $221594666 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663878886 |

---

\* The China Equity Fund, Emerging Markets Equity Fund, Emerging Markets Equity ex. China Fund, ESG Emerging Markets Equity Fund, International Equity ESG Fund, and International Equity Income Fund utilized $1,918,490, $192,710,307, $62,174, $777,389, $29,007,034, and $806,215 of capital losses in the current fiscal year, respectively. 

As of October 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **China Equity Fund** | **Emerging Markets <br>Equity Fund** | **Emerging Markets**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity ex. China Fund**  |
|  Tax Cost | $29266837 | $1990443547 | $9151228 |
|  Gross unrealized gain | 12151943 | 1118822592 | 4755253 |
|  Gross unrealized loss | (587700) | (69490578) | (313982) |
|  Net unrealized gain (loss) | $11564243 | $1049332014 | $4441271 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **ESG Emerging Markets**<br> **Equity Fund** | **International Equity** <br> **ESG Fund** | **International Equity <br>Income Fund** |
|  Tax Cost | $17322441 | $811051376 | $2591064382 |
|  Gross unrealized gain | 8674834 | 227159666 | 627912087 |
|  Gross unrealized loss | (461000) | (28968216) | (28606818) |
|  Net unrealized gain (loss) | $8213834 | $198191450 | $599305269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**81**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;9. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — Emerging Markets Equity, Emerging Markets Equity ex. China and ESG Emerging Markets Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

At a meeting held on December 9-10, 2025, upon the recommendation of Goldman Sachs Asset Management, L.P., the Board of Trustees (the "Board") of the Goldman Sachs Trust (the "Trust") approved a proposal to liquidate the Goldman Sachs ESG Emerging Markets Equity Fund and the Goldman Sachs Emerging Markets Equity ex. China Fund (each, a "Fund" and collectively, the "Funds"), each a series of the Trust. After careful consideration of a number of factors, the Board concluded that it is advisable and in the best interest of each Fund and its shareholders to liquidate the Funds. The Funds will be liquidated on or about February 13, 2026 (the "Liquidation Date"), pursuant to a Plan of Liquidation approved by the Board. The Liquidation Date may be changed without notice at the discretion of the Trust's officers.

All other subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**83**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** | **China Equity Fund** |
|  | <br> **For the Fiscal Year Ended<br>October 31, 2025** | <br> **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 205648 | $4585593 | 354499 | $6374263 |
|  Reinvestment of distributions | 5957 | 116350 | 4480 | 76127 |
|  Shares redeemed | (195678) | (4229352) | (450477) | (8007859) |
|  | 15927 | 472591 | (91498) | (1557469) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 26479 | 583013 | 34543 | 525035 |
|  Reinvestment of distributions | 110 | 1861 | 57 | 838 |
|  Shares redeemed | (24770) | (445767) | (44891) | (696594) |
|  | 1819 | 139107 | (10291) | (170721) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 91449 | 2150604 | 163812 | 3127664 |
|  Reinvestment of distributions | 4917 | 104097 | 4205 | 77290 |
|  Shares redeemed | (177045) | (4178699) | (202702) | (4084508) |
|  | (80679) | (1923998) | (34685) | (879554) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 6717 | 189856 | 5423 | 115268 |
|  Reinvestment of distributions | 138 | 2899 | 73 | 1342 |
|  Shares redeemed | (5346) | (113140) | (9350) | (175389) |
|  | 1509 | 79615 | (3854) | (58779) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 12564 | 297103 | 12476 | 279299 |
|  Reinvestment of distributions | 392 | 8253 | 366 | 6706 |
|  Shares redeemed | (21301) | (516831) | (22349) | (447245) |
|  | (8345) | (211475) | (9507) | (161240) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 4745 | 100580 | 5331 | 115761 |
|  Reinvestment of distributions | 13422 | 283207 | 19788 | 362518 |
|  Shares redeemed | (133009) | (2967753) | (792625) | (15330455) |
|  | (114842) | (2583966) | (767506) | (14852176) |
|  **NET DECREASE IN SHARES** | (184611) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4028126) | (917341) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17679939) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  | **Emerging Markets Equity Fund**  |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1084814 | $25072596 | 1620328 | $33473289 |
|  Reinvestment of distributions | 44128 | 953623 | 56617 | 1093268 |
|  Shares redeemed | (3370772) | (87277444) | (1965514) | (40532588) |
|  | (2241830) | (61251225) | (288569) | (5966031) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 16084 | 330526 | 52829 | 919284 |
|  Reinvestment of distributions |  |  | 2972 | 50502 |
|  Shares redeemed | (156223) | (3154276) | (445878) | (8009447) |
|  | (140139) | (2823750) | (390077) | (7039661) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 9876015 | 246646657 | 21219030 | 477092890 |
|  Reinvestment of distributions | 819161 | 19029098 | 1122121 | 23272793 |
|  Shares redeemed | (22268890) | (565760192) | (27615919) | (611547042) |
|  | (11573714) | (300084437) | (5274768) | (111181359) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 126245 | 2725573 | 116633 | 2328879 |
|  Reinvestment of distributions | 5960 | 123854 | 9126 | 169483 |
|  Shares redeemed | (188450) | (4321585) | (196107) | (4018539) |
|  | (56245) | (1472158) | (70348) | (1520177) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 561452 | 13655551 | 1576175 | 34697238 |
|  Reinvestment of distributions | 34229 | 789664 | 62500 | 1287501 |
|  Shares redeemed | (1738420) | (43152069) | (3772364) | (82074389) |
|  | (1142739) | (28706854) | (2133689) | (46089650) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 801424 | 20072491 | 1084640 | 24428749 |
|  Reinvestment of distributions | 49275 | 1149600 | 74890 | 1559956 |
|  Shares redeemed | (2278833) | (60511314) | (2187229) | (49655280) |
|  | (1428134) | (39289223) | (1027699) | (23666575) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 986595 | 23029321 | 2239233 | 48563792 |
|  Reinvestment of distributions | 190102 | 4436977 | 292736 | 6100618 |
|  Shares redeemed | (4019043) | (99378326) | (6900199) | (152140395) |
|  | (2842346) | (71912028) | (4368230) | (97475985) |
|  **NET DECREASE IN SHARES** | (19425147) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505539675) | (13553380) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292939438) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity ex. China Fund**  | **Emerging Markets Equity ex. China Fund**  | **Emerging Markets Equity ex. China Fund**  | **Emerging Markets Equity ex. China Fund**  |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended October 31,<br>2024** | **For the Fiscal Year Ended October 31,<br>2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 10909 | $141169 | 5055 | $62209 |
|  Reinvestment of distributions | 70 | 841 | 36 | 396 |
|  Shares redeemed | (5331) | (72128) | (1384) | (16723) |
|  | 5648 | 69882 | 3707 | 45882 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 1817 | 22300 | 79626 | 906654 |
|  Reinvestment of distributions | 6421 | 76983 | 5081 | 56292 |
|  Shares redeemed | (1603) | (19841) | (5864) | (70561) |
|  | 6635 | 79442 | 78843 | 892385 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 51 | 605 | 41 | 462 |
|  Shares redeemed |  |  |  |  |
|  | 51 | 605 | 41 | 462 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 56 | 674 | 48 | 532 |
|  Shares redeemed |  |  |  |  |
|  | 56 | 674 | 48 | 532 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 24 | 296 | 18 | 188 |
|  Shares redeemed |  |  |  |  |
|  | 24 | 296 | 18 | 188 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 17536 | 233993 | 113698 | 1350523 |
|  Reinvestment of distributions | 3809 | 45633 | 3051 | 33781 |
|  Shares redeemed | (108180) | (1277661) | (44602) | (527679) |
|  | (86835) | (998035) | 72147 | 856625 |
|  **NET INCREASE (DECREASE) IN SHARES** | (74421) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(847136) | 154804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ESG Emerging Markets Equity Fund**  | **ESG Emerging Markets Equity Fund**  | **ESG Emerging Markets Equity Fund**  | **ESG Emerging Markets Equity Fund**  |
|  | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 11070 | $115716 | 3563 | $33825 |
|  Reinvestment of distributions | 1173 | 11662 | 2670 | 23462 |
|  Shares redeemed | (32773) | (352320) | (41953) | (390660) |
|  | (20530) | (224942) | (35720) | (333373) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold |  |  |  |  |
|  Reinvestment of distributions | 5 | 43 | 45 | 389 |
|  Shares redeemed |  |  | (559) | (5284) |
|  | 5 | 43 | (514) | (4895) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 211481 | 2303681 | 251983 | 2404119 |
|  Reinvestment of distributions | 13757 | 136748 | 26925 | 236409 |
|  Shares redeemed | (331037) | (3682001) | (716836) | (6596573) |
|  | (105799) | (1241572) | (437928) | (3956045) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1855 | 18677 | 31861 | 290616 |
|  Reinvestment of distributions | 350 | 3481 | 969 | 8507 |
|  Shares redeemed | (7958) | (89320) | (48743) | (485070) |
|  | (5753) | (67162) | (15913) | (185947) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 424 | 4535 | 3209 | 31767 |
|  Reinvestment of distributions | 41 | 404 | 40 | 350 |
|  Shares redeemed | (2) | (21) | (1297) | (11760) |
|  | 463 | 4918 | 1952 | 20357 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 1590 | 16499 | 6592 | 61480 |
|  Reinvestment of distributions | 94 | 921 | 333 | 2902 |
|  Shares redeemed | (5219) | (50117) | (14005) | (128502) |
|  | (3535) | (32697) | (7080) | (64120) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 34233 | 343597 | 66067 | 587570 |
|  Reinvestment of distributions | 3885 | 38616 | 11572 | 101718 |
|  Shares redeemed | (113880) | (1202640) | (368741) | (3484258) |
|  | (75762) | (820427) | (291102) | (2794970) |
|  **NET DECREASE IN SHARES** | (210911) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2381839) | (786305) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7318993) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity ESG Fund**  | **International Equity ESG Fund**  | **International Equity ESG Fund**  | **International Equity ESG Fund**  |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 475786 | $13862932 | 495169 | $13385188 |
|  Reinvestment of distributions | 51707 | 1349045 | 47226 | 1226923 |
|  Shares redeemed | (1780136) | (49576606) | (1438379) | (39015402) |
|  | (1252643) | (34364629) | (895984) | (24403291) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 44023 | 1176206 | 27289 | 683927 |
|  Reinvestment of distributions | 3982 | 95132 | 2614 | 62231 |
|  Shares redeemed | (82124) | (2146638) | (88902) | (2218879) |
|  | (34119) | (875300) | (58999) | (1472721) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 4672287 | 137831965 | 8891626 | 245292145 |
|  Reinvestment of distributions | 364023 | 9748538 | 229772 | 6128037 |
|  Shares redeemed | (8836806) | (258149657) | (8621651) | (240322603) |
|  | (3800496) | (110569154) | 499747 | 11097579 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 3171 | 91731 | 13222 | 396885 |
|  Reinvestment of distributions | 909 | 24819 | 374 | 10169 |
|  Shares redeemed | (38835) | (1196942) | (6918) | (194816) |
|  | (34755) | (1080392) | 6678 | 212238 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1838125 | 54812240 | 1474940 | 40842238 |
|  Reinvestment of distributions | 109757 | 2918438 | 67228 | 1780835 |
|  Shares redeemed | (2188731) | (64962973) | (1861759) | (51429116) |
|  | (240849) | (7232295) | (319591) | (8806043) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 890998 | 26403170 | 1202175 | 33326211 |
|  Reinvestment of distributions | 81947 | 2180597 | 56269 | 1491701 |
|  Shares redeemed | (1639856) | (49207461) | (1347725) | (37732142) |
|  | (666911) | (20623694) | (89281) | (2914230) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 110454 | 3150314 | 161333 | 4421707 |
|  Reinvestment of distributions | 86883 | 2312822 | 59198 | 1569941 |
|  Shares redeemed | (461489) | (13755067) | (854929) | (22982527) |
|  | (264152) | (8291931) | (634398) | (16990879) |
|  **NET DECREASE IN SHARES** | (6293925) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183037395) | (1491828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43277347) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Income Fund**  | **International Equity Income Fund**  | **International Equity Income Fund**  | **International Equity Income Fund**  |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1977465 | $36915796 | 1443354 | $23663097 |
|  Reinvestment of distributions | 114095 | 2155856 | 147267 | 2388535 |
|  Shares redeemed | (2191113) | (41740365) | (1795173) | (28998956) |
|  | (99553) | (2668713) | (204552) | (2947324) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 122017 | 1990960 | 130178 | 1892847 |
|  Reinvestment of distributions | 7495 | 125319 | 10645 | 150086 |
|  Shares redeemed | (71369) | (1151681) | (83001) | (1206865) |
|  | 58143 | 964598 | 57822 | 836068 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 42853132 | 851734092 | 24005530 | 422249334 |
|  Reinvestment of distributions | 1892201 | 37591489 | 1676829 | 29021536 |
|  Shares redeemed | (17242176) | (340712770) | (8913342) | (155853812) |
|  | 27503157 | 548612811 | 16769017 | 295417058 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 19624040 | 363497680 | 13844214 | 226719775 |
|  Reinvestment of distributions | 889719 | 16593855 | 797641 | 12925592 |
|  Shares redeemed | (9403391) | (174973857) | (8593633) | (137620093) |
|  | 11110368 | 205117678 | 6048222 | 102025274 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 9577250 | 190350183 | 3038657 | 53796066 |
|  Reinvestment of distributions | 240392 | 4809283 | 149061 | 2576510 |
|  Shares redeemed | (2788386) | (56087932) | (1105243) | (19360109) |
|  | 7029256 | 139071534 | 2082475 | 37012467 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 36793 | 692726 | 34591 | 587573 |
|  Reinvestment of distributions | 1966 | 37317 | 2018 | 33162 |
|  Shares redeemed | (26027) | (488354) | (6541) | (102651) |
|  | 12732 | 241689 | 30068 | 518084 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 2212388 | 43562979 | 300779 | 5315930 |
|  Reinvestment of distributions | 113278 | 2249546 | 111070 | 1910660 |
|  Shares redeemed | (527072) | (10108403) | (393395) | (6831341) |
|  | 1798594 | 35704122 | 18454 | 395249 |
|  **NET INCREASE IN SHARES** | 47412697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927043719 | 24801506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433256876 |

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**89**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Emerging Markets Equity ex. China Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund and Goldman Sachs International Equity Income Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Emerging Markets Equity ex. China Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund and Goldman Sachs International Equity Income Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs China Equity Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Emerging Markets Equity ex. China Fund, Goldman Sachs ESG Emerging Markets Equity Fund, Goldman Sachs International Equity ESG Fund and Goldman Sachs International Equity Income Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), a benchmark performance index, and (in the case of the China Equity Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser's soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2025, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the China Equity Fund's performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

The Trustees observed that the China Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and ten-year periods and in the third quartile for the three- and five-year periods, and had outperformed the Fund's benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2025. They considered that in November 2019, the Fund had been repositioned from the Goldman Sachs Asia Equity Fund, which involved changes to the Fund's principal investment strategy and benchmark index. The Trustees observed that the Emerging Markets Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and ten-year periods and in the fourth quartile for the three- and five-year periods, and had outperformed the Fund's benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2025. The Trustees observed that the Emerging Markets Equity ex. China Fund's Institutional Shares had placed in the fourth quartile of the Fund's peer group and underperformed the Fund's benchmark index for the one-year period ended March 31, 2025. They noted that the ESG Emerging Markets Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-year period and in the fourth quartile for the three- and five-year periods, and had underperformed the Fund's benchmark index for the one-, three-, and five-year periods ended March 31, 2025. The Trustees considered that the International Equity ESG Fund's Institutional Shares had placed in the top half of the Fund's peer group for the five- and ten-year periods, in the third quartile for the three-year period, and in the fourth quartile for the one-year period, and had outperformed the Fund's benchmark index for the five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2025. They also noted that in February 2018, the Fund had been repositioned from the Goldman Sachs Focused International Equity Fund, which involved changes to the Fund's investment strategy. The Trustees observed that the International Equity Income Fund's Institutional Shares had placed in the top half of the Fund's peer group and outperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. They also noted that in February 2018 the International Equity Income Fund had been repositioned from the Goldman Sachs Strategic International Equity Fund, which involved changes to the Fund's investment objective and investment strategy.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Emerging Markets Equity ex. China Fund, ESG Emerging Markets Equity Fund and International Equity ESG Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Funds' next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

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**93**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **China Equity Fund** | **Emerging Markets**<br> **Equity Fund** | **Emerging Markets<br>Equity ex. China<br>Fund** | **ESG Emerging<br>Markets Equity<br>Fund** | **International<br>Equity ESG Fund** | **International<br>Equity Income<br>Fund** |
|  First $1 billion | 1.00% | 1.02% | 0.90% | 0.98% | 0.85% | 0.80% |
|  Next $1 billion | 0.90 | 1.02 | 0.90 | 0.98 | 0.77 | 0.72 |
|  Next $3 billion | 0.86 | 0.92 | 0.81 | 0.88 | 0.73 | 0.68 |
|  Next $3 billion | 0.84 | 0.87 | 0.77 | 0.84 | 0.71 | 0.67 |
|  Over $8 billion | 0.82 | 0.85 | 0.75 | 0.82 | 0.70 | 0.66 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee (with respect to the Emerging Markets Equity Fund, Emerging Markets Equity ex. China Fund, ESG Emerging Markets Equity Fund, International Equity ESG Fund and International Equity Income Fund) and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of the transfer agency fees paid by the Funds' Class A, Class C, Investor and Class R Shares, as applicable (with the exception of the China Equity Fund). Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Emerging Markets Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (f) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs' retention of certain fees as Fund Distributor; (i) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (l) the possibility that the working

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds' ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

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GOLDMAN SACHS FUNDAMENTAL EQUITY INTERNATIONAL 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;

#### Goldman Sachs Trust – Fundamental Equity International Funds - Tax Information (Unaudited)
From distributions paid during the year ended October 31, 2025, the total amount of income received by the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds from sources within foreign countries and possessions of the United States was $0.3680, $0.3434, $0.1700, $0.1539, $0.5015, and $0.4013 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds was 99.35%, 94.42%, 88.66%, 91.36%, 65.99% and 74.40%. The total amount of taxes paid by the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds to such countries was $0.0517, $0.1102, $0.0486, $0.0605, $0.0619 and $0.0402 per share.

For the year ended October 31, 2025, 80.81%, 100%, 100%, 100%, 80.79% and 82.44% of the dividends paid from net investment company taxable income by the China Equity, Emerging Markets Equity, Emerging Markets Equity ex. China, ESG Emerging Markets Equity, International Equity ESG and International Equity Income Funds, respectively qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended October 31, 2025, 1.41% and 0.97% of the dividends paid from net investment company taxable income by the International Equity ESG and International Equity Income Funds qualify for the dividends received deduction available to corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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![LOGO](g78611dsp100.jpg)

TRUSTEESOFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassid Robert Griffith, Secretar 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© 2025 Goldman Sachs. All rights reserved. EQINTEMEAR-25

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![LOGO](g83762dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements October 31, 2025 Goldman Sachs International Equity Insights Funds Goldman Sachs Emerging Markets Equity Insights Fund Goldman Sachs International Equity Insights Fund Goldman Sachs International Small Cap Insights Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs International Equity Insights Funds

---

| | |
|:---|:---|
|  **Table of Contents** | Page |
|  **[Schedules of Investments](#iei83762_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Insights Fund](#iei83762_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#iei83762_3) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Small Cap Insights Fund](#iei83762_4) | 20 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#iei83762_5) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#iei83762_6) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#iei83762_7) | 32 |
|  **[Financial Highlights](#iei83762_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Emerging Markets Equity Insights Fund](#iei83762_9) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Equity Insights Fund](#iei83762_10) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International Small Cap Insights Fund](#iei83762_11) | 49 |
|  **[Notes to Financial Statements](#iei83762_12)** | 55 |
|  **[Report of Independent Registered Public Accounting Firm](#iei83762_13)** | 72 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#iei83762_14)** | 73 |

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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 EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.4% | Common Stocks – 97.4% | Common Stocks – 97.4% |
| Belgium – 0.1% | Belgium – 0.1% |  |
| 55462 | Cenergy Holdings SA (Capital Goods) | $918983 |
| 30912 | Viohalco SA (Materials) | 302151 |
|  |  | 1221134 |
| Brazil – 4.6% | Brazil – 4.6% |  |
| 2941800 | Anima Holding SA (Consumer Services) | 1930232 |
| 914100 | Banco Bradesco SA (Banks) | 2628487 |
| 5539400 | Banco Bradesco SA ADR (Banks) | 18723172 |
| 97100 | Banco BTG Pactual SA (Financial Services) | 881128 |
| 6602200 | Banco do Brasil SA (Banks) | 26875376 |
| 519994 | Cia Energetica de Minas Gerais ADR (Utilities) | 1086787 |
| 36900 | Cury Construtora e Incorporadora SA (Consumer Durables & Apparel) | 239647 |
| 537525 | Embraer SA ADR (Capital Goods) | 34659612 |
| 119000 | Equatorial Energia SA (Utilities) | 810667 |
| 501100 | Ez Tec Empreendimentos e Participacoes SA (Consumer Durables & Apparel) | 1727787 |
| 981500 | Grupo SBF SA (Consumer Discretionary Distribution & Retail) | 2355257 |
| 660800 | Iochpe Maxion SA (Automobiles & Components) | 1344949 |
| 188600 | JHSF Participacoes SA (Real Estate Management & Development) | 231020 |
| 627900 | Neoenergia SA (Utilities) | 3405631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697100 | Rede D'Or Sao Luiz SA (Health Care Equipment & Services)<sup>(a)</sup> | 21727398 |
| 29600 | TIM SA (Telecommunication Services) | 133641 |
| 663400 | Transmissora Alianca de Energia Eletrica SA (Utilities) | 4698099 |
| 42700 | YDUQS Participacoes SA (Consumer Services) | 112783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123571673 |
| Chile – 1.1% | Chile – 1.1% |  |
| 128529550 | Banco de Chile (Banks) | 22555910 |
| 35824 | Banco de Credito e Inversiones SA (Banks) | 1841465 |
| 32179 | Banco Itau Chile SA (Banks) | 584620 |
| 534589 | Empresas Copec SA (Consumer Discretionary Distribution & Retail) | 3822179 |
| 9118085 | Enel Americas SA (Utilities) | 860972 |
| 3039102 | Enel Chile SA (Utilities) | 232153 |
| 267136 | Engie Energia Chile SA (Utilities) | 384457 |
|  |  | 30281756 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – 27.8% | China – 27.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817500 | 3SBio, Inc. (Pharmaceuticals, Biotechnology & Life<br>Sciences)\*<sup>(a)</sup> | $7231201 |
| 1557000 | AAC Technologies Holdings, Inc. (Technology Hardware & Equipment) | 8003593 |
| 3674600 | Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail) | 78190891 |
| 168800 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 1761957 |
| 837139 | Bank of Shanghai Co. Ltd., Class A (Banks) | 1115229 |
| 4600000 | China Construction Bank Corp., Class H (Banks) | 4554192 |
| 567900 | China Galaxy Securities Co. Ltd., Class A (Financial Services) | 1401678 |
| 8291000 | China Galaxy Securities Co. Ltd., Class H (Financial Services) | 11927458 |
| 438000 | China Gold International Resources Corp. Ltd. (Materials) | 7372828 |
| 6043000 | China Hongqiao Group Ltd. (Materials) | 22944030 |
| 151200 | China International Capital Corp. Ltd., Class H (Financial<br>Services)<sup>(a)</sup> | 411347 |
| 1825000 | China Life Insurance Co. Ltd., Class H (Insurance) | 5755125 |
| 3265000 | China Nonferrous Mining Corp. Ltd. (Materials) | 6022117 |
| 136800 | China Pacific Insurance Group Co. Ltd., Class A (Insurance) | 681755 |
| 505100 | CMOC Group Ltd., Class A (Materials) | 1209468 |
| 7086000 | CMOC Group Ltd., Class H (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15340902 |
| 4620000 | Consun Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 8936623 |
| 265100 | Contemporary Amperex Technology Co. Ltd., Class A (Capital Goods) | 14473608 |
| 1569000 | CSC Financial Co. Ltd., Class H (Financial Services)<sup>(a)</sup> | 2661453 |
| 2898000 | Datang International Power Generation Co. Ltd., Class H (Utilities) | 890857 |
| 291200 | Fuyao Glass Industry Group Co. Ltd., Class H (Automobiles & Components)<sup>(a)</sup> | 2593232 |
| 4303000 | Geely Automobile Holdings Ltd. (Automobiles & Components) | 10208049 |
| 606600 | GF Securities Co. Ltd., Class H (Financial Services) | 1464463 |

---

&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>

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GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295000 | Goldwind Science & Technology Co. Ltd., Class H (Capital Goods) | $3895432 |
| 1114000 | Hansoh Pharmaceutical Group Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 5114047 |
| 3646000 | Harbin Electric Co. Ltd., Class H (Capital Goods) | 5995075 |
| 380722 | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A (Materials) | 1320858 |
| 492000 | Huadian Power International Corp. Ltd., Class H (Utilities) | 290033 |
| 9902000 | Huaneng Power International, Inc., Class H (Utilities) | 8180145 |
| 522400 | Huatai Securities Co. Ltd., Class A (Financial Services) | 1593905 |
| 2180106 | Huayu Automotive Systems Co. Ltd., Class A (Automobiles & Components) | 6251878 |
| 1678000 | Jiangxi Copper Co. Ltd., Class H (Materials) | 7001354 |
| 1836900 | Kuaishou Technology (Media & Entertainment)<sup>(a)</sup> | 17054395 |
| 1782000 | Lenovo Group Ltd. (Technology Hardware & Equipment) | 2599670 |
| 1118500 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 2431862 |
| 2135500 | Livzon Pharmaceutical Group, Inc., Class H (Pharmaceuticals, Biotechnology & Life Sciences) | 8590863 |
| 19000000 | Lonking Holdings Ltd. (Capital Goods) | 7573583 |
| 774100 | NetEase, Inc. (Media & Entertainment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21721816 |
| 732000 | Orient Securities Co. Ltd., Class H (Financial Services)<sup>(a)</sup> | 682065 |
| 42800 | PDD Holdings, Inc. ADR (Consumer Discretionary Distribution & Retail)\* | 5772436 |
| 4848000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 11453518 |
| 613000 | Pop Mart International Group Ltd. (Consumer Discretionary Distribution & Retail)<sup>(a)</sup> | 17436864 |
| 2279000 | Q Technology Group Co. Ltd. (Technology Hardware & Equipment) | 4098329 |
| 7364000 | Sany Heavy Equipment International Holdings Co. Ltd. (Capital Goods) | 6951917 |
| 5449540 | Sany Heavy Industry Co. Ltd., Class A (Capital Goods) | 16934047 |
| 483305 | Seres Group Co. Ltd., Class A (Automobiles & Components) | 10539240 |
| 203100 | Shanghai Pudong Development Bank Co. Ltd., Class A (Banks) | 327900 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 685900 | Shanghai Putailai New Energy Technology Group Co. Ltd., Class A (Materials) | $| 2814178 |
| 4143200 | Shenwan Hongyuan Group Co. Ltd., Class H (Financial Services)<sup>(a)</sup> |  | 1823030 |
| 2965000 | Simcere Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> |  | 4722472 |
| 23017000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 20966920 |
| 743043 | Sinolink Securities Co. Ltd., Class A (Financial Services) |  | 1030241 |
| 3665000 | Sinopec Engineering Group Co. Ltd., Class H (Capital Goods) |  | 3452497 |
| 10323600 | SooChow Securities Co. Ltd., Class A (Financial Services) |  | 13905185 |
| 95480 | Sungrow Power Supply Co. Ltd., Class A (Capital Goods) |  | 2543809 |
| 307200 | Sunny Optical Technology Group Co. Ltd. (Technology Hardware & Equipment) |  | 2968690 |
| 3556817 | TBEA Co. Ltd., Class A (Capital Goods) |  | 9777408 |
| 3098000 | TCL Electronics Holdings Ltd. (Consumer Durables & Apparel)\* |  | 3678307 |
| 1959100 | Tencent Holdings Ltd. (Media & Entertainment) |  | 159133310 |
| 246400 | Tongcheng Travel Holdings Ltd. (Consumer Services) |  | 678046 |
| 203080 | WuXi AppTec Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) |  | 2832433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7732800 | Xiaomi Corp., Class B (Technology Hardware & Equipment)\*<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42900900 |
| 1176100 | XPeng, Inc., Class A (Automobiles & Components)\* |  | 13701758 |
| 7700000 | Yadea Group Holdings Ltd. (Automobiles & Components)<sup>(a)</sup> |  | 12038346 |
| 1452400 | Zhejiang Leapmotor Technology Co. Ltd., Class H (Automobiles & Components)\*<sup>(a)</sup> |  | 10879476 |
| 231300 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Capital Goods) |  | 1175495 |
| 4974850 | Zijin Mining Group Co. Ltd., Class A (Materials) |  | 21255392 |
| 6590000 | Zijin Mining Group Co. Ltd., Class H (Materials) |  | 27262928 |
|  |  |  | 748504109 |
| Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% |
| 9844 | Grupo Cibest SA ADR (Banks) |  | 571346 |

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&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 EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Czech Republic – 0.2% | Czech Republic – 0.2% | Czech Republic – 0.2% |
| 56952 | Komercni Banka AS (Banks) | $2913442 |
| 294967 | Moneta Money Bank AS<br>(Banks)<sup>(a)</sup> | 2496750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410192 |
| Greece – 0.1% | Greece – 0.1% | Greece – 0.1% |
| 558959 | Eurobank Ergasias Services and Holdings SA (Banks) | 2102584 |
| 16348 | National Bank of Greece SA (Banks) | 240291 |
|  |  | 2342875 |
| Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954000 | Skyworth Group Ltd. (Consumer Durables & Apparel)\* | 2003799 |
| 2164000 | Wasion Holdings Ltd. (Technology Hardware & Equipment) | 3481780 |
|  |  | 5485579 |
| Hungary – 0.1% | Hungary – 0.1% | Hungary – 0.1% |
| 116877 | Magyar Telekom Telecommunications PLC (Telecommunication Services) | 612571 |
| 15903 | OTP Bank Nyrt (Banks) | 1518028 |
|  |  | 2130599 |
| India – 14.9% | India – 14.9% | India – 14.9% |
| 64408 | 360 ONE WAM Ltd. (Financial Services) | 783853 |
| 70316 | Ajanta Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1952738 |
| 10750 | Anand Rathi Wealth Ltd. (Financial Services) | 373874 |
| 181233 | Avanti Feeds Ltd. (Food, Beverage & Tobacco) | 1423350 |
| 779257 | Bank of India (Banks) | 1227366 |
| 1479114 | Bharat Petroleum Corp. Ltd. (Energy) | 5933767 |
| 1779366 | Bharti Airtel Ltd. (Telecommunication Services) | 41203332 |
| 10241 | Bosch Ltd. (Automobiles & Components) | 4291353 |
| 1261987 | Chambal Fertilisers and Chemicals Ltd. (Materials) | 6832013 |
| 279555 | City Union Bank Ltd. (Banks) | 720167 |
| 177620 | Coal India Ltd. (Energy) | 777002 |
| 22747 | Cochin Shipyard Ltd. (Capital<br>Goods)<sup>(a)</sup> | 457983 |
| 119744 | Coromandel International Ltd. (Materials) | 2863392 |
| 285731 | Cummins India Ltd. (Capital Goods) | 13969197 |
| 17368 | Dixon Technologies India Ltd. (Consumer Durables & Apparel) | 3028963 |
| 157911 | Edelweiss Financial Services Ltd. (Financial Services) | 201855 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 113768 | Eicher Motors Ltd. (Automobiles & Components) | $8972024 |
| 5096 | Force Motors Ltd. (Capital Goods) | 1013054 |
| 53230 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary Distribution & Retail)\* | 148544 |
| 101522 | GE Vernova T&D India Ltd. (Capital Goods) | 3473680 |
| 13017 | GlaxoSmithKline Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 383612 |
| 92762 | Graphite India Ltd. (Capital Goods) | 650880 |
| 645688 | Gujarat Pipavav Port Ltd. (Transportation) | 1209790 |
| 57807 | HBL Engineering Ltd. (Capital Goods) | 653688 |
| 15232 | HDFC Asset Management Co. Ltd. (Financial Services)<sup>(a)</sup> | 922639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3509401 | HDFC Bank Ltd. (Banks) | 39020500 |
| 60851 | Hero MotoCorp Ltd. (Automobiles & Components) | 3798338 |
| 3110381 | Hindalco Industries Ltd. (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29666242 |
| 1235114 | Hindustan Zinc Ltd. (Materials) | 6626153 |
| 26241 | Hitachi Energy India Ltd. (Capital Goods) | 5250733 |
| 1253147 | ICICI Bank Ltd. ADR (Banks) | 37970354 |
| 2049962 | Indian Oil Corp. Ltd. (Energy) | 3825479 |
| 1313624 | Indus Towers Ltd. (Telecommunication Services)\* | 5383128 |
| 747038 | Infosys Ltd. ADR (Software & Services)<sup>(b)</sup> | 12378420 |
| 256489 | IRB Infrastructure Developers Ltd. (Capital Goods) | 129249 |
| 844423 | ITC Ltd. (Food, Beverage & Tobacco) | 3997104 |
| 333082 | Jamna Auto Industries Ltd. (Capital Goods) | 354512 |
| 62057 | JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1175190 |
| 2009250 | JM Financial Ltd. (Financial Services) | 3710205 |
| 36608 | Kaynes Technology India Ltd. (Technology Hardware & Equipment)\* | 2761764 |
| 749927 | Larsen & Toubro Ltd. (Capital Goods) | 34027538 |
| 143871 | Lupin Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 3184967 |
| 13625 | Maruti Suzuki India Ltd. (Automobiles & Components) | 2481324 |

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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>

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GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) | India – (continued) |
| 46850 | Motilal Oswal Financial Services Ltd. (Financial Services) | $| 516126 |
| 407686 | Muthoot Finance Ltd. (Financial Services) |  | 14607455 |
| 1865360 | NTPC Ltd. (Utilities) |  | 7075303 |
| 68648 | Paras Defence & Space Technologies Ltd. (Capital Goods) |  | 547326 |
| 1452406 | Petronet LNG Ltd. (Energy) |  | 4598981 |
| 59413 | Polycab India Ltd. (Capital Goods) |  | 5153363 |
| 2425876 | Power Finance Corp. Ltd. (Financial Services) |  | 11014955 |
| 1462135 | Power Grid Corp. of India Ltd. (Utilities) |  | 4743875 |
| 798023 | Reliance Industries Ltd. (Energy) |  | 13353197 |
| 2300982 | Samvardhana Motherson International Ltd. (Automobiles & Components) |  | 2728936 |
| 33639 | Solar Industries India Ltd. (Materials) |  | 5255785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078026 | State Bank of India (Banks) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381215 |
| 13763 | Sumitomo Chemical India Ltd. (Materials) |  | 77826 |
| 37641 | Syngene International Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> |  | 275636 |
| 1477960 | Tata Motors Ltd. (Capital Goods)\* |  | 4341249 |
| 1477960 | Tata Motors Passenger Vehicles Ltd. (Automobiles & Components) |  | 6821572 |
| 17955 | TVS Motor Co. Ltd. (Automobiles & Components) |  | 709129 |
| 411416 | UCO Bank (Banks) |  | 153641 |
| 514296 | Wipro Ltd. (Software & Services) |  | 1392810 |
| 762873 | Zydus Lifesciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 8380673 |
|  |  |  | 402338369 |
| Indonesia – 0.7% | Indonesia – 0.7% | Indonesia – 0.7% | Indonesia – 0.7% |
| 70411000 | Aneka Tambang Tbk (Materials) |  | 13096988 |
| 1971400 | Bank Central Asia Tbk PT (Banks) |  | 1009341 |
| 1408300 | Bumitama Agri Ltd. (Food, Beverage & Tobacco) |  | 1547226 |
| 2507600 | Chandra Asri Pacific Tbk PT (Materials) |  | 1047558 |
| 23495600 | Elang Mahkota Teknologi Tbk PT (Media & Entertainment) |  | 1670034 |
| 102243600 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary Distribution & Retail)\* |  | 367307 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) |
| 14120600 | Pertamina Geothermal Energy PT (Utilities)<sup>(a)</sup> | $| 1107411 |
|  |  |  | 19845865 |
| Kuwait – 0.4% | Kuwait – 0.4% | Kuwait – 0.4% | Kuwait – 0.4% |
| 38705 | Gulf Cables & Electrical Industries Group Co. KSCP (Capital Goods) |  | 283900 |
| 1131592 | Kuwait Finance House KSCP (Banks) |  | 2962244 |
| 2783884 | Kuwait International Bank KSCP (Banks) |  | 2427175 |
| 204357 | Mobile Telecommunications Co. KSCP (Telecommunication Services) |  | 353172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000604 | National Bank of Kuwait SAKP (Banks) |  | 3426818 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453309 |
| Mexico – 1.7% | Mexico – 1.7% | Mexico – 1.7% | Mexico – 1.7% |
| 135337 | Arca Continental SAB de CV (Food, Beverage & Tobacco) |  | 1310792 |
| 135825 | Fibra Uno Administracion SA de CV REIT (Equity Real Estate Investment Trusts (REITs)) |  | 197101 |
| 309400 | Genomma Lab Internacional SAB de CV, Class B (Pharmaceuticals, Biotechnology & Life Sciences) |  | 302764 |
| 1684913 | Grupo Financiero Banorte SAB de CV, Class O (Banks) |  | 15857418 |
| 1943440 | Grupo Mexico SAB de CV, Series B (Materials) |  | 16801966 |
| 188800 | Industrias Penoles SAB de CV (Materials)\* |  | 7815711 |
| 333853 | Promotora y Operadora de Infraestructura SAB de CV (Transportation) |  | 4323727 |
| 48864 | Regional SAB de CV (Banks) |  | 363774 |
|  |  |  | 46973253 |
| Philippines – 0.3% | Philippines – 0.3% | Philippines – 0.3% | Philippines – 0.3% |
| 741690 | International Container Terminal Services, Inc. (Transportation) |  | 6689589 |
| 1817130 | Metropolitan Bank & Trust Co. (Banks) |  | 2130535 |
|  |  |  | 8820124 |
| Poland – 1.7% | Poland – 1.7% | Poland – 1.7% | Poland – 1.7% |
| 98579 | Alior Bank SA (Banks) |  | 2746918 |
| 1753 | Asseco Poland SA (Software & Services) |  | 101966 |
| 1031702 | ORLEN SA (Energy) |  | 27963122 |
| 988185 | PGE Polska Grupa Energetyczna SA (Utilities)\* |  | 2996449 |
| 333681 | Powszechna Kasa Oszczednosci Bank Polski SA (Banks) |  | 6841550 |
| 283936 | Powszechny Zaklad Ubezpieczen SA (Insurance) |  | 4539902 |

---

&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 EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Poland – (continued) | Poland – (continued) | Poland – (continued) | Poland – (continued) |
| 204643 | Tauron Polska Energia SA (Utilities)\* | $| 553997 |
|  |  |  | 45743904 |
| Qatar – 0.3% | Qatar – 0.3% | Qatar – 0.3% | Qatar – 0.3% |
| 871281 | Ooredoo QPSC (Telecommunication Services) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242477 |
| 234766 | Qatar Aluminum Manufacturing Co. (Materials) |  | 100062 |
| 688659 | Qatar National Bank QPSC (Banks) |  | 3497200 |
| 549657 | Vodafone Qatar PQSC (Telecommunication Services) |  | 363066 |
|  |  |  | 7202805 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106118 | PhosAgro PJSC, GDR (Materials)\*<sup>(c)</sup> |  |  |
| 683 | PhosAgro PJSC NPV<br>(Materials)<sup>(c)</sup> |  |  |
| 18426 | Polyus PJSC, GDR<br>(Materials)\*<sup>(c)</sup> |  |  |
| 2789380 | Sberbank of Russia PJSC (Banks)\*<sup>(c)</sup> |  |  |
| 54816 | VTB Bank PJSC (Banks)\*<sup>(c)</sup> |  |  |
| Saudi Arabia – 3.7% | Saudi Arabia – 3.7% | Saudi Arabia – 3.7% | Saudi Arabia – 3.7% |
| 273920 | Al Babtain Power & Telecommunication Co. (Capital Goods) |  | 4584683 |
| 648975 | Al Rajhi Bank (Banks) |  | 18342711 |
| 97356 | Aldrees Petroleum and Transport Services Co. (Consumer Discretionary Distribution & Retail) |  | 3984774 |
| 1899535 | Arab National Bank (Banks) |  | 12285273 |
| 88934 | Arabian Pipes Co. (Materials) |  | 135199 |
| 766227 | Banque Saudi Fransi (Banks) |  | 3646512 |
| 596209 | Etihad Etisalat Co. (Telecommunication Services) |  | 10756492 |
| 2919129 | Riyad Bank (Banks) |  | 21196743 |
| 154054 | Riyadh Cables Group Co. (Capital Goods) |  | 5820721 |
| 800436 | Saudi Awwal Bank (Banks) |  | 6906545 |
| 1006708 | Saudi National Bank (The) (Banks) |  | 10711935 |
|  |  |  | 98371588 |
| Singapore – 0.0% | Singapore – 0.0% | Singapore – 0.0% | Singapore – 0.0% |
| 551000 | Yangzijiang Financial Holding Ltd. (Financial Services) |  | 447801 |
| South Africa – 2.7% | South Africa – 2.7% | South Africa – 2.7% | South Africa – 2.7% |
| 265034 | Exxaro Resources Ltd. (Energy) |  | 2703461 |
| 758461 | FirstRand Ltd. (Financial Services)<sup>(b)</sup> |  | 3599578 |
| 389062 | Gold Fields Ltd. ADR (Materials) |  | 14943871 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Africa – (continued) | South Africa – (continued) | South Africa – (continued) | South Africa – (continued) |
| 61027 | Harmony Gold Mining Co. Ltd. ADR (Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007556 |
| 103118 | Investec Ltd. (Financial Services) |  | 775638 |
| 143648 | Momentum Group Ltd. (Insurance) |  | 276564 |
| 667471 | Naspers Ltd., Class N (Consumer Discretionary Distribution & Retail) |  | 46880533 |
| 131128 | Northam Platinum Holdings Ltd. (Materials) |  | 2189927 |
|  |  |  | 72377128 |
| South Korea – 12.0% | South Korea – 12.0% | South Korea – 12.0% | South Korea – 12.0% |
| 82762 | D.I Corp. (Semiconductors & Semiconductor Equipment) |  | 1411835 |
| 103430 | Daou Technology, Inc. (Financial Services) |  | 2825772 |
| 105686 | DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 4341656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280021 | Hana Financial Group, Inc. (Banks) |  | 16775658 |
| 119199 | Hanwha Engine (Capital Goods)\* |  | 4129883 |
| 2945 | HD HYUNDAI MIPO (Capital Goods) |  | 499188 |
| 112978 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods) |  | 37551693 |
| 12044 | Hyundai Department Store Co. Ltd. (Consumer Discretionary Distribution & Retail) |  | 682312 |
| 20449 | Hyundai Glovis Co. Ltd. (Transportation) |  | 2702624 |
| 60346 | iM Financial Group Co. Ltd. (Banks) |  | 559901 |
| 11278 | Kakao Corp. (Media & Entertainment) |  | 513992 |
| 265139 | KB Financial Group, Inc. (Banks) |  | 21644247 |
| 209164 | Korea Electric Power Corp. (Utilities) |  | 6261126 |
| 66012 | Korea Investment Holdings Co. Ltd. (Financial Services) |  | 8416261 |
| 101082 | LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment) |  | 4068582 |
| 66230 | LG Electronics, Inc. (Consumer Durables & Apparel) |  | 4062100 |
| 2372 | LIG Nex1 Co. Ltd. (Capital Goods) |  | 864059 |
| 25551 | LS Eco Energy Ltd. (Capital Goods) |  | 823054 |
| 45819 | Meritz Financial Group, Inc. (Financial Services) |  | 3550699 |
| 512876 | Mirae Asset Securities Co. Ltd. (Financial Services) |  | 9429826 |

---

&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 EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 32304 | NAVER Corp. (Media & Entertainment) | $| 6054292 |
| 42237 | Philoptics Co. Ltd. (Semiconductors & Semiconductor Equipment)\* |  | 1242981 |
| 12724 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> |  | 10878302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245163 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93731163 |
| 487984 | Samsung Heavy Industries Co. Ltd. (Capital Goods)\* |  | 10121023 |
| 72153 | Samsung Securities Co. Ltd. (Financial Services) |  | 3905046 |
| 125349 | Shinhan Financial Group Co. Ltd. (Banks) |  | 6438242 |
| 130970 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |  | 50959576 |
| 28908 | SNT Energy Co. Ltd. (Capital Goods) |  | 1098340 |
| 127378 | TES Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 3939090 |
| 79692 | WONIK IPS Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 3574302 |
| 87763 | Yuanta Securities Korea Co. Ltd. (Financial Services) |  | 237641 |
| 38056 | Zeus Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 411533 |
|  |  |  | 323705999 |
| Taiwan – 20.8% | Taiwan – 20.8% | Taiwan – 20.8% | Taiwan – 20.8% |
| 71000 | Accton Technology Corp. (Technology Hardware & Equipment) |  | 2469146 |
| 547000 | ACES Electronic Co. Ltd. (Technology Hardware & Equipment) |  | 1218219 |
| 40000 | Acter Group Corp. Ltd. (Capital Goods) |  | 998446 |
| 282000 | ADATA Technology Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 1810315 |
| 25000 | Advanced Energy Solution Holding Co. Ltd. (Capital Goods) |  | 951695 |
| 96000 | Advanced Power Electronics Corp. (Semiconductors & Semiconductor Equipment) |  | 317840 |
| 28000 | Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) |  | 3154450 |
| 47000 | Alltop Technology Co. Ltd. (Technology Hardware & Equipment) |  | 376822 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | Anpec Electronics Corp. (Semiconductors & Semiconductor Equipment) | $899984 |
| 72000 | Arcadyan Technology Corp. (Technology Hardware & Equipment) | 470531 |
| 826000 | Ardentec Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503020 |
| 61000 | Argosy Research, Inc. (Technology Hardware & Equipment) | 362720 |
| 157000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1256119 |
| 758000 | Asia Optical Co., Inc. (Technology Hardware & Equipment) | 3844590 |
| 1534000 | Asustek Computer, Inc. (Technology Hardware & Equipment) | 34655367 |
| 280000 | Channel Well Technology Co. Ltd. (Technology Hardware & Equipment) | 701423 |
| 711000 | Chroma ATE, Inc. (Technology Hardware & Equipment) | 18824932 |
| 60000 | Chunghwa Precision Test Tech Co. Ltd. (Technology Hardware & Equipment) | 3124953 |
| 3698000 | Compeq Manufacturing Co. Ltd. (Technology Hardware & Equipment) | 10451453 |
| 38000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | 1222227 |
| 843000 | Dynamic Holding Co. Ltd. (Technology Hardware & Equipment) | 2450252 |
| 777000 | Dynapack International Technology Corp. (Technology Hardware & Equipment) | 7715402 |
| 211000 | Eson Precision Ind Co. Ltd. (Technology Hardware & Equipment) | 564989 |
| 26000 | EZconn Corp. (Technology Hardware & Equipment) | 786476 |
| 1142000 | Gamania Digital Entertainment Co. Ltd. (Media & Entertainment) | 2201877 |
| 67000 | Genesys Logic, Inc. (Semiconductors & Semiconductor Equipment) | 233894 |
| 303000 | Global Brands Manufacture Ltd. (Technology Hardware & Equipment) | 1145948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 127000 | Global Mixed Mode Technology, Inc. (Semiconductors & Semiconductor Equipment) | $960582 |
| 34300 | Himax Technologies, Inc. ADR (Semiconductors & Semiconductor Equipment) | 323106 |
| 366000 | Holy Stone Enterprise Co. Ltd. (Technology Hardware & Equipment) | 1354103 |
| 679000 | Hong TAI Electric Industrial (Capital Goods) | 868006 |
| 2548000 | ITEQ Corp. (Technology Hardware & Equipment) | 9647147 |
| 186000 | Kaimei Electronic Corp. (Technology Hardware & Equipment) | 565078 |
| 1475000 | King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10341850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207000 | Lelon Electronics Corp. (Technology Hardware & Equipment) | 4258343 |
| 119000 | Marketech International Corp. (Semiconductors & Semiconductor Equipment) | 946432 |
| 989000 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 41942949 |
| 29000 | MPI Corp. (Semiconductors & Semiconductor Equipment) | 1966342 |
| 308000 | Simplo Technology Co. Ltd. (Technology Hardware & Equipment) | 3506061 |
| 196000 | Sinbon Electronics Co. Ltd. (Technology Hardware & Equipment) | 1343337 |
| 468000 | TA-I Technology Co. Ltd. (Technology Hardware & Equipment) | 949999 |
| 7197000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 348044658 |
| 49000 | Thinking Electronic Industrial Co. Ltd. (Technology Hardware & Equipment) | 299922 |
| 1295000 | Tripod Technology Corp. (Technology Hardware & Equipment) | 14321647 |
| 151000 | United Integrated Services Co. Ltd. (Capital Goods) | 4203050 |
| 88000 | Yankey Engineering Co. Ltd. (Capital Goods) | 1312506 |
| 5344030 | Yuanta Financial Holding Co. Ltd. (Financial Services) | 5983418 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 676000 | Zhen Ding Technology Holding Ltd. (Technology Hardware & Equipment) | $| 3569630 |
|  |  |  | 561421256 |
| Thailand – 1.0% | Thailand – 1.0% | Thailand – 1.0% | Thailand – 1.0% |
| 21035200 | Charoen Pokphand Foods PCL (Food, Beverage & Tobacco) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13714682 |
| 3390200 | SCB X PCL (Banks) |  | 13730323 |
|  |  |  | 27445005 |
| Turkey – 1.3% | Turkey – 1.3% | Turkey – 1.3% | Turkey – 1.3% |
| 165078 | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (Materials)\* |  | 1891053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4110838 | Enka Insaat ve Sanayi AS (Capital Goods)<sup>(b)</sup> |  | 7583566 |
| 830409 | Ford Otomotiv Sanayi AS (Automobiles & Components) |  | 1957938 |
| 3355759 | Is Yatirim Menkul Degerler AS (Financial Services) |  | 3506036 |
| 3062947 | Kocaer Celik Sanayi Ve Ticaret AS (Materials) |  | 1004414 |
| 2504624 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)\* |  | 5382040 |
| 5587 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Capital Goods)\* |  | 60987 |
| 424438 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Equity Real Estate Investment Trusts (REITs)) |  | 774612 |
| 850352 | Turkcell Iletisim Hizmetleri AS (Telecommunication Services) |  | 2013336 |
| 0 | Turkiye Is Bankasi AS, Class C (Banks) |  |  |
| 2167164 | Turkiye Petrol Rafinerileri AS (Energy) |  | 10172765 |
| 2812361 | Turkiye Sigorta AS (Insurance) |  | 825906 |
|  |  |  | 35172653 |
| United Arab Emirates – 0.9% | United Arab Emirates – 0.9% | United Arab Emirates – 0.9% | United Arab Emirates – 0.9% |
| 2145150 | Abu Dhabi Commercial Bank PJSC (Banks) |  | 8416068 |
| 161064 | Abu Dhabi Islamic Bank PJSC (Banks) |  | 925495 |
| 159953 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary Distribution & Retail) |  | 156341 |
| 544588 | Aldar Properties PJSC (Real Estate Management & Development) |  | 1334305 |
| 715475 | Dubai Electricity & Water Authority PJSC (Utilities) |  | 541305 |
| 1175336 | Dubai Investments PJSC (Capital Goods) |  | 1062828 |
| 1539156 | Dubai Islamic Bank PJSC (Banks) |  | 3981513 |

---

&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 EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Arab Emirates – (continued) | United Arab Emirates – (continued) | United Arab Emirates – (continued) | United Arab Emirates – (continued) |
| 978667 | Emirates NBD Bank PJSC (Banks) | $| 7487317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142156 | First Abu Dhabi Bank PJSC (Banks) |  | 674816 |
| 63602 | Orascom Construction PLC (Capital Goods) |  | 632789 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25212777 |
| United Kingdom – 0.2% | United Kingdom – 0.2% | United Kingdom – 0.2% | United Kingdom – 0.2% |
| 72825 | Anglogold Ashanti PLC (Materials) |  | 4993160 |
| United States – 0.6% | United States – 0.6% | United States – 0.6% | United States – 0.6% |
| 616500 | BeOne Medicines Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 14822092 |
| 6962 | Titan SA (Materials) |  | 311725 |
|  |  |  | 15133817 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,936,595,556)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,936,595,556)** |  | 2624178076 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate | Value |
| Preferred Stocks – 0.7% | Preferred Stocks – 0.7% | Preferred Stocks – 0.7% | Preferred Stocks – 0.7% |
| South Korea – 0.7% | South Korea – 0.7% | South Korea – 0.7% | South Korea – 0.7% |
| 10701 | Korea Investment Holdings Co. Ltd. (Financial Services) | 3.31% | 966137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420682 | Mirae Asset Securities Co. Ltd., N.A. (Financial Services) | 2.42 | 3197358 |
| 227074 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 1.80 | 13400763 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $11,278,984)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $11,278,984)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $11,278,984)** | 17564258 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $1,947,874,540)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $1,947,874,540)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $1,947,874,540)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641742334 |

---

---

| | | |
|:---|:---|:---|
| Shares | Dividend Rate | Value |
| Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.6%<sup>(d)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16279113 | 3.956% | $16279113 |
| (Cost $16,279,113) | (Cost $16,279,113) | (Cost $16,279,113) |
| **TOTAL INVESTMENTS – 98.7%**<br> **(Cost $1,964,153,653)** | **TOTAL INVESTMENTS – 98.7%**<br> **(Cost $1,964,153,653)** | $2658021447 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%** | 36337589 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694359036 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is on loan. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| GDR | —Global Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market** <br> **Value** |
|  Information Technology | 30.2% |
|  Financials | 19.4 |
|  Consumer Discretionary | 10.6 |
|  Industrials | 10.4 |
|  Communication Services | 10.2 |
|  Materials | 8.8 |
|  Health Care | 4.6 |
|  Energy | 2.6 |
|  Utilities | 1.7 |
|  Consumer Staples | 0.8 |
|  Real Estate | 0.1 |
|  Securities Lending Reinvestment Vehicle | 0.6 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&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 EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | | Unrealized |
|  | Number of | Expiration | Notional | Appreciation/ |
| Description | Contracts | Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  MSCI Emerging Markets Index | 553 | 12/19/25 | $38920140 | $1308348 |

---

&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 INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 97.0% | Common Stocks – 97.0% | Common Stocks – 97.0% |
| Australia – 6.8% | Australia – 6.8% | Australia – 6.8% |
| 563644 | Bank of Queensland Ltd. (Banks) | $2529019 |
| 131618 | Bendigo & Adelaide Bank Ltd. (Banks) | 1088741 |
| 560808 | BHP Group Ltd. (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15987644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955967 | Brambles Ltd. (Commercial & Professional Services) | 15534060 |
| 247067 | Capricorn Metals Ltd. (Materials)\* | 2080344 |
| 890744 | Challenger Ltd. (Financial Services) | 5421917 |
| 261630 | Commonwealth Bank of Australia (Banks) | 29356217 |
| 2719185 | Evolution Mining Ltd. (Materials) | 19242493 |
| 4758656 | Glencore PLC (Materials)\* | 22796698 |
| 126726 | HUB24 Ltd. (Financial Services) | 9443126 |
| 16298 | JB Hi-Fi Ltd. (Consumer Discretionary Distribution & Retail) | 1114887 |
| 28464 | Macquarie Group Ltd. (Financial Services) | 4059954 |
| 1989082 | Mirvac Group REIT (Equity Real Estate Investment Trusts (REITs)) | 2994420 |
| 1192699 | Northern Star Resources Ltd. (Materials) | 19232088 |
| 1008357 | Orica Ltd. (Materials) | 14661863 |
| 1428521 | Perseus Mining Ltd. (Materials) | 4534085 |
| 74526 | Pro Medicus Ltd. (Health Care Equipment & Services) | 12796484 |
| 949575 | QBE Insurance Group Ltd. (Insurance) | 12320339 |
| 1712078 | Ramelius Resources Ltd. (Materials) | 3703896 |
| 1074826 | Regis Resources Ltd. (Materials) | 4512127 |
| 16206 | Rio Tinto Ltd. (Materials) | 1407108 |
| 468701 | Rio Tinto PLC ADR (Materials) | 33624610 |
| 755399 | Sandfire Resources Ltd. (Materials)\* | 8000822 |
| 473685 | Service Stream Ltd. (Capital Goods) | 702737 |
| 392609 | Stockland REIT (Equity Real Estate Investment Trusts (REITs)) | 1623197 |
| 1931565 | Suncorp Group Ltd. (Insurance) | 24795329 |
| 241028 | Technology One Ltd. (Software & Services) | 5804929 |
| 637303 | Telstra Group Ltd. (Telecommunication Services) | 2036081 |
| 295014 | Wesfarmers Ltd. (Consumer Discretionary Distribution & Retail) | 16192143 |
| 782486 | Westpac Banking Corp. (Banks) | 19800413 |
|  |  | 317397771 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Austria – 0.4% | Austria – 0.4% | Austria – 0.4% |
| 92772 | BAWAG Group AG (Banks)\*<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11989053 |
| 134949 | Raiffeisen Bank International AG (Banks) | 5030925 |
|  |  | 17019978 |
| Belgium – 0.4% | Belgium – 0.4% | Belgium – 0.4% |
| 23479 | Aedifica SA REIT (Equity Real Estate Investment Trusts (REITs)) | 1714635 |
| 9167 | KBC Ancora (Banks) | 721309 |
| 69928 | UCB SA (Pharmaceuticals, Biotechnology & Life Sciences) | 17981437 |
|  |  | 20417381 |
| China – 0.9% | China – 0.9% | China – 0.9% |
| 756000 | AAC Technologies Holdings, Inc. (Technology Hardware & Equipment) | 3886137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | BOC Hong Kong Holdings Ltd. (Banks) | 4496054 |
| 1267500 | Fosun International Ltd. (Capital Goods) | 804023 |
| 4748000 | MMG Ltd. (Materials)\* | 4213627 |
| 7994000 | Nexteer Automotive Group Ltd. (Automobiles & Components) | 6929614 |
| 308720 | Prosus NV (Consumer Discretionary Distribution & Retail)\* | 21338261 |
| 903400 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 2439865 |
|  |  | 44107581 |
| Denmark – 1.3% | Denmark – 1.3% | Denmark – 1.3% |
| 429430 | Danske Bank A/S (Banks) | 19192617 |
| 7161 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 2042517 |
| 583200 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 28711936 |
| 4162 | Pandora A/S (Consumer Durables & Apparel) | 556912 |
| 3465 | Ringkjoebing Landbobank A/S (Banks) | 783630 |
| 34273 | Sydbank AS (Banks) | 2925931 |
| 313002 | Vestas Wind Systems A/S (Capital Goods) | 6401551 |
|  |  | 60615094 |
| Finland – 2.1% | Finland – 2.1% | Finland – 2.1% |
| 9346 | Konecranes OYJ (Capital Goods) | 922522 |
| 2085237 | Nokia OYJ (Technology Hardware & Equipment) | 14224038 |
| 3248481 | Nordea Bank Abp (Banks) | 55571195 |
| 811276 | Sampo OYJ, Class A (Insurance) | 9042753 |
| 594232 | Wartsila OYJ Abp (Capital Goods) | 19441566 |
|  |  | 99202074 |

---

&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 INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – 10.2% | France – 10.2% | France – 10.2% |
| 279102 | Air Liquide SA (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54017132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368967 | AXA SA (Insurance) | 16008902 |
| 69681 | BNP Paribas SA (Banks) | 5397355 |
| 26958 | Cie Generale des Etablissements Michelin SCA (Automobiles & Components) | 861185 |
| 277893 | Danone SA (Food, Beverage & Tobacco) | 24542592 |
| 41103 | Dassault Aviation SA (Capital Goods) | 13245252 |
| 396255 | Dassault Systemes (Software & Services) | 11276533 |
| 9109 | Eiffage SA (Capital Goods) | 1120862 |
| 1738033 | Engie SA (Utilities) | 40692524 |
| 101686 | EssilorLuxottica SA (Health Care Equipment & Services) | 37239348 |
| 28060 | Gaztransport Et Technigaz SA (Energy) | 5556723 |
| 16740 | Hermes International SCA (Consumer Durables & Apparel) | 41422504 |
| 161811 | Klepierre SA REIT (Equity Real Estate Investment Trusts (REITs)) | 6183864 |
| 106052 | Legrand SA (Capital Goods) | 18313888 |
| 55462 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | 39201852 |
| 16351 | Nexans SA (Capital Goods) | 2302258 |
| 134585 | Safran SA (Capital Goods) | 47820572 |
| 68132 | SPIE SA (Commercial & Professional Services) | 3467400 |
| 96129 | Technip Energies NV (Energy) | 3906115 |
| 99872 | Thales SA (Capital Goods) | 28478810 |
| 725655 | TotalEnergies SE (Energy) | 45306325 |
| 175763 | Unibail-Rodamco-Westfield REIT (Equity Real Estate Investment Trusts (REITs))\* | 18174477 |
| 367683 | Valeo SE (Automobiles & Components) | 5083312 |
| 88856 | Vallourec SACA (Energy) | 1656685 |
|  |  | 471276470 |
| Georgia – 0.0% | Georgia – 0.0% | Georgia – 0.0% |
| 8810 | Lion Finance Group PLC (Banks) | 927464 |
| Germany – 11.7% | Germany – 11.7% | Germany – 11.7% |
| 207765 | Allianz SE (Insurance) | 83488726 |
| 119974 | Aumovio SE (Automobiles & Components)\* | 5158147 |
| 421525 | Continental AG (Automobiles & Components) | 32209553 |
| 1272204 | Deutsche Bank AG (Financial Services) | 45545185 |
| 137482 | Deutz AG (Capital Goods) | 1362706 |
| 9144 | DWS Group GmbH & Co. KGaA (Financial Services)<sup>(a)</sup> | 585395 |
| 1658391 | E.ON SE (Utilities) | 30856677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 26127 | Fresenius Medical Care AG (Health Care Equipment & Services) | $| 1402688 |
| 24807 | GEA Group AG (Capital Goods) |  | 1774388 |
| 51862 | Heidelberg Materials AG (Materials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12167024 |
| 37125 | Henkel AG & Co. KGaA (Household & Personal Products) |  | 2772257 |
| 21438 | Hensoldt AG (Capital Goods) |  | 2285242 |
| 1056097 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 41919577 |
| 71991 | Knorr-Bremse AG (Capital Goods) |  | 6698626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212855 | Mercedes-Benz Group AG (Automobiles & Components) |  | 13811014 |
| 68694 | MTU Aero Engines AG (Capital Goods) |  | 30021038 |
| 35207 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) |  | 21782370 |
| 22976 | Nemetschek SE (Software & Services) |  | 2654891 |
| 311168 | Nordex SE (Capital Goods)\* |  | 9189031 |
| 10320 | Rheinmetall AG (Capital Goods) |  | 20286906 |
| 96503 | SAP SE (Software & Services) |  | 25097795 |
| 115353 | Scout24 SE (Media & Entertainment)<sup>(a)</sup> |  | 13340153 |
| 303039 | Siemens AG (Capital Goods) |  | 85880497 |
| 230231 | Siemens Energy AG (Capital Goods)\* |  | 28683424 |
| 390217 | Siemens Healthineers AG (Health Care Equipment & Services)<sup>(a)</sup> |  | 21871667 |
|  |  |  | 540844977 |
| Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% |
| 678400 | AIA Group Ltd. (Insurance) |  | 6601332 |
| 405900 | Hong Kong Exchanges & Clearing Ltd. (Financial Services) |  | 22122726 |
| 1581900 | Hongkong Land Holdings Ltd. (Real Estate Management & Development) |  | 9665920 |
| 1024500 | Johnson Electric Holdings Ltd. (Automobiles & Components) |  | 4807260 |
| 163000 | Luk Fook Holdings International Ltd. (Consumer Discretionary Distribution & Retail) |  | 521148 |
| 1134297 | Prudential PLC (Insurance) |  | 15775922 |
| 1636000 | Swire Properties Ltd. (Real Estate Management & Development) |  | 4456915 |

---

&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 INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| 11959500 | WH Group Ltd. (Food, Beverage & Tobacco)<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11504049 |
|  |  |  | 75455272 |
| Indonesia – 0.0% | Indonesia – 0.0% | Indonesia – 0.0% | Indonesia – 0.0% |
| 19100 | Jardine Matheson Holdings Ltd. (Capital Goods) |  | 1121448 |
| Ireland – 0.1% | Ireland – 0.1% | Ireland – 0.1% | Ireland – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291711 | AIB Group PLC (Banks) |  | 2688506 |
| 102349 | Bank of Ireland Group PLC (Banks) |  | 1675759 |
|  |  |  | 4364265 |
| Israel – 0.0% | Israel – 0.0% | Israel – 0.0% | Israel – 0.0% |
| 37715 | Plus500 Ltd. (Financial Services) |  | 1569303 |
| Italy – 1.6% | Italy – 1.6% | Italy – 1.6% | Italy – 1.6% |
| 105819 | Avio SpA (Capital Goods)<sup>(b)</sup> |  | 4585746 |
| 33112 | Azimut Holding SpA (Financial Services) |  | 1295899 |
| 65760 | Banca Generali SpA (Financial Services) |  | 3724385 |
| 801675 | Banca Mediolanum SpA (Financial Services) |  | 16117266 |
| 713928 | Banca Monte dei Paschi di Siena SpA (Banks) |  | 6261502 |
| 710524 | FinecoBank Banca Fineco SpA (Banks) |  | 16256903 |
| 102745 | Leonardo SpA (Capital Goods) |  | 6044974 |
| 2768372 | Saipem SpA (Energy) |  | 7217002 |
| 15226 | UniCredit SpA (Banks) |  | 1127436 |
| 514736 | Unipol Assicurazioni SpA (Insurance) |  | 11269292 |
|  |  |  | 73900405 |
| Ivory Coast (Cote D'Ivoire) – 0.2% | Ivory Coast (Cote D'Ivoire) – 0.2% | Ivory Coast (Cote D'Ivoire) – 0.2% | Ivory Coast (Cote D'Ivoire) – 0.2% |
| 179315 | Endeavour Mining PLC (Materials) |  | 7257481 |
| Japan – 25.3% | Japan – 25.3% | Japan – 25.3% | Japan – 25.3% |
| 305200 | Advantest Corp. (Semiconductors & Semiconductor Equipment) |  | 45702426 |
| 431500 | AGC, Inc. (Capital Goods) |  | 13481366 |
| 527900 | Aisin Corp. (Automobiles & Components) |  | 9486467 |
| 129200 | Alps Alpine Co. Ltd. (Technology Hardware & Equipment) |  | 1627392 |
| 742200 | ANA Holdings, Inc. (Transportation) |  | 13910461 |
| 542400 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 5677641 |
| 650500 | Canon, Inc. (Technology Hardware & Equipment) |  | 18680955 |
| 206500 | Credit Saison Co. Ltd. (Financial Services) |  | 5030447 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229000 | Daifuku Co. Ltd. (Capital Goods) | $7299788 |
| 1315300 | Dai-ichi Life Holdings, Inc. (Insurance) | 9232089 |
| 214800 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5131169 |
| 763000 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25887100 |
| 1434400 | Daiwa Securities Group, Inc. (Financial Services) | 11039077 |
| 1055400 | Electric Power Development Co. Ltd. (Utilities) | 20058655 |
| 4980700 | ENEOS Holdings, Inc. (Energy) | 31421836 |
| 169500 | FANUC Corp. (Capital Goods) | 5656460 |
| 316700 | Fuji Electric Co. Ltd. (Capital Goods) | 22619145 |
| 557500 | FUJIFILM Holdings Corp. (Technology Hardware & Equipment) | 12921005 |
| 67600 | Fujikura Ltd. (Capital Goods) | 9205370 |
| 691000 | Fujitsu Ltd. (Software & Services) | 18007775 |
| 72200 | Fukuoka Financial Group, Inc. (Banks) | 2098159 |
| 26100 | Furukawa Electric Co. Ltd. (Capital Goods) | 1847507 |
| 23500 | Glory Ltd. (Capital Goods) | 561518 |
| 205600 | Gunma Bank Ltd. (The) (Banks) | 2137135 |
| 41900 | Haseko Corp. (Consumer Durables & Apparel) | 676643 |
| 37200 | Heiwa Corp. (Consumer Services) | 483577 |
| 65800 | Hitachi Ltd. (Capital Goods) | 2247661 |
| 424900 | Honda Motor Co. Ltd. (Automobiles & Components) | 4294569 |
| 34200 | Horiba Ltd. (Technology Hardware & Equipment) | 3177459 |
| 94500 | Hulic Co. Ltd. (Real Estate Management & Development) | 976314 |
| 98200 | Hyakugo Bank Ltd. (The) (Banks) | 609002 |
| 40000 | Ibiden Co. Ltd. (Technology Hardware & Equipment) | 3764985 |
| 216500 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail) | 3397771 |
| 925300 | Isuzu Motors Ltd. (Automobiles & Components) | 11353694 |
| 416700 | Iyogin Holdings, Inc. (Banks) | 6511309 |
| 72700 | Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment) | 908314 |
| 1240600 | Japan Post Bank Co. Ltd. (Banks) | 13901021 |
| 2983700 | Japan Post Holdings Co. Ltd. (Insurance) | 27960423 |

---

&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 INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 1700700 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59240320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601900 | JX Advanced Metals Corp. (Materials) | 7998232 |
| 1489900 | KDDI Corp. (Telecommunication Services) | 23749547 |
| 333200 | Kinden Corp. (Capital Goods) | 13347049 |
| 82300 | Konami Group Corp. (Media & Entertainment) | 13705847 |
| 82800 | K's Holdings Corp. (Consumer Discretionary Distribution & Retail) | 820820 |
| 56800 | Kumagai Gumi Co. Ltd. (Capital Goods) | 515721 |
| 1173500 | Kyocera Corp. (Technology Hardware & Equipment) | 15571648 |
| 132800 | Kyushu Electric Power Co., Inc. (Utilities) | 1303335 |
| 326000 | Kyushu Railway Co. (Transportation) | 8267631 |
| 335300 | LY Corp. (Media & Entertainment) | 985285 |
| 73300 | Mabuchi Motor Co. Ltd. (Capital Goods) | 1294919 |
| 16200 | Meiko Electronics Co. Ltd. (Technology Hardware & Equipment) | 1065449 |
| 352000 | Mitsubishi Chemical Group Corp. (Materials) | 1838700 |
| 157100 | Mitsubishi Corp. (Capital Goods) | 3772388 |
| 1471000 | Mitsubishi Electric Corp. (Capital Goods) | 41765525 |
| 361600 | Mitsubishi Heavy Industries Ltd. (Capital Goods) | 10916590 |
| 1503500 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 22710790 |
| 260800 | Mitsui E&S Co. Ltd. (Capital Goods) | 10602828 |
| 405600 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 4223271 |
| 111200 | Mizuho Financial Group, Inc. (Banks) | 3724697 |
| 166900 | Modec, Inc. (Energy) | 10826659 |
| 243700 | Monex Group, Inc. (Financial Services) | 1119471 |
| 322800 | Nabtesco Corp. (Capital Goods) | 8086029 |
| 1298900 | NGK Insulators Ltd. (Capital Goods) | 21914471 |
| 66600 | NIDEC Corp. (Capital Goods) | 810308 |
| 141800 | Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment) | 4773958 |
| 20200 | Nishimatsu Construction Co. Ltd. (Capital Goods) | 693867 |
| 1469600 | Nomura Holdings, Inc. (Financial Services) | 10487218 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 457600 | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213200 | Nomura Research Institute Ltd. (Software & Services) | 8232310 |
| 344900 | North Pacific Bank Ltd. (Banks) | 1615285 |
| 1001900 | NTN Corp. (Capital Goods) | 2236797 |
| 17623100 | NTT, Inc. (Telecommunication Services) | 18138643 |
| 19900 | Ogaki Kyoritsu Bank Ltd. (The) (Banks) | 476369 |
| 332800 | ORIX Corp. (Financial Services) | 8140970 |
| 98000 | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 5333553 |
| 1246700 | Panasonic Holdings Corp. (Consumer Durables & Apparel) | 14485699 |
| 1224700 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 15124523 |
| 138400 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 1187304 |
| 91800 | SBI Holdings, Inc. (Financial Services) | 4102272 |
| 180100 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 17073068 |
| 38500 | Shinmaywa Industries Ltd. (Capital Goods) | 500692 |
| 677100 | Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 11356731 |
| 18000 | Sinfonia Technology Co. Ltd. (Capital Goods) | 1238887 |
| 103400 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | 1017454 |
| 14752700 | SoftBank Corp. (Telecommunication Services) | 20963571 |
| 121600 | SoftBank Group Corp. (Telecommunication Services) | 21336991 |
| 1294400 | Sony Group Corp. (Consumer Durables & Apparel) | 36048506 |
| 85200 | Sugi Holdings Co. Ltd. (Consumer Staples Distribution & Retail) | 1839891 |
| 380300 | SUMCO Corp. (Semiconductors & Semiconductor Equipment) | 3875569 |
| 112800 | Sumitomo Corp. (Capital Goods) | 3281459 |
| 1316800 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | 48007128 |
| 1378700 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 37326660 |
| 24300 | SWCC Corp. (Capital Goods) | 1180635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130700 | Taiheiyo Cement Corp. (Materials) | $3546087 |
| 2008700 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54209811 |
| 970700 | TDK Corp. (Technology Hardware & Equipment) | 16960283 |
| 164400 | Tohoku Electric Power Co., Inc. (Utilities) | 1124861 |
| 107200 | Tokai Carbon Co. Ltd. (Materials) | 718113 |
| 132800 | Tokai Tokyo Financial Holdings, Inc. (Financial Services) | 492073 |
| 16400 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 3615714 |
| 103300 | Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment) | 7106374 |
| 1743700 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | 14051943 |
| 271300 | TOPPAN Holdings, Inc. (Commercial & Professional Services) | 6635413 |
| 606200 | Tosoh Corp. (Materials) | 8642930 |
| 976600 | Toyota Motor Corp. (Automobiles & Components) | 19910078 |
| 53400 | TRE Holdings Corp. (Commercial & Professional Services) | 535092 |
| 119100 | Trend Micro, Inc. (Software & Services) | 6077965 |
| 53600 | Tsugami Corp. (Capital Goods) | 950016 |
| 839100 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail)<sup>(b)</sup> | 14575762 |
| 99400 | UBE Corp. (Materials) | 1461281 |
| 95900 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) | 4349960 |
| 32000 | Ushio, Inc. (Capital Goods) | 530551 |
| 678100 | West Japan Railway Co. (Transportation) | 13936405 |
| 381600 | Yamaha Motor Co. Ltd. (Automobiles & Components) | 2749338 |
| 71800 | Yamaichi Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 2127137 |
| 235200 | Yokogawa Electric Corp. (Technology Hardware & Equipment) | 7035881 |
| 880400 | Yokohama Financial Group, Inc. (Banks) | 6395436 |
|  |  | 1169589025 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121017 | Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences) | $8535274 |
| Netherlands – 3.3% | Netherlands – 3.3% | Netherlands – 3.3% |
| 1490 | Adyen NV (Financial Services)\*<sup>(a)</sup> | 2553093 |
| 7996 | ASM International NV (Semiconductors & Semiconductor Equipment) | 5188166 |
| 110635 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116975534 |
| 34359 | ASR Nederland NV (Insurance) | 2293075 |
| 43464 | EXOR NV (Financial Services) | 3766592 |
| 137074 | Fugro NV (Capital Goods) | 1399841 |
| 322665 | ING Groep NV (Banks) | 8056846 |
| 90737 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 3713922 |
| 82146 | Koninklijke BAM Groep NV (Capital Goods) | 762553 |
| 523864 | Koninklijke KPN NV (Telecommunication Services) | 2424163 |
| 238291 | SBM Offshore NV (Energy) | 6161980 |
|  |  | 153295765 |
| New Zealand – 0.1% | New Zealand – 0.1% | New Zealand – 0.1% |
| 152079 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services) | 3228710 |
| Nigeria – 0.1% | Nigeria – 0.1% | Nigeria – 0.1% |
| 845268 | Airtel Africa PLC (Telecommunication Services)<sup>(a)</sup> | 3073972 |
| Norway – 0.4% | Norway – 0.4% | Norway – 0.4% |
| 89372 | DNB Bank ASA (Banks) | 2281259 |
| 472328 | Kongsberg Gruppen ASA (Capital Goods) | 12079529 |
| 228247 | Orkla ASA (Food, Beverage & Tobacco) | 2318148 |
|  |  | 16678936 |
| Portugal – 0.3% | Portugal – 0.3% | Portugal – 0.3% |
| 11258458 | Banco Comercial Portugues SA, Class R (Banks) | 9937879 |
| 510426 | EDP SA (Utilities) | 2537403 |
|  |  | 12475282 |
| Singapore – 1.2% | Singapore – 1.2% | Singapore – 1.2% |
| 83600 | DBS Group Holdings Ltd. (Banks) | 3461252 |
| 663000 | Keppel Ltd. (Capital Goods) | 5184894 |
| 1338900 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 17514688 |
| 334800 | Singapore Exchange Ltd. (Financial Services) | 4344215 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – (continued) | Singapore – (continued) | Singapore – (continued) | Singapore – (continued) |
| 2318400 | Singapore Technologies Engineering Ltd. (Capital Goods) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15104519 |
| 1047600 | Singapore Telecommunications Ltd. (Telecommunication Services) |  | 3419420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252500 | United Overseas Bank Ltd. (Banks) |  | 6715861 |
| 46900 | Venture Corp. Ltd. (Technology Hardware & Equipment) |  | 536714 |
|  |  |  | 56281563 |
| South Africa – 0.4% | South Africa – 0.4% | South Africa – 0.4% | South Africa – 0.4% |
| 441146 | Anglo American PLC (Materials) |  | 16689745 |
| Spain – 2.5% | Spain – 2.5% | Spain – 2.5% | Spain – 2.5% |
| 145640 | Aena SME SA (Transportation)<sup>(a)</sup> |  | 3955758 |
| 1299262 | Banco Bilbao Vizcaya Argentaria SA (Banks)<sup>(b)</sup> |  | 26175062 |
| 3202293 | Banco Santander SA (Banks)<sup>(b)</sup> |  | 32631995 |
| 1747361 | CaixaBank SA (Banks) |  | 18469176 |
| 656842 | Iberdrola SA (Utilities) |  | 13311730 |
| 210606 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail)<sup>(b)</sup> |  | 11629756 |
| 234834 | Mapfre SA (Insurance) |  | 1037107 |
| 69453 | Solaria Energia y Medio Ambiente SA (Utilities)\* |  | 1201045 |
| 2936666 | Unicaja Banco SA (Banks)<sup>(a)</sup> |  | 7928450 |
|  |  |  | 116340079 |
| Sweden – 2.5% | Sweden – 2.5% | Sweden – 2.5% | Sweden – 2.5% |
| 281548 | Boliden AB (Materials)\* |  | 12625305 |
| 42310 | Epiroc AB, Class B (Capital Goods) |  | 789614 |
| 94275 | Evolution AB (Consumer Services)<sup>(a)</sup> |  | 6281315 |
| 520903 | Investor AB, Class B (Financial Services) |  | 17151695 |
| 83375 | Saab AB, Class B (Capital Goods) |  | 4587833 |
| 439300 | Sandvik AB (Capital Goods) |  | 13284202 |
| 403499 | SKF AB, Class B (Capital Goods) |  | 10342500 |
| 167457 | SSAB AB, Class B (Materials) |  | 1036876 |
| 1323250 | Svenska Handelsbanken AB, Class A (Banks) |  | 17267534 |
| 297574 | Swedbank AB, Class A (Banks) |  | 9034586 |
| 2487492 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) |  | 25237765 |
|  |  |  | 117639225 |
| Switzerland – 4.1% | Switzerland – 4.1% | Switzerland – 4.1% | Switzerland – 4.1% |
| 988305 | ABB Ltd. (Capital Goods) |  | 73478052 |
| 98427 | Accelleron Industries AG (Capital Goods) |  | 8068154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 2243 | Allreal Holding AG (Real Estate Management & Development) | $| 536096 |
| 1034 | Burckhardt Compression Holding AG (Capital Goods) |  | 715162 |
| 49932 | Cie Financiere Richemont SA (Consumer Durables & Apparel) |  | 9876835 |
| 46834 | Schindler Holding AG Participation Certificates (Capital Goods) |  | 16682285 |
| 152042 | SGS SA (Commercial & Professional Services) |  | 17145757 |
| 74173 | Sonova Holding AG (Health Care Equipment & Services) |  | 20232184 |
| 1110362 | UBS Group AG (Financial Services) |  | 42488371 |
|  |  |  | 189222896 |
| United Kingdom – 10.0% | United Kingdom – 10.0% | United Kingdom – 10.0% | United Kingdom – 10.0% |
| 100386 | Associated British Foods PLC (Food, Beverage & Tobacco) |  | 3029307 |
| 718268 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59185283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632173 | Aviva PLC (Insurance) |  | 5556362 |
| 583336 | Babcock International Group PLC (Capital Goods) |  | 9315325 |
| 509057 | BAE Systems PLC (Capital Goods) |  | 12539862 |
| 638242 | Beazley PLC (Insurance) |  | 7808135 |
| 94951 | British American Tobacco PLC (Food, Beverage & Tobacco) |  | 4862973 |
| 72481 | Burberry Group PLC (Consumer Durables & Apparel)\* |  | 1179823 |
| 83629 | Compass Group PLC (Consumer Services) |  | 2768110 |
| 458261 | Convatec Group PLC (Health Care Equipment & Services)<sup>(a)</sup> |  | 1471746 |
| 408465 | Currys PLC (Consumer Discretionary Distribution & Retail) |  | 753924 |
| 36602 | DCC PLC (Capital Goods) |  | 2411308 |
| 1412915 | easyJet PLC (Transportation) |  | 8995756 |
| 45901 | Halma PLC (Technology Hardware & Equipment) |  | 2138918 |
| 148965 | Hiscox Ltd. (Insurance) |  | 2693034 |
| 3520787 | HSBC Holdings PLC (Banks) |  | 49289140 |
| 100055 | IG Group Holdings PLC (Financial Services) |  | 1464565 |
| 1263150 | Imperial Brands PLC (Food, Beverage & Tobacco) |  | 50190477 |
| 115710 | InterContinental Hotels Group PLC (Consumer Services) |  | 13957797 |
| 179649 | Intertek Group PLC (Commercial & Professional Services) |  | 11966091 |
| 547451 | Investec PLC (Financial Services) |  | 4122115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| United Kingdom – (continued) | United Kingdom – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189802 | ITV PLC (Media & Entertainment) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089095 |
| 78188 | JET2 PLC (Transportation) | 1365391 |
| 1516442 | Kingfisher PLC (Consumer Discretionary Distribution & Retail) | 6150064 |
| 100557 | Lancashire Holdings Ltd. (Insurance) | 883015 |
| 40453661 | Lloyds Banking Group PLC (Banks) | 47431525 |
| 964361 | Man Group PLC (Financial Services) | 2664352 |
| 963409 | National Grid PLC (Utilities) | 14445478 |
| 2562173 | NatWest Group PLC (Banks) | 19724954 |
| 111571 | Next PLC (Consumer Discretionary Distribution & Retail) | 20963125 |
| 166145 | Playtech PLC (Consumer Services) | 575128 |
| 95880 | QinetiQ Group PLC (Capital Goods) | 605452 |
| 229337 | RELX PLC (Commercial & Professional Services) | 10135880 |
| 2112735 | Rolls-Royce Holdings PLC (Capital Goods) | 32512510 |
| 96831 | RS GROUP PLC (Capital Goods) | 708696 |
| 407851 | Smiths Group PLC (Capital Goods) | 13505619 |
| 3027806 | Tesco PLC (Consumer Staples Distribution & Retail) | 18271842 |
| 1046649 | Vodafone Group PLC ADR (Telecommunication Services) | 12612120 |
|  |  | 459344297 |
| United States – 9.3% | United States – 9.3% |  |
| 160879 | Alcon AG (Health Care Equipment & Services) | 11991118 |
| 706206 | BP PLC ADR (Energy) | 24809017 |
| 261293 | Carnival PLC ADR (Consumer Services)\* | 6796231 |
| 38179 | CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 4449242 |
| 9740 | Experian PLC (Commercial & Professional Services) | 454325 |
| 556424 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 26074029 |
| 351374 | Holcim AG (Materials)\* | 31237583 |
| 868068 | Nestle SA (Food, Beverage & Tobacco) | 82942561 |
| 628424 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | 77774804 |
| 60397 | QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences) | 2842893 |
| 250496 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 81140772 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |  |
| United States – (continued) | United States – (continued) | United States – (continued) |  |
| 639877 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | $64731819 |
| 46240 | Shell PLC (Energy) | Shell PLC (Energy) | 1736112 |
| 20283 | Spotify Technology SA (Media & Entertainment)\* | Spotify Technology SA (Media & Entertainment)\* | 13291855 |
| 295687 | Tenaris SA (Energy) | Tenaris SA (Energy) | 5876747 |
|  |  |  | 436149108 |
| **TOTAL COMMON STOCKS**<br> **(Cost $3,937,037,118)** | **TOTAL COMMON STOCKS**<br> **(Cost $3,937,037,118)** | **TOTAL COMMON STOCKS**<br> **(Cost $3,937,037,118)** | 4494020841 |
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stock – 0.1% | Preferred Stock – 0.1% | Preferred Stock – 0.1% | Preferred Stock – 0.1% |
| Germany – 0.1% | Germany – 0.1% | Germany – 0.1% | Germany – 0.1% |
| 11389 | Sartorius AG (Pharmaceuticals, Biotechnology & Life Sciences) |  |  |
| **(Cost $3,174,971)** | **(Cost $3,174,971)** | 0.32% | 3133434 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.3%<sup>(c)</sup> | Investment Company – 0.3%<sup>(c)</sup> | Investment Company – 0.3%<sup>(c)</sup> | Investment Company – 0.3%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 12570434 | 3.956% | 3.956% | 12570434 |
| **(Cost $12,570,434)** | **(Cost $12,570,434)** | **(Cost $12,570,434)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $3,952,782,523)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $3,952,782,523)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $3,952,782,523)** | 4509724709 |
| Securities Lending Reinvestment Vehicle – 1.5%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.5%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.5%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.5%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71110840 | 3.956% | 3.956% | 71110840 |
| (Cost $71,110,840) | (Cost $71,110,840) | (Cost $71,110,840) |  |
| **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $4,023,893,363)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $4,023,893,363)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $4,023,893,363)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580835549 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.1%** | 49332576 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $4630168125 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS 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;

---

| |
|:---|
| **Investment Abbreviations:**<br>ADR —American Depositary Receipt |
| PLC —Public Limited Company<br> REIT —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | % of <br>Market <br>Value |
|  Financials | 22.9% |
|  Industrials | 19.1 |
|  Health Care | 12.4 |
|  Information Technology | 10.3 |
|  Consumer Discretionary | 9.2 |
|  Materials | 6.8 |
|  Consumer Staples | 6.1 |
|  Communication Services | 3.3 |
|  Energy | 3.2 |
|  Utilities | 2.7 |
|  Real Estate | 2.1 |
|  Investment Company | 0.3 |
|  Securities Lending Reinvestment Vehicle | 1.6 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 673 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43976357 | $988975 |
|  FTSE 100 Index | 124 | 12/19/25 | 15876134 | 507773 |
|  Hang Seng Index | 23 | 11/27/25 | 3834098 | (53661) |
|  MSCI Singapore Index | 38 | 11/27/25 | 1302382 | 3545 |
|  SPI 200 Index | 47 | 12/18/25 | 6836193 | (28579) |
|  TOPIX Index | 107 | 12/11/25 | 23148271 | 1213342 |
| Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 97.1% | Common Stocks – 97.1% | Common Stocks – 97.1% |
| Australia – 11.3% | Australia – 11.3% | Australia – 11.3% |
| 6759955 | AMP Ltd. (Financial Services) | $7886846 |
| 1628253 | Austal Ltd. (Capital Goods)\* | 7219924 |
| 1994172 | Capricorn Metals Ltd. (Materials)\* | 16791248 |
| 104165 | Catalyst Metals Ltd. (Materials)\* | 460747 |
| 2243708 | Challenger Ltd. (Financial Services) | 13657346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061669 | Charter Hall Group REIT (Equity Real Estate Investment Trusts (REITs)) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59652606 |
| 8045404 | Charter Hall Retail REIT (Equity Real Estate Investment Trusts (REITs)) | 21682019 |
| 576760 | Codan Ltd. (Technology Hardware & Equipment) | 13658247 |
| 486579 | Deep Yellow Ltd. (Energy)\* | 570257 |
| 891356 | Develop Global Ltd. (Materials)\* | 2069612 |
| 457658 | Dexus REIT (Equity Real Estate Investment Trusts (REITs)) | 2182010 |
| 397668 | Downer EDI Ltd. (Commercial & Professional Services) | 2008632 |
| 262412 | Emerald Resources NL (Materials)\* | 814926 |
| 151274 | Genesis Minerals Ltd. (Materials)\* | 575537 |
| 1085626 | Greatland Resources Ltd. (Materials)\* | 5241242 |
| 511534 | Harvey Norman Holdings Ltd. (Consumer Discretionary Distribution & Retail) | 2417559 |
| 472912 | HUB24 Ltd. (Financial Services) | 35239552 |
| 211477 | JB Hi-Fi Ltd. (Consumer Discretionary Distribution & Retail) | 14466377 |
| 47024 | Lynas Rare Earths Ltd. (Materials)\* | 468800 |
| 31629134 | Mirvac Group REIT (Equity Real Estate Investment Trusts (REITs)) | 47615391 |
| 22960 | Neuren Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 325917 |
| 1347973 | New Hope Corp. Ltd. (Energy) | 3658391 |
| 3186841 | Orica Ltd. (Materials) | 46337781 |
| 172791 | Pantoro Gold Ltd. (Materials)\* | 577073 |
| 7849037 | Perenti Ltd. (Materials) | 13901827 |
| 19685639 | Perseus Mining Ltd. (Materials) | 62481658 |
| 286844 | Premier Investments Ltd. (Consumer Discretionary Distribution & Retail) | 3339093 |
| 16485497 | Ramelius Resources Ltd. (Materials) | 35664590 |
| 384188 | Regis Healthcare Ltd. (Health Care Equipment & Services) | 1862052 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) | Australia – (continued) | Australia – (continued) |
| 10722926 | Regis Resources Ltd. (Materials) | $| 45014918 |
| 5442606 | Sandfire Resources Ltd. (Materials)\* |  | 57645456 |
| 2781086 | Service Stream Ltd. (Capital Goods) |  | 4125892 |
| 173503 | Superloop Ltd. (Telecommunication Services)\* |  | 353978 |
| 2304798 | Technology One Ltd. (Software & Services) |  | 55508857 |
| 635599 | Temple & Webster Group Ltd. (Consumer Discretionary Distribution & Retail)\* |  | 9878324 |
| 20636928 | Vault Minerals Ltd. (Materials)\* |  | 9811081 |
| 5023026 | Ventia Services Group Pty Ltd. (Capital Goods) |  | 18814063 |
| 1067310 | Waypoint REIT Ltd. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1851028 |
| 4885744 | West African Resources Ltd. (Materials)\*<sup>(a)</sup> |  | 9718099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892927 | Westgold Resources Ltd. (Materials) |  | 10026327 |
| 80848 | Worley Ltd. (Capital Goods) |  | 755040 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646330323 |
| Austria – 1.0% | Austria – 1.0% | Austria – 1.0% | Austria – 1.0% |
| 385799 | ams-OSRAM AG (Semiconductors & Semiconductor Equipment)\* |  | 5338486 |
| 139747 | BAWAG Group AG (Banks)\*<sup>(b)</sup> |  | 18059697 |
| 52959 | Porr AG (Capital Goods) |  | 1680785 |
| 98951 | Raiffeisen Bank International AG (Banks) |  | 3688913 |
| 747678 | voestalpine AG (Materials) |  | 26621846 |
| 112760 | Wienerberger AG (Materials) |  | 3347243 |
|  |  |  | 58736970 |
| Belgium – 0.8% | Belgium – 0.8% | Belgium – 0.8% | Belgium – 0.8% |
| 440751 | Aedifica SA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 32187365 |
| 169220 | Colruyt Group NV (Consumer Staples Distribution & Retail) |  | 6319699 |
| 57211 | KBC Ancora (Banks) |  | 4501669 |
| 57079 | Warehouses De Pauw CVA REIT (Equity Real Estate Investment Trusts (REITs)) |  | 1449505 |
|  |  |  | 44458238 |
| China – 0.1% | China – 0.1% | China – 0.1% | China – 0.1% |
| 645500 | CARsgen Therapeutics Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(b)</sup> |  | 1368181 |
| 2604000 | VSTECS Holdings Ltd. (Technology Hardware & Equipment) |  | 3224141 |
|  |  |  | 4592322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Denmark – 1.5% | Denmark – 1.5% | Denmark – 1.5% |
| 28681 | Chemometec A/S (Pharmaceuticals, Biotechnology & Life Sciences) | $3505122 |
| 8788 | Jyske Bank A/S (Banks) | 1032918 |
| 53948 | Ringkjoebing Landbobank A/S (Banks) | 12200655 |
| 562269 | Sydbank AS (Banks) | 48001637 |
| 255735 | Zealand Pharma A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 20247707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84988039 |
| Finland – 1.7% | Finland – 1.7% | Finland – 1.7% |
| 442502 | Hiab OYJ, Class B (Capital Goods) | 24505905 |
| 267656 | Kalmar OYJ, Class B (Capital Goods) | 11088949 |
| 606302 | Konecranes OYJ (Capital Goods) | 59846682 |
|  |  | 95441536 |
| France – 5.0% | France – 5.0% | France – 5.0% |
| 413161 | Coface SA (Insurance) | 7276712 |
| 87650 | Exosens SAS (Capital Goods) | 4923770 |
| 535574 | Forvia SE (Automobiles & Components)\* | 6858337 |
| 256602 | Gaztransport Et Technigaz SA (Energy) | 50814905 |
| 33618 | IPSOS SA (Media & Entertainment) | 1288627 |
| 253489 | Mercialys SA REIT (Equity Real Estate Investment Trusts (REITs)) | 3092978 |
| 403640 | Nexans SA (Capital Goods) | 56833430 |
| 50775 | Rubis SCA (Utilities) | 1843742 |
| 3942 | Sopra Steria Group (Software & Services) | 613558 |
| 1129046 | SPIE SA (Commercial & Professional Services) | 57459843 |
| 672218 | Technip Energies NV (Energy) | 27314969 |
| 3352490 | Valeo SE (Automobiles & Components) | 46349036 |
| 994977 | Vallourec SACA (Energy) | 18550947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351848 | Vivendi SE (Media & Entertainment)\* | 4869321 |
|  |  | 288090175 |
| Georgia – 0.6% | Georgia – 0.6% | Georgia – 0.6% |
| 228006 | Lion Finance Group PLC (Banks) | 24003097 |
| 147062 | TBC Bank Group PLC (Banks) | 8425505 |
|  |  | 32428602 |
| Germany – 4.2% | Germany – 4.2% | Germany – 4.2% |
| 2386333 | Aroundtown SA (Real Estate Management & Development)\* | 8527497 |
| 226190 | Aumovio SE (Automobiles & Components)\* | 9724784 |
| 250542 | Aurubis AG (Materials)<sup>(c)</sup> | 32667407 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 281863 | Bilfinger SE (Commercial & Professional Services) | $| 30410950 |
| 2697704 | Deutz AG (Capital Goods) |  | 26739337 |
| 32966 | Elmos Semiconductor SE (Semiconductors & Semiconductor Equipment) |  | 3117566 |
| 21045 | Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 171388 |
| 563310 | Jenoptik AG (Technology Hardware & Equipment) |  | 12722913 |
| 16556 | Krones AG (Capital Goods) |  | 2404736 |
| 82092 | Montana Aerospace AG (Capital Goods)\*<sup>(b)</sup> |  | 3254697 |
| 1973353 | Nordex SE (Capital Goods)\* |  | 58274633 |
| 439197 | RENK Group AG (Capital Goods) |  | 33438837 |
| 46875 | SMA Solar Technology AG (Capital Goods)\* |  | 1405849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182503 | thyssenkrupp AG (Materials) |  | 12391866 |
| 46482 | Tkms AG& Co. KGaA (Aerospace/Defense)\* |  | 4379961 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239632421 |
| Hong Kong – 1.8% | Hong Kong – 1.8% | Hong Kong – 1.8% | Hong Kong – 1.8% |
| 168000 | DFI Retail Group Holdings Ltd. (Consumer Staples Distribution & Retail) |  | 589434 |
| 565000 | Hang Lung Group Ltd. (Real Estate Management & Development) |  | 1075134 |
| 2842000 | Hysan Development Co. Ltd. (Real Estate Management & Development) |  | 5887933 |
| 11615000 | Johnson Electric Holdings Ltd. (Automobiles & Components) |  | 54501045 |
| 7054500 | Kerry Properties Ltd. (Real Estate Management & Development) |  | 17780639 |
| 6413000 | Luk Fook Holdings International Ltd. (Consumer Discretionary Distribution & Retail) |  | 20503821 |
| 3178000 | PAX Global Technology Ltd. (Technology Hardware & Equipment) |  | 2179864 |
|  |  |  | 102517870 |
| Indonesia – 0.2% | Indonesia – 0.2% | Indonesia – 0.2% | Indonesia – 0.2% |
| 9760000 | First Pacific Co. Ltd. (Food, Beverage & Tobacco) |  | 7880324 |
| 1871000 | First Resources Ltd. (Food, Beverage & Tobacco) |  | 2818618 |
|  |  |  | 10698942 |
| Israel – 4.1% | Israel – 4.1% | Israel – 4.1% | Israel – 4.1% |
| 183808 | Airport City Ltd. (Real Estate Management & Development)\* |  | 3633189 |

---

&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 INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) |
| 495905 | Alony Hetz Properties & Investments Ltd. (Real Estate Management & Development) | $6080024 |
| 604625 | Amot Investments Ltd. (Real Estate Management & Development) | 4773482 |
| 3361 | Bet Shemesh Engines Holdings 1997 Ltd. (Capital Goods)\* | 693032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13593303 | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27843179 |
| 26189 | Big Shopping Centers Ltd. (Real Estate Management & Development) | 5858708 |
| 2113 | Camtek Ltd. (Semiconductors & Semiconductor Equipment)\* | 264060 |
| 4276 | Delek Group Ltd. (Energy) | 1124233 |
| 175957 | El Al Israel Airlines (Transportation)\* | 731173 |
| 6883 | Elco Ltd. (Capital Goods) | 370543 |
| 266894 | Enlight Renewable Energy Ltd. (Utilities)\* | 9277145 |
| 17665 | Fattal Holdings 1998 Ltd. (Consumer Services)\* | 3206304 |
| 285705 | First International Bank Of Israel Ltd. (The) (Banks) | 20548492 |
| 16593 | Fox Wizel Ltd. (Consumer Discretionary Distribution & Retail) | 1911723 |
| 209250 | G City Ltd. (Real Estate Management & Development) | 712650 |
| 839894 | Harel Insurance Investments & Financial Services Ltd. (Insurance) | 29273016 |
| 10621 | Israel Corp. Ltd. (Materials) | 3760400 |
| 38878 | Melisron Ltd. (Real Estate Management & Development) | 5060558 |
| 149127 | Migdal Insurance & Financial Holdings Ltd. (Insurance) | 535142 |
| 2388273 | Mivne Real Estate KD Ltd. (Real Estate Management & Development) | 10544838 |
| 66712 | Next Vision Stabilized Systems Ltd. (Technology Hardware & Equipment) | 2928913 |
| 59750 | Partner Communications Co. Ltd. (Telecommunication Services) | 593255 |
| 1057733 | Plus500 Ltd. (Financial Services) | 44011753 |
| 1457417 | Shufersal Ltd. (Consumer Staples Distribution & Retail) | 18112731 |
| 46813 | Strauss Group Ltd. (Food, Beverage & Tobacco) | 1318239 |
| 43428 | Tel Aviv Stock Exchange Ltd. (Financial Services) | 1010961 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) | Israel – (continued) |
| 319017 | Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)\* | $| 26368162 |
| 7176 | YH Dimri Construction & Development Ltd. (Real Estate Management & Development) |  | 865879 |
|  |  |  | 231411784 |
| Italy – 3.7% | Italy – 3.7% | Italy – 3.7% | Italy – 3.7% |
| 437711 | Azimut Holding SpA (Financial Services) |  | 17130617 |
| 689565 | Banca Generali SpA (Financial Services) |  | 39054224 |
| 682019 | De' Longhi SpA (Consumer Durables & Apparel) |  | 24893723 |
| 368878 | DiaSorin SpA (Health Care Equipment & Services) |  | 32672682 |
| 202117 | Enav SpA (Transportation)<sup>(b)</sup> |  | 1056087 |
| 275861 | Fincantieri SpA (Capital Goods)\* |  | 7097448 |
| 1580196 | Pirelli & C SpA (Automobiles & Components)<sup>(b)</sup> |  | 11093058 |
| 235854 | Reply SpA (Software & Services) |  | 33100927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16321377 | Saipem SpA (Energy)<sup>(c)</sup> |  | 42548978 |
| 171083 | Technogym SpA (Consumer Durables & Apparel)<sup>(b)</sup> |  | 3098838 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211746582 |
| Ivory Coast (Cote D'Ivoire) – 0.6% | Ivory Coast (Cote D'Ivoire) – 0.6% | Ivory Coast (Cote D'Ivoire) – 0.6% | Ivory Coast (Cote D'Ivoire) – 0.6% |
| 896410 | Endeavour Mining PLC (Materials) |  | 36280729 |
| Japan – 35.6% | Japan – 35.6% | Japan – 35.6% | Japan – 35.6% |
| 3844400 | Acom Co. Ltd. (Financial Services) |  | 10959518 |
| 383800 | ADEKA Corp. (Materials) |  | 8696060 |
| 883 | AEON REIT Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) |  | 747571 |
| 80300 | Aichi Steel Corp. (Materials) |  | 1382512 |
| 772600 | Alps Alpine Co. Ltd. (Technology Hardware & Equipment) |  | 9731600 |
| 614400 | Azbil Corp. (Technology Hardware & Equipment) |  | 6056381 |
| 937300 | Bic Camera, Inc. (Consumer Discretionary Distribution & Retail) |  | 9448391 |
| 115100 | BIPROGY, Inc. (Software & Services) |  | 4649052 |
| 321800 | Brother Industries Ltd. (Technology Hardware & Equipment) |  | 5477270 |
| 885600 | Chugin Financial Group, Inc. (Banks) |  | 12349603 |
| 1036100 | Credit Saison Co. Ltd. (Financial Services) |  | 25239932 |

---

&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 INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 15200 | Cybozu, Inc. (Software & Services) | $302459 |
| 14500 | Dai-Dan Co. Ltd. (Capital Goods) | 642527 |
| 88800 | Daido Steel Co. Ltd. (Materials) | 840216 |
| 124100 | Daihen Corp. (Capital Goods) | 8120626 |
| 104500 | Dowa Holdings Co. Ltd. (Materials) | 3789090 |
| 190300 | DTS Corp. (Software & Services) | 1585349 |
| 673200 | EDION Corp. (Consumer Discretionary Distribution & Retail) | 8855577 |
| 863000 | Electric Power Development Co. Ltd. (Utilities) | 16401951 |
| 577600 | EXEO Group, Inc. (Capital Goods) | 8330591 |
| 122700 | Ferrotec Corp. (Semiconductors & Semiconductor Equipment) | 4022202 |
| 48000 | Food & Life Cos. Ltd. (Consumer Services) | 2341122 |
| 445900 | Fuji Corp. (Capital Goods) | 8653493 |
| 234500 | Fujita Kanko, Inc. (Consumer Services) | 16976687 |
| 292500 | Furukawa Electric Co. Ltd. (Capital Goods) | 20704822 |
| 649 | Global One Real Estate Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 596716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629300 | Glory Ltd. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15036743 |
| 7881 | GLP J REIT (Equity Real Estate Investment Trusts (REITs)) | 7144090 |
| 242300 | GMO internet group, Inc. (Software & Services) | 5426856 |
| 86400 | GS Yuasa Corp. (Automobiles & Components) | 2412683 |
| 583500 | Gunma Bank Ltd. (The) (Banks) | 6065265 |
| 95300 | Gunze Ltd. (Consumer Durables & Apparel) | 2347497 |
| 632000 | H2O Retailing Corp. (Consumer Staples Distribution & Retail) | 8550467 |
| 285100 | Hakuhodo DY Holdings, Inc. (Media & Entertainment) | 2063656 |
| 10100 | Happinet Corp. (Consumer Discretionary Distribution & Retail) | 411411 |
| 549500 | Haseko Corp. (Consumer Durables & Apparel) | 8873872 |
| 475600 | Heiwa Corp. (Consumer Services) | 6182500 |
| 48800 | Heiwa Real Estate Co. Ltd. (Real Estate Management & Development) | 714218 |
| 171000 | Hirogin Holdings, Inc. (Banks) | 1597625 |
| 579500 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 15063348 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 162800 | Hitachi Construction Machinery Co. Ltd. (Capital Goods) | $5298648 |
| 63900 | Hokuriku Electric Power Co. (Utilities) | 355378 |
| 190800 | Horiba Ltd. (Technology Hardware & Equipment) | 17726879 |
| 234300 | Hosiden Corp. (Technology Hardware & Equipment) | 3734998 |
| &nbsp;&nbsp;&nbsp;&nbsp;498300 | Ibiden Co. Ltd. (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46902299 |
| 917700 | Iino Kaiun Kaisha Ltd. (Transportation) | 7484847 |
| 8835 | Industrial & Infrastructure Fund Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 8208633 |
| 1775400 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary Distribution & Retail) | 27863293 |
| 459100 | Iyogin Holdings, Inc. (Banks) | 7173847 |
| 485600 | Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment) | 7252366 |
| 965100 | Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment) | 12057962 |
| 2841 | Japan Real Estate Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 2343181 |
| 4260600 | JX Advanced Metals Corp. (Materials) | 56616161 |
| 94700 | Kanematsu Corp. (Capital Goods) | 1917283 |
| 41791 | KDX Realty Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 46269136 |
| 22200 | Keihan Holdings Co. Ltd. (Capital Goods) | 449758 |
| 1090800 | Kinden Corp. (Capital Goods) | 43694359 |
| 73100 | Kitz Corp. (Capital Goods) | 819494 |
| 186900 | Koito Manufacturing Co. Ltd. (Automobiles & Components) | 2782982 |
| 3101000 | Konica Minolta, Inc. (Technology Hardware & Equipment) | 10648666 |
| 2353700 | K's Holdings Corp. (Consumer Discretionary Distribution & Retail) | 23332897 |
| 1091200 | Kumagai Gumi Co. Ltd. (Capital Goods) | 9907653 |
| 443500 | Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods) | 7421807 |
| 1405100 | Kyoritsu Maintenance Co. Ltd. (Consumer Services) | 27345884 |
| 2139900 | Kyushu Electric Power Co., Inc. (Utilities) | 21001555 |
| 1504800 | Kyushu Railway Co. (Transportation) | 38162979 |

---

&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 INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 10611 | LaSalle Logiport REIT (Equity Real Estate Investment Trusts (REITs)) | $10274519 |
| 195400 | Lion Corp. (Household & Personal Products) | 1925476 |
| 1058500 | Mabuchi Motor Co. Ltd. (Capital Goods) | 18699472 |
| 145100 | Maruichi Steel Tube Ltd. (Materials) | 1226864 |
| 660500 | Medipal Holdings Corp. (Health Care Equipment & Services) | 10746611 |
| 126900 | Meiko Electronics Co. Ltd. (Technology Hardware & Equipment) | 8346017 |
| 2529 | Mitsubishi Estate Logistics Investment Corp. REIT (Equity Real Estate Investment Trusts (REITs)) | 2026162 |
| 5200 | Mitsubishi Research Institute, Inc. (Software & Services) | 164404 |
| 106200 | Mitsui Chemicals, Inc. (Materials) | 2507271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625900 | Mitsui E&S Co. Ltd. (Capital Goods) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66100991 |
| 13590 | Mitsui Fudosan Logistics Park, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 9850944 |
| 33900 | Mitsui Kinzoku Co. Ltd. (Materials) | 3452970 |
| 444200 | MIXI, Inc. (Media & Entertainment) | 8963838 |
| 868100 | Modec, Inc. (Energy) | 56312900 |
| 1510900 | Monex Group, Inc. (Financial Services) | 6940536 |
| 1632700 | Nabtesco Corp. (Capital Goods) | 40898574 |
| 3580000 | NGK Insulators Ltd. (Capital Goods) | 60400189 |
| 15200 | NH Foods Ltd. (Food, Beverage & Tobacco) | 561378 |
| 183700 | NHK Spring Co. Ltd. (Automobiles & Components) | 3443985 |
| 35100 | Nihon Kohden Corp. (Health Care Equipment & Services) | 405651 |
| 519100 | Nippn Corp. (Food, Beverage & Tobacco) | 7380064 |
| 1466600 | Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment) | 49375793 |
| 97900 | NIPPON EXPRESS HOLDINGS, Inc. (Transportation) | 2082852 |
| 597300 | Nippon Light Metal Holdings Co. Ltd. (Materials) | 8698056 |
| 477500 | Nippon Television Holdings, Inc. (Media & Entertainment) | 11585333 |
| 174900 | Nipro Corp. (Health Care Equipment & Services) | 1707260 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 396800 | Nishimatsu Construction Co. Ltd. (Capital Goods) | $13630027 |
| 230800 | Nishi-Nippon Financial Holdings, Inc. (Banks) | 3943975 |
| 12500 | Nitto Kogyo Corp. (Capital Goods) | 299342 |
| 1485400 | Nojima Corp. (Consumer Discretionary Distribution & Retail) | 10967943 |
| 1068400 | NOK Corp. (Automobiles & Components) | 18971079 |
| 4503300 | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development) | 25717782 |
| 37910 | Nomura Real Estate Master Fund, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | 40449746 |
| 32200 | NS Solutions Corp. (Software & Services) | 811338 |
| 651900 | NS United Kaiun Kaisha Ltd. (Transportation)<sup>(c)</sup> | 23306229 |
| 9041100 | NTN Corp. (Capital Goods) | 20184753 |
| 598800 | Okamura Corp. (Commercial & Professional Services) | 8759859 |
| 1842300 | Okasan Securities Group, Inc. (Financial Services) | 8256252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266800 | Oki Electric Industry Co. Ltd. (Technology Hardware & Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27082275 |
| 329600 | Orient Corp. (Financial Services) | 2059933 |
| 343000 | Pigeon Corp. (Household & Personal Products) | 3879873 |
| 501600 | Resorttrust, Inc. (Consumer Services) | 5910956 |
| 890900 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 7642840 |
| 869100 | Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment) | 13917497 |
| 396600 | Rorze Corp. (Semiconductors & Semiconductor Equipment) | 5522814 |
| 37000 | Sakata Seed Corp. (Food, Beverage & Tobacco) | 948057 |
| 52000 | San-In Godo Bank Ltd. (The) (Banks) | 457219 |
| 53100 | Sanki Engineering Co. Ltd. (Capital Goods) | 1824836 |
| 2784500 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 33253231 |
| 50100 | Seiko Epson Corp. (Technology Hardware & Equipment) | 634798 |
| 166400 | Seiko Group Corp. (Consumer Durables & Apparel) | 7641729 |
| 271800 | Seino Holdings Co. Ltd. (Transportation) | 3841066 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 9365 | Sekisui House Reit, Inc. REIT (Equity Real Estate Investment Trusts (REITs)) | $4819875 |
| 962800 | Sharp Corp. (Consumer Durables & Apparel)\* | 5344660 |
| 758000 | Shikoku Electric Power Co., Inc. (Utilities) | 6767709 |
| 10800 | Shimamura Co. Ltd. (Consumer Discretionary Distribution & Retail) | 696273 |
| 561900 | Shinmaywa Industries Ltd. (Capital Goods) | 7307495 |
| 7300 | Shochiku Co. Ltd. (Media & Entertainment) | 587188 |
| 13400 | Simplex Holdings, Inc. (Software & Services) | 373641 |
| 65100 | Sinfonia Technology Co. Ltd. (Capital Goods) | 4480643 |
| 3843500 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | 37819956 |
| 255000 | Socionext, Inc. (Semiconductors & Semiconductor Equipment) | 5738661 |
| 1383200 | Sugi Holdings Co. Ltd. (Consumer Staples Distribution & Retail) | 29870155 |
| 3614100 | SUMCO Corp. (Semiconductors & Semiconductor Equipment) | 36830642 |
| 203800 | Sumitomo Heavy Industries Ltd. (Capital Goods) | 5448912 |
| 701100 | Sumitomo Osaka Cement Co. Ltd. (Materials) | 17513620 |
| 336600 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 3669602 |
| 18500 | Sumitomo Riko Co. Ltd. (Automobiles & Components) | 313069 |
| 597300 | Sumitomo Rubber Industries Ltd. (Automobiles & Components) | 6995230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853800 | Sundrug Co. Ltd. (Consumer Staples Distribution & Retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23047226 |
| 122900 | SWCC Corp. (Capital Goods) | 5971196 |
| 1134900 | Taiheiyo Cement Corp. (Materials) | 30791536 |
| 153900 | Taikisha Ltd. (Capital Goods) | 3046895 |
| 20500 | Takuma Co. Ltd. (Capital Goods) | 314414 |
| 76400 | THK Co. Ltd. (Capital Goods) | 2034342 |
| 835500 | Toa Corp. (Capital Goods) | 12797406 |
| 473300 | Toda Corp. (Capital Goods) | 3188509 |
| 504600 | Tohoku Electric Power Co., Inc. (Utilities) | 3452584 |
| 548200 | Tokai Carbon Co. Ltd. (Materials) | 3672290 |
| 2633500 | Tokai Tokyo Financial Holdings, Inc. (Financial Services) | 9758087 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 269500 | Tokyo Century Corp. (Financial Services) | $| 3180599 |
| 797100 | Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 54835339 |
| 6420900 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) |  | 51744061 |
| 3676000 | Tosoh Corp. (Materials) |  | 52410771 |
| 112900 | TOTO Ltd. (Capital Goods) |  | 2863665 |
| 196400 | Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 3615624 |
| 391300 | Toyoda Gosei Co. Ltd. (Automobiles & Components) |  | 9056558 |
| 1126400 | Toyota Boshoku Corp. (Automobiles & Components) |  | 17127014 |
| 776500 | TRE Holdings Corp. (Commercial & Professional Services) |  | 7780875 |
| 347800 | Tsugami Corp. (Capital Goods) |  | 6164472 |
| 489100 | Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences) |  | 11345456 |
| 2906500 | Tsuruha Holdings, Inc. (Consumer Staples Distribution & Retail)<sup>(c)</sup> |  | 50487966 |
| 848500 | TV Asahi Holdings Corp. (Media & Entertainment) |  | 17266439 |
| 1463500 | UBE Corp. (Materials) |  | 21514941 |
| 718100 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) |  | 32572538 |
| 229600 | Ushio, Inc. (Capital Goods) |  | 3806705 |
| 762700 | USS Co. Ltd. (Consumer Discretionary Distribution & Retail) |  | 8418594 |
| 160100 | Zenkoku Hosho Co. Ltd. (Financial Services) |  | 3290530 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029692016 |
| Netherlands – 2.6% | Netherlands – 2.6% | Netherlands – 2.6% | Netherlands – 2.6% |
| 471084 | AMG Critical Materials NV (Materials) |  | 15641094 |
| 2101315 | Fugro NV (Capital Goods) |  | 21459264 |
| 4143047 | Koninklijke BAM Groep NV (Capital Goods) |  | 38459487 |
| 419162 | Koninklijke Heijmans N.V (Capital Goods) |  | 29695142 |
| 183770 | Koninklijke Vopak NV (Energy) |  | 8327908 |
| 894350 | SBM Offshore NV (Energy) |  | 23127044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184022 | Van Lanschot Kempen NV (Financial Services) |  | 10759301 |
| 22798 | Wereldhave NV REIT (Equity Real Estate Investment Trusts (REITs)) |  | 484234 |
|  |  |  | 147953474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Nigeria – 0.4% | Nigeria – 0.4% | Nigeria – 0.4% |
| 6522362 | Airtel Africa PLC (Telecommunication Services)<sup>(b)</sup> | $23719761 |
| Norway – 1.0% | Norway – 1.0% | Norway – 1.0% |
| 5274091 | Aker Solutions ASA (Energy) | 14490989 |
| 898127 | DOF Group ASA (Energy) | 8051471 |
| 556746 | Europris ASA (Consumer Discretionary Distribution &<br>Retail)<sup>(b)</sup> | 4800226 |
| 119239 | Frontline PLC (Energy) | 2928811 |
| 92315 | Kitron ASA (Technology Hardware & Equipment) | 686321 |
| 39244 | NORBIT ASA (Technology Hardware & Equipment) | 790042 |
| 656909 | Nordic Semiconductor ASA (Semiconductors & Semiconductor Equipment)\* | 9500950 |
| 394024 | Storebrand ASA (Insurance) | 6106196 |
| 1043185 | Wallenius Wilhelmsen ASA (Transportation) | 8158636 |
|  |  | 55513642 |
| Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% |
| 609233 | REN - Redes Energeticas Nacionais SGPS SA (Utilities) | 2293296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7192824 | Sonae SGPS SA (Consumer Staples Distribution & Retail) | 11723211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14016507 |
| Singapore – 1.2% | Singapore – 1.2% | Singapore – 1.2% |
| 460500 | Frasers Centrepoint Trust REIT (Equity Real Estate Investment Trusts (REITs)) | 827834 |
| 16123 | Kenon Holdings Ltd. (Utilities) | 839797 |
| 13749800 | Seatrium Ltd. (Capital Goods) | 22937943 |
| 5373900 | Suntec Real Estate Investment Trust REIT (Equity Real Estate Investment Trusts (REITs)) | 5532343 |
| 687000 | UMS Integration Ltd. (Semiconductors & Semiconductor Equipment) | 780191 |
| 2427200 | UOL Group Ltd. (Real Estate Management & Development) | 14828288 |
| 1856300 | Venture Corp. Ltd. (Technology Hardware & Equipment) | 21243114 |
| 4875400 | Yangzijiang Financial Holding Ltd. (Financial Services) | 3962263 |
|  |  | 70951773 |
| South Africa – 0.0% | South Africa – 0.0% | South Africa – 0.0% |
| 726362 | Pan African Resources PLC (Materials) | 798116 |
| Spain – 1.5% | Spain – 1.5% | Spain – 1.5% |
| 445503 | ATALAYA MINING COPPER SA (Materials) | 4003164 |
| 2576688 | Merlin Properties Socimi SA REIT (Equity Real Estate Investment Trusts (REITs)) | 40140363 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| 338587 | Solaria Energia y Medio Ambiente SA (Utilities)\* | $| 5855157 |
| 106715 | Tecnicas Reunidas SA (Energy)\* |  | 3819538 |
| 10164197 | Unicaja Banco SA (Banks)<sup>(b)</sup> |  | 27441436 |
| 8489 | Vidrala SA (Materials) |  | 808629 |
| 16937 | Viscofan SA (Food, Beverage & Tobacco) |  | 1052602 |
|  |  |  | 83120889 |
| Sweden – 3.1% | Sweden – 3.1% | Sweden – 3.1% | Sweden – 3.1% |
| 38360 | Ambea AB (Health Care Equipment & Services)<sup>(b)</sup> |  | 517210 |
| 223191 | Avanza Bank Holding AB (Financial Services) |  | 8578249 |
| 1371132 | Betsson AB, Class B (Consumer Services) |  | 21368566 |
| 43190 | BioArctic AB (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(b)</sup> |  | 1332945 |
| 119705 | BoneSupport Holding AB (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(b)</sup> |  | 2781782 |
| 860892 | Dometic Group AB (Automobiles & Components)<sup>(b)</sup> |  | 4208052 |
| 2686716 | Elekta AB, Class B (Health Care Equipment & Services) |  | 13656077 |
| 656066 | Getinge AB, Class B (Health Care Equipment & Services) |  | 15368822 |
| 353326 | Hemnet Group AB (Media & Entertainment) |  | 7711587 |
| 1432737 | Hexpol AB (Materials) |  | 13026763 |
| 99390 | JM AB (Consumer Durables & Apparel) |  | 1415018 |
| 243021 | Loomis AB (Commercial & Professional Services) |  | 9790206 |
| 40588 | Munters Group AB (Capital<br>Goods)<sup>(b)</sup> |  | 686935 |
| 890381 | Mycronic AB (Technology Hardware & Equipment) |  | 20887252 |
| 327578 | NCC AB, Class B (Capital<br>Goods)<sup>(c)</sup> |  | 7467434 |
| 226960 | Nordnet AB publ (Financial Services) |  | 6553535 |
| 294264 | Sectra AB, Class B (Health Care Equipment & Services) |  | 9334694 |
| 2716565 | SSAB AB, Class A (Materials) |  | 17183790 |
| 2093534 | SSAB AB, Class B (Materials) |  | 12962942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727483 | Truecaller AB, Class B (Software & Services) |  | 5149269 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179981128 |
| Switzerland – 5.0% | Switzerland – 5.0% | Switzerland – 5.0% | Switzerland – 5.0% |
| 678836 | Accelleron Industries AG (Capital Goods) |  | 55644829 |
| 129324 | Allreal Holding AG (Real Estate Management & Development) |  | 30909563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 23241 | Burckhardt Compression Holding AG (Capital Goods) | $| 16074557 |
| 7209 | Burkhalter Holding AG (Capital Goods) |  | 1280206 |
| 129868 | Cembra Money Bank AG (Financial Services) |  | 14850808 |
| 18563 | Comet Holding AG (Technology Hardware & Equipment) |  | 4536720 |
| 152411 | DKSH Holding AG (Capital Goods) |  | 10628480 |
| 24202 | Flughafen Zurich AG (Transportation) |  | 7148928 |
| 104814 | Galenica AG (Health Care Equipment & Services)<sup>(b)</sup> |  | 11295983 |
| 31903 | Georg Fischer AG (Capital Goods) |  | 2252653 |
| 39407 | Huber + Suhner AG (Capital Goods) |  | 7217262 |
| 90363 | Inficon Holding AG (Technology Hardware & Equipment) |  | 10840710 |
| 439411 | International Workplace Group PLC (Real Estate Management & Development) |  | 1307737 |
| 16966 | Kardex Holding AG (Capital Goods) |  | 6381608 |
| 202229 | PSP Swiss Property AG (Real Estate Management & Development) |  | 34978277 |
| 508427 | R&S Group Holding AG (Capital Goods)\* |  | 16733094 |
| 29685 | Siegfried Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)\* |  | 2863406 |
| 6115 | Sulzer AG (Capital Goods) |  | 1021970 |
| 165881 | Tecan Group AG (Pharmaceuticals, Biotechnology & Life Sciences) |  | 30292127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185967 | Temenos AG (Software & Services) |  | 17558654 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283817572 |
| United Kingdom – 9.5% | United Kingdom – 9.5% | United Kingdom – 9.5% | United Kingdom – 9.5% |
| 3581724 | Babcock International Group PLC (Capital Goods) |  | 57196750 |
| 1224730 | Balfour Beatty PLC (Capital Goods) |  | 10824269 |
| 3839232 | Beazley PLC (Insurance) |  | 46968455 |
| 143011 | Big Yellow Group PLC REIT (Equity Real Estate Investment Trusts (REITs)) |  | 2091810 |
| 1159954 | British Land Co. PLC (The) REIT (Equity Real Estate Investment Trusts (REITs)) |  | 5793352 |
| 1221007 | Burberry Group PLC (Consumer Durables & Apparel)\* |  | 19875174 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 7667565 | Convatec Group PLC (Health Care Equipment & Services)<sup>(b)</sup> | $24625065 |
| 6439608 | Currys PLC (Consumer Discretionary Distribution & Retail) | 11885909 |
| 232954 | Diploma PLC (Capital Goods) | 17185747 |
| 1390227 | Dowlais Group PLC (Automobiles & Components) | 1510313 |
| 1376130 | Drax Group PLC (Utilities) | 13042542 |
| 6823150 | easyJet PLC (Transportation) | 43441675 |
| 1585147 | Firstgroup PLC (Transportation) | 4373061 |
| 18234 | Gamma Communications PLC (Telecommunication Services) | 237863 |
| 505020 | Hiscox Ltd. (Insurance)<sup>(c)</sup> | 9129905 |
| 1824238 | IG Group Holdings PLC (Financial Services) | 26702468 |
| 2170414 | Inchcape PLC (Consumer Discretionary Distribution & Retail) | 21779821 |
| 1482240 | Investec PLC (Financial Services) | 11160749 |
| 8778291 | ITV PLC (Media & Entertainment) | 8035281 |
| 690168 | JET2 PLC (Transportation) | 12052348 |
| 108360 | Johnson Matthey PLC (Materials) | 3034767 |
| 307859 | Keller Group PLC (Capital Goods) | 6421919 |
| 121613 | Kier Group PLC (Capital Goods) | 346044 |
| 824465 | Lancashire Holdings Ltd. (Insurance) | 7239822 |
| 9339364 | Man Group PLC (Financial Services) | 25802949 |
| 305168 | OSB Group PLC (Financial Services) | 2163023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620350 | Paragon Banking Group PLC (Financial Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17646558 |
| 76008 | Pets at Home Group PLC (Consumer Discretionary Distribution & Retail) | 214109 |
| 521603 | Playtech PLC (Consumer Services) | 1805583 |
| 7769766 | QinetiQ Group PLC (Capital Goods) | 49063658 |
| 889544 | Quilter PLC (Financial Services)<sup>(b)</sup> | 2124506 |
| 13006 | Rightmove PLC (Media & Entertainment) | 114199 |
| 3375268 | Rotork PLC (Capital Goods) | 15194989 |
| 647305 | RS GROUP PLC (Capital Goods) | 4737559 |
| 2164503 | Shaftesbury Capital PLC REIT (Equity Real Estate Investment Trusts (REITs)) | 3998422 |
| 377848 | Softcat PLC (Software & Services) | 7961837 |
| 865206 | Subsea 7 SA (Energy) | 15801554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 139547 | Target Healthcare PLC REIT (Equity Real Estate Investment Trusts (REITs)) | $| 172969 |
| 5185965 | Taylor Wimpey PLC (Consumer Durables & Apparel) |  | 7173452 |
| 3920518 | TP ICAP Group PLC (Financial Services) |  | 13521756 |
| 2460584 | Trainline PLC (Consumer<br>Services)\*<sup>(b)</sup> |  | 8122460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540574692 |
| United States – 0.4% | United States – 0.4% | United States – 0.4% | United States – 0.4% |
| 950510 | Carnival PLC ADR (Consumer Services)\* |  | 24722765 |
| **TOTAL COMMON STOCKS**<br> **(Cost $4,561,628,618)** | **TOTAL COMMON STOCKS**<br> **(Cost $4,561,628,618)** |  | 5542216868 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Rate | Value |
| Preferred Stock – 0.2% | Preferred Stock – 0.2% | Preferred Stock – 0.2% | Preferred Stock – 0.2% |
| Germany – 0.2% | Germany – 0.2% | Germany – 0.2% | Germany – 0.2% |
| 278543 | Jungheinrich<br>AG (Capital<br>Goods) |  |  |
| **(Cost $9,643,777)** | **(Cost $9,643,777)** | 2.65% | 9954625 |
| Units | Description | Expiration Month | Value |
| Right – 0.0% | Right – 0.0% | Right – 0.0% | Right – 0.0% |
| Spain – 0.0% | Spain – 0.0% | Spain – 0.0% | Spain – 0.0% |
| 8489 | Vidrala SA\* |  |  |
| **(Cost $0)** | **(Cost $0)** | 11/25 | 40118 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $4,571,272,395)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $4,571,272,395)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $4,571,272,395)** | 5552211611 |
| Shares | Dividend Rate | Dividend Rate |  |
| Securities Lending Reinvestment Vehicle – 1.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.7%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.7%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 97994778 | 3.956% | 3.956% | 97994778 |
| (Cost $97,994,778) | (Cost $97,994,778) | (Cost $97,994,778) | (Cost $97,994,778) |
| **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $4,669,267,173)** | **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $4,669,267,173)** | **TOTAL INVESTMENTS – 99.0%**<br> **(Cost $4,669,267,173)** | $5650206389 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%** | 55104417 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $5705310806 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) All or a portion of security is on loan.

(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| CVA | —Dutch Certification |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | % of <br>Market <br>Value |
|  Industrials | 25.1% |
|  Materials | 12.6 |
|  Financials | 12.0 |
|  Information Technology | 11.3 |
|  Real Estate | 10.5 |
|  Consumer Discretionary | 10.2 |
|  Energy | 4.9 |
|  Health Care | 4.5 |
|  Consumer Staples | 3.1 |
|  Communication Services | 2.7 |
|  Utilities | 1.4 |
|  Securities Lending Reinvestment Vehicle | 1.7 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | **Notional**<br> **Amount** | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 802 | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52405703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967505 |
|  FTSE 100 Index | 185 | 12/19/25 | 23686167 | 983458 |
|  Hang Seng Index | 15 | 11/27/25 | 2500499 | (29956) |
|  MSCI Singapore Index | 71 | 11/27/25 | 2433398 | 11780 |
|  SPI 200 Index | 83 | 12/18/25 | 12072427 | 15462 |
|  TOPIX Index | 190 | 12/11/25 | 41104406 | 2809412 |
| Total Futures Contracts |  |  |  | $5757661 |

---

&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 INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets**<br> **Equity Insights Fund**  | **International Equity <br>Insights Fund** | **International Small Cap <br>Insights Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,947,874,540, $3,940,212,089 and $4,571,272,395, respectively)<sup>(a)</sup> | $2641742334 | $4497154275 | $5552211611 |
|  Investments in affiliated issuers, at value (cost $–, $12,570,434 and $–, respectively) |  | 12570434 |  |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 16279113 | 71110840 | 97994778 |
|  Cash | 8759661 | 69272825 | 77415008 |
|  Foreign Currency, at value (cost $41,458,657, $30,384,761 and $38,677,717, respectively) | 41445053 | 30478538 | 38333103 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 80063586 |  | 92604065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1687779 | 11704072 | 22887326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1405861 | 12085656 | 4217703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 1152941 | 12072688 | 8431010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 309352 | 9347476 | 11375955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 164431 | 30406 | 55478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 100903 | 61265 | 92239 |
|  Other assets | 58229 | 359530 | 103401 |
|  **Total assets** | 2793169243 | 4726248005 | 5905721677 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts | 82262 | 268847 | 191077 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 77120388 | 14670589 | 96696413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 16279113 | 71110840 | 97994778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2451066 | 8157102 | 2710869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1074843 | 1451959 | 1972855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 1009122 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 66542 | 111391 | 119275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 726871 | 309152 | 725604 |
|  **Total liabilities** | 98810207 | 96079880 | 200410871 |
| Net Assets: |  |  |  |
|  Paid-in capital | 2179022228 | 3738185487 | 4366399891 |
|  Total distributable earnings | 515336808 | 891982638 | 1338910915 |
|  **NET ASSETS** | $2694359036 | $4630168125 | $5705310806 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $38333457 | $102336300 | $83094122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2662423 | 6401458 | 4845854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1627135683 | 2927916246 | 4942967056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 2067741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 184229021 | 288779105 | 141761734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 748975890 | 616120086 | 492785310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 28892620 | 7523114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 64129942 | 679024075 | 39856730 |
|  Total Net Assets | $2694359036 | $4630168125 | $5705310806 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3356885 | 5673149 | 4968006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 236662 | 361938 | 298833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 143014894 | 156447291 | 296288940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 112899 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 16229614 | 16309271 | 8535303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 65902784 | 32955267 | 29451321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 2591046 | 432206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 5643045 | 36350959 | 2382591 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $11.42 | $18.04 | $16.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 11.25 | 17.69 | 16.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 11.38 | 18.72 | 16.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 18.32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 11.35 | 17.71 | 16.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11.36 | 18.70 | 16.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 11.15 | 17.41 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 11.36 | 18.68 | 16.73 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $15,766,680, $69,085,324 and $92,666,765 for Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights Fund, International Equity Insights Fund and International Small Cap Insights Fund is $12.08, $19.09 and $17.70, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets**<br> **Equity Insights<br>Fund** | **International Equity**<br> **Insights Fund** | **International Small<br>Cap Insights Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $8,460,425, $7,952,270 and $19,008,016, respectively) | $59426674 | $79320399 | $150475999 |
| Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 339634 | 250464 | 558940 |
| Dividends — affiliated issuers | 42573 | 443973 | 229117 |
| Interest |  | 48480 |  |
|  **Total Investment Income** | 59808881 | 80063316 | 151264056 |
| Expenses: |  |  |  |
|  Management fees | 22862470 | 20666140 | 37409985 |
|  Custody, accounting and administrative services | 1575793 | 500960 | 1214989 |
|  Transfer Agency fees<sup>(a)</sup> | 1064698 | 1308418 | 2033369 |
|  Professional fees | 222835 | 211225 | 215693 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 220454 | 296667 | 223739 |
|  Registration fees | 134541 | 131854 | 169510 |
|  Printing and mailing costs | 112790 | 92334 | 526996 |
|  Trustee fees | 32151 | 32184 | 36338 |
|  Service fees — Class C | 6721 | 12685 | 12493 |
|  Shareholder Administration fees — Service Shares |  | 5404 |  |
|  Other | 109823 | 87397 | 144499 |
|  **Total expenses** | 26342276 | 23345268 | 41987611 |
|  Less — expense reductions | (2903779) | (961888) | (1665257) |
|  **Net expenses** | 23438497 | 22383380 | 40322354 |
|  **NET INVESTMENT INCOME** | 36370384 | 57679936 | 110941702 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gain tax of $1,345,773, $– and $–, respectively) | 139306471 | 270049414 | 550115855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 6043160 | 15489078 | 17488042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1806584) | 4401574 | 693459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 163693 |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $1,717,238, $– and $–, respectively) | 425525956 | 414415347 | 656774669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 881623 | 2411126 | 6630786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 51876 | 549903 | (14612) |
|  **Net realized and unrealized gain** | 570166195 | 707316442 | 1231688199 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $606536579 | $764996378 | $1342629901 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees |
| Fund | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Emerging Markets Equity Insights Fund | $81784 | $20164 | $– | $118506 | $49071 | $4033 | $562528 | $– | $197146 | $199494 | $35552 | $16874 |
|  International Equity Insights Fund | 219057 | 38054 | 5404 | 34152 | 131434 | 7611 | 603155 | 865 | 260606 | 148844 | 10245 | 145658 |
|  International Small Cap Insights Fund | 186259 | 37480 |  |  | 111755 | 7496 | 1601855 |  | 174871 | 126757 |  | 10635 |

---

&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 INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025**  | **For the Fiscal**<br> **Year Ended<br> October 31, 2024**  | **For the Fiscal**<br> **Year Ended<br> October 31, 2025**  | **For the Fiscal**<br> **Year Ended<br> October 31, 2024**  |
| From operations: |  |  |  |  |
|  Net investment income | $36370384 | $37684396 | $57679936 | $32755756 |
|  Net realized gain | 143706740 | 117099275 | 289940066 | 189201022 |
|  Net change in unrealized gain | 426459455 | 228862959 | 417376376 | 116958288 |
| **Net increase in net assets resulting from operations** | 606536579 | 383646630 | 764996378 | 338915066 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (291615) | (987303) | (4094370) | (1901154) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (6272) | (92251) | (233062) | (113202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (18082515) | (44413799) | (48365276) | (20182549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (101351) | (56767) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1385679) | (1997983) | (6549437) | (1916004) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (8650106) | (17515640) | (22553843) | (7577922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (166795) | (738041) | (345512) | (141376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (756232) | (2787817) | (22023969) | (10730751) |
|  **Total distributions to shareholders** | (29339214) | (68532834) | (104266820) | (42619725) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 549798370 | 562785498 | 2574716175 | 362948714 |
|  Reinvestment of distributions | 24848326 | 59020622 | 96429190 | 29400825 |
|  Cost of shares redeemed | (609677386) | (498098725) | (512601302) | (360458380) |
| **Net increase (decrease) in net assets resulting from share transactions** | (35030690) | 123707395 | 2158544063 | 31891159 |
|  **TOTAL INCREASE** | 542166675 | 438821191 | 2819273621 | 328186500 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $2152192361 | $1713371170 | $1810894504 | $1482708004 |
|  End of year | $2694359036 | $2152192361 | $4630168125 | $1810894504 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS 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;

---

| | | |
|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **For the Fiscal**<br> **Year Ended<br>October 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **October 31, 2024** |
| From operations: |  |  |
|  Net investment income | $110941702 | $105264425 |
|  Net realized gain | 568297356 | 313156569 |
|  Net change in unrealized gain | 663390843 | 351800827 |
|  **Net increase in net assets resulting from operations** | 1342629901 | 770221821 |
| Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (2800932) | (1857791) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (185801) | (192065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (150930334) | (82101317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (4458794) | (2363189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (15649313) | (14626286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1590984) | (1174223) |
|  **Total distributions to shareholders** | (175616158) | (102314871) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 1474186246 | 1045699623 |
|  Reinvestment of distributions | 171272123 | 98971715 |
|  Cost of shares redeemed | (1078291610) | (838884619) |
|  **Net increase in net assets resulting from share transactions** | 567166759 | 305786719 |
|  **TOTAL INCREASE** | 1734180502 | 973693669 |
| Net Assets: |  |  |
|  Beginning of year | $3971130304 | $2997436635 |
|  End of year | $5705310806 | $3971130304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.01 | $7.59 | $6.86 | $11.87 | $10.25 |
|  Net investment income<sup>(a)</sup> | 0.12 | 0.14 | 0.17 | 0.21 | 0.18 |
|  Net realized and unrealized gain (loss) | 2.38 | 1.57 | 0.72 | (3.18) | 1.53 |
|  Total from investment operations | 2.50 | 1.71 | 0.89 | (2.97) | 1.71 |
|  Distributions to shareholders from net investment income | (0.09) | (0.29) | (0.16) | (0.17) | (0.09) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |
|  Total distributions | (0.09) | (0.29) | (0.16) | (2.04) | (0.09) |
|  Net asset value, end of year | $11.42 | $9.01 | $7.59 | $6.86 | $11.87 |
|  **Total Return<sup>(b)</sup>** | 28.03% | 23.06% | 12.89% | (29.83)% | 16.60% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50146 |
|  Ratio of net expenses to average net assets | 1.35% | 1.39% | 1.42% | 1.46% | 1.46% |
|  Ratio of total expenses to average net assets | 1.48% | 1.50% | 1.52% | 1.51% | 1.51% |
|  Ratio of net investment income to average net assets | 1.23% | 1.64% | 2.19% | 2.30% | 1.45% |
|  Portfolio turnover rate<sup>(c)</sup> | 158% | 168% | 165% | 167% | 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.87 | $7.47 | $6.75 | $11.69 | $10.10 |
|  Net investment income<sup>(a)</sup> | 0.04 | 0.07 | 0.11 | 0.14 | 0.09 |
|  Net realized and unrealized gain (loss) | 2.36 | 1.55 | 0.71 | (3.13) | 1.50 |
|  Total from investment operations | 2.40 | 1.62 | 0.82 | (2.99) | 1.59 |
|  Distributions to shareholders from net investment income | (0.02) | (0.22) | (0.10) | (0.08) |  |
|  Distributions to shareholders from net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | (1.87) |  |
|  Total distributions | (0.02) | (0.22) | (0.10) | (1.95) |  |
|  Net asset value, end of year | $11.25 | $8.87 | $7.47 | $6.75 | $11.69 |
|  **Total Return<sup>(b)</sup>** | 27.09% | 22.12% | 12.03% | (30.36)% | 15.74% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817 |
|  Ratio of net expenses to average net assets | 2.10% | 2.14% | 2.17% | 2.21% | 2.21% |
|  Ratio of total expenses to average net assets | 2.23% | 2.26% | 2.26% | 2.26% | 2.26% |
|  Ratio of net investment income to average net assets | 0.39% | 0.87% | 1.44% | 1.56% | 0.74% |
|  Portfolio turnover rate<sup>(c)</sup> | 158% | 168% | 165% | 167% | 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.98 | $7.56 | $6.85 | $11.86 | $10.24 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.17 | 0.19 | 0.24 | 0.23 |
|  Net realized and unrealized gain (loss) | 2.37 | 1.57 | 0.72 | (3.17) | 1.52 |
|  Total from investment operations | 2.52 | 1.74 | 0.91 | (2.93) | 1.75 |
|  Distributions to shareholders from net investment income | (0.12) | (0.32) | (0.20) | (0.21) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |
|  Total distributions | (0.12) | (0.32) | (0.20) | (2.08) | (0.13) |
|  Net asset value, end of year | $11.38 | $8.98 | $7.56 | $6.85 | $11.86 |
|  **Total Return<sup>(b)</sup>** | 28.47% | 23.59% | 13.28% | (29.64)% | 17.07% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029785 |
|  Ratio of net expenses to average net assets | 1.00% | 1.06% | 1.09% | 1.09% | 1.09% |
|  Ratio of total expenses to average net assets | 1.12% | 1.14% | 1.15% | 1.13% | 1.14% |
|  Ratio of net investment income to average net assets | 1.58% | 1.96% | 2.49% | 2.76% | 1.88% |
|  Portfolio turnover rate<sup>(c)</sup> | 158% | 168% | 165% | 167% | 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.96 | $7.55 | $6.84 | $11.83 | $10.22 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.15 | 0.19 | 0.22 | 0.22 |
|  Net realized and unrealized gain (loss) | 2.35 | 1.57 | 0.71 | (3.14) | 1.51 |
|  Total from investment operations | 2.50 | 1.72 | 0.90 | (2.92) | 1.73 |
|  Distributions to shareholders from net investment income | (0.11) | (0.31) | (0.19) | (0.20) | (0.12) |
|  Distributions to shareholders from net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |  | (1.87) |  |
|  Total distributions | (0.11) | (0.31) | (0.19) | (2.07) | (0.12) |
|  Net asset value, end of year | $11.35 | $8.96 | $7.55 | $6.84 | $11.83 |
|  **Total Return<sup>(b)</sup>** | 28.35% | 23.37% | 13.16% | (29.69)% | 16.96% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103200 |
|  Ratio of net expenses to average net assets | 1.10% | 1.14% | 1.17% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.23% | 1.25% | 1.27% | 1.26% | 1.26% |
|  Ratio of net investment income to average net assets | 1.54% | 1.74% | 2.44% | 2.51% | 1.78% |
|  Portfolio turnover rate<sup>(c)</sup> | 158% | 168% | 165% | 167% | 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.97 | $7.56 | $6.84 | $11.85 | $10.23 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.17 | 0.20 | 0.24 | 0.23 |
|  Net realized and unrealized gain (loss) | 2.36 | 1.56 | 0.72 | (3.17) | 1.52 |
|  Total from investment operations | 2.51 | 1.73 | 0.92 | (2.93) | 1.75 |
|  Distributions to shareholders from net investment income | (0.12) | (0.32) | (0.20) | (0.21) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |
|  Total distributions | (0.12) | (0.32) | (0.20) | (2.08) | (0.13) |
|  Net asset value, end of year | $11.36 | $8.97 | $7.56 | $6.84 | $11.85 |
|  **Total Return<sup>(b)</sup>** | 28.41% | 23.46% | 13.29% | (29.55)% | 17.10% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572973 |
|  Ratio of net expenses to average net assets | 0.99% | 1.05% | 1.08% | 1.08% | 1.08% |
|  Ratio of total expenses to average net assets | 1.11% | 1.13% | 1.14% | 1.13% | 1.13% |
|  Ratio of net investment income to average net assets | 1.59% | 1.92% | 2.52% | 2.72% | 1.90% |
|  Portfolio turnover rate<sup>(c)</sup> | 158% | 168% | 165% | 167% | 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.80 | $7.42 | $6.72 | $11.66 | $10.08 |
|  Net investment income<sup>(a)</sup> | 0.09 | 0.12 | 0.15 | 0.18 | 0.13 |
|  Net realized and unrealized gain (loss) | 2.33 | 1.53 | 0.70 | (3.10) | 1.52 |
|  Total from investment operations | 2.42 | 1.65 | 0.85 | (2.92) | 1.65 |
|  Distributions to shareholders from net investment income | (0.07) | (0.27) | (0.15) | (0.15) | (0.07) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |
|  Total distributions | (0.07) | (0.27) | (0.15) | (2.02) | (0.07) |
|  Net asset value, end of year | $11.15 | $8.80 | $7.42 | $6.72 | $11.66 |
|  **Total Return<sup>(b)</sup>** | 27.68% | 22.80% | 12.61% | (30.08)% | 16.43% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24710 |
|  Ratio of net expenses to average net assets | 1.60% | 1.64% | 1.67% | 1.71% | 1.71% |
|  Ratio of total expenses to average net assets | 1.73% | 1.76% | 1.76% | 1.76% | 1.76% |
|  Ratio of net investment income to average net assets | 0.97% | 1.37% | 1.92% | 2.08% | 1.11% |
|  Portfolio turnover rate<sup>(c)</sup> | 158% | 168% | 165% | 167% | 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.97 | $7.56 | $6.84 | $11.85 | $10.23 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.16 | 0.20 | 0.25 | 0.24 |
|  Net realized and unrealized gain (loss) | 2.36 | 1.57 | 0.72 | (3.18) | 1.51 |
|  Total from investment operations | 2.51 | 1.73 | 0.92 | (2.93) | 1.75 |
|  Distributions to shareholders from net investment income | (0.12) | (0.32) | (0.20) | (0.21) | (0.13) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.87) |  |
|  Total distributions | (0.12) | (0.32) | (0.20) | (2.08) | (0.13) |
|  Net asset value, end of year | $11.36 | $8.97 | $7.56 | $6.84 | $11.85 |
|  **Total Return<sup>(b)</sup>** | 28.40% | 23.47% | 13.27% | (29.55)% | 17.10% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53221 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139870 |
|  Ratio of net expenses to average net assets | 0.99% | 1.05% | 1.08% | 1.08% | 1.08% |
|  Ratio of total expenses to average net assets | 1.11% | 1.13% | 1.14% | 1.13% | 1.13% |
|  Ratio of net investment income to average net assets | 1.57% | 1.91% | 2.55% | 2.73% | 1.92% |
|  Portfolio turnover rate<sup>(c)</sup> | 158% | 168% | 165% | 167% | 189% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.66 | $12.14 | $10.75 | $14.76 | $11.40 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.23 <sup>(b)</sup> | 0.27 <sup>(c)</sup> | 0.31 | 0.22 |
|  Net realized and unrealized gain (loss) | 3.84 | 2.63 | 1.54 | (3.46) | 3.35 |
|  Total from investment operations | 4.14 | 2.86 | 1.81 | (3.15) | 3.57 |
|  Distributions to shareholders from net investment income | (0.29) | (0.34) | (0.42) | (0.41) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.76) | (0.34) | (0.42) | (0.86) | (0.21) |
|  Net asset value, end of year | $18.04 | $14.66 | $12.14 | $10.75 | $14.76 |
|  **Total Return<sup>(d)</sup>** | 29.91% | 23.79% | 17.17% | (22.56)% | 31.50% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103852 |
|  Ratio of net expenses to average net assets | 1.16% | 1.18% | 1.19% | 1.18% | 1.17% |
|  Ratio of total expenses to average net assets | 1.19% | 1.23% | 1.24% | 1.22% | 1.21% |
|  Ratio of net investment income to average net assets | 1.95% | 1.58 %<sup>(b)</sup> | 2.26 %<sup>(c)</sup> | 2.44% | 1.55% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.36 | $11.88 | $10.49 | $14.42 | $11.13 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.11 <sup>(b)</sup> | 0.18 <sup>(c)</sup> | 0.21 | 0.15 |
|  Net realized and unrealized gain (loss) | 3.79 | 2.59 | 1.51 | (3.39) | 3.24 |
|  Total from investment operations | 3.96 | 2.70 | 1.69 | (3.18) | 3.39 |
|  Distributions to shareholders from net investment income | (0.16) | (0.22) | (0.30) | (0.30) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.63) | (0.22) | (0.30) | (0.75) | (0.10) |
|  Net asset value, end of year | $17.69 | $14.36 | $11.88 | $10.49 | $14.42 |
|  **Total Return<sup>(d)</sup>** | 29.02% | 22.85% | 16.26% | (23.16)% | 30.53% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8393 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14406 |
|  Ratio of net expenses to average net assets | 1.91% | 1.93% | 1.94% | 1.93% | 1.92% |
|  Ratio of total expenses to average net assets | 1.94% | 1.98% | 1.99% | 1.97% | 1.96% |
|  Ratio of net investment income to average net assets | 1.10% | 0.82 %<sup>(b)</sup> | 1.48 %<sup>(c)</sup> | 1.69% | 1.05% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.18 | $12.56 | $11.11 | $15.23 | $11.76 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.29 <sup>(b)</sup> | 0.33 <sup>(c)</sup> | 0.36 | 0.33 |
|  Net realized and unrealized gain (loss) | 4.02 | 2.72 | 1.59 | (3.57) | 3.40 |
|  Total from investment operations | 4.35 | 3.01 | 1.92 | (3.21) | 3.73 |
|  Distributions to shareholders from net investment income | (0.34) | (0.39) | (0.47) | (0.46) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.81) | (0.39) | (0.47) | (0.91) | (0.26) |
|  Net asset value, end of year | $18.72 | $15.18 | $12.56 | $11.11 | $15.23 |
|  **Total Return<sup>(d)</sup>** | 30.42% | 24.24% | 17.61% | (22.27)% | 31.93% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227429 |
|  Ratio of net expenses to average net assets | 0.79% | 0.82% | 0.82% | 0.81% | 0.80% |
|  Ratio of total expenses to average net assets | 0.82% | 0.87% | 0.87% | 0.85% | 0.84% |
|  Ratio of net investment income to average net assets | 1.98% | 1.96 %<sup>(b)</sup> | 2.60 %<sup>(c)</sup> | 2.74% | 2.25% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.86 | $12.31 | $10.88 | $14.91 | $11.52 |
|  Net investment income<sup>(a)</sup> | 0.27 | 0.22 <sup>(b)</sup> | 0.26 <sup>(c)</sup> | 0.30 | 0.25 |
|  Net realized and unrealized gain (loss) | 3.92 | 2.66 | 1.57 | (3.52) | 3.33 |
|  Total from investment operations | 4.19 | 2.88 | 1.83 | (3.22) | 3.58 |
|  Distributions to shareholders from net investment income | (0.26) | (0.33) | (0.40) | (0.36) | (0.19) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.73) | (0.33) | (0.40) | (0.81) | (0.19) |
|  Net asset value, end of year | $18.32 | $14.86 | $12.31 | $10.88 | $14.91 |
|  **Total Return<sup>(d)</sup>** | 29.75% | 23.66% | 17.03% | (22.69)% | 31.25% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927 |
|  Ratio of net expenses to average net assets | 1.30% | 1.32% | 1.32% | 1.31% | 1.30% |
|  Ratio of total expenses to average net assets | 1.33% | 1.37% | 1.37% | 1.35% | 1.34% |
|  Ratio of net investment income to average net assets | 1.72% | 1.54 %<sup>(b)</sup> | 2.13 %<sup>(c)</sup> | 2.33% | 1.71% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.41 | $11.94 | $10.58 | $14.55 | $11.19 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.27 <sup>(b)</sup> | 0.30 <sup>(c)</sup> | 0.34 | 0.25 |
|  Net realized and unrealized gain (loss) | 3.76 | 2.57 | 1.51 | (3.42) | 3.30 |
|  Total from investment operations | 4.10 | 2.84 | 1.81 | (3.08) | 3.55 |
|  Distributions to shareholders from net investment income | (0.33) | (0.37) | (0.45) | (0.44) | (0.19) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.80) | (0.37) | (0.45) | (0.89) | (0.19) |
|  Net asset value, end of year | $17.71 | $14.41 | $11.94 | $10.58 | $14.55 |
|  **Total Return<sup>(d)</sup>** | 30.25% | 24.10% | 17.48% | (22.39)% | 31.90% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288779 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96352 |
|  Ratio of net expenses to average net assets | 0.90% | 0.93% | 0.94% | 0.93% | 0.92% |
|  Ratio of total expenses to average net assets | 0.94% | 0.98% | 0.99% | 0.97% | 0.96% |
|  Ratio of net investment income to average net assets | 2.16% | 1.91 %<sup>(b)</sup> | 2.47 %<sup>(c)</sup> | 2.73% | 1.86% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.17 | $12.55 | $11.10 | $15.22 | $11.75 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.29 <sup>(b)</sup> | 0.33 <sup>(c)</sup> | 0.37 | 0.33 |
|  Net realized and unrealized gain (loss) | 3.97 | 2.72 | 1.59 | (3.58) | 3.40 |
|  Total from investment operations | 4.35 | 3.01 | 1.92 | (3.21) | 3.73 |
|  Distributions to shareholders from net investment income | (0.35) | (0.39) | (0.47) | (0.46) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.82) | (0.39) | (0.47) | (0.91) | (0.26) |
|  Net asset value, end of year | $18.70 | $15.17 | $12.55 | $11.10 | $15.22 |
|  **Total Return<sup>(d)</sup>** | 30.39% | 24.35% | 17.55% | (22.28)% | 31.97% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627430 |
|  Ratio of net expenses to average net assets | 0.78% | 0.81% | 0.81% | 0.80% | 0.79% |
|  Ratio of total expenses to average net assets | 0.82% | 0.86% | 0.86% | 0.84% | 0.83% |
|  Ratio of net investment income to average net assets | 2.32% | 1.96 %<sup>(b)</sup> | 2.59 %<sup>(c)</sup> | 2.85% | 2.24% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.18 | $11.76 | $10.41 | $14.32 | $11.08 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.19 <sup>(b)</sup> | 0.24 <sup>(c)</sup> | 0.27 | 0.21 |
|  Net realized and unrealized gain (loss) | 3.70 | 2.54 | 1.50 | (3.37) | 3.21 |
|  Total from investment operations | 3.96 | 2.73 | 1.74 | (3.10) | 3.42 |
|  Distributions to shareholders from net investment income | (0.26) | (0.31) | (0.39) | (0.36) | (0.18) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.73) | (0.31) | (0.39) | (0.81) | (0.18) |
|  Net asset value, end of year | $17.41 | $14.18 | $11.76 | $10.41 | $14.32 |
|  **Total Return<sup>(d)</sup>** | 29.65% | 23.46% | 16.93% | (22.79)% | 31.19% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896 |
|  Ratio of net expenses to average net assets | 1.41% | 1.43% | 1.44% | 1.43% | 1.42% |
|  Ratio of total expenses to average net assets | 1.44% | 1.48% | 1.49% | 1.47% | 1.46% |
|  Ratio of net investment income to average net assets | 1.72% | 1.35 %<sup>(b)</sup> | 1.99 %<sup>(c)</sup> | 2.20% | 1.56% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.15 | $12.54 | $11.09 | $15.21 | $11.74 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.29 <sup>(b)</sup> | 0.33 <sup>(c)</sup> | 0.38 | 0.33 |
|  Net realized and unrealized gain (loss) | 3.99 | 2.71 | 1.59 | (3.59) | 3.40 |
|  Total from investment operations | 4.35 | 3.00 | 1.92 | (3.21) | 3.73 |
|  Distributions to shareholders from net investment income | (0.35) | (0.39) | (0.47) | (0.46) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.47) |  |  | (0.45) |  |
|  Total distributions | (0.82) | (0.39) | (0.47) | (0.91) | (0.26) |
|  Net asset value, end of year | $18.68 | $15.15 | $12.54 | $11.09 | $15.21 |
|  **Total Return<sup>(d)</sup>** | 30.42% | 24.30% | 17.56% | (22.29)% | 32.00% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344796 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341982 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470881 |
|  Ratio of net expenses to average net assets | 0.78% | 0.81% | 0.81% | 0.80% | 0.79% |
|  Ratio of total expenses to average net assets | 0.82% | 0.86% | 0.86% | 0.84% | 0.83% |
|  Ratio of net investment income to average net assets | 2.19% | 1.96 %<sup>(b)</sup> | 2.61 %<sup>(c)</sup> | 2.95% | 2.24% |
|  Portfolio turnover rate<sup>(e)</sup> | 156% | 167% | 157% | 151% | 164% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.04 per share and 0.33% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.25 | $10.92 | $10.14 | $14.32 | $10.96 |
|  Net investment income<sup>(a)</sup> | 0.29 <sup>(b)</sup> | 0.31 <sup>(c)</sup> | 0.26 | 0.32 | 0.27 |
|  Net realized and unrealized gain (loss) | 3.72 | 2.34 | 0.81 | (4.10) | 3.28 |
|  Total from investment operations | 4.01 | 2.65 | 1.07 | (3.78) | 3.55 |
|  Distributions to shareholders from net investment income | (0.53) | (0.32) | (0.29) | (0.40) | (0.19) |
|  Net asset value, end of year | $16.73 | $13.25 | $10.92 | $10.14 | $14.32 |
|  **Total Return<sup>(d)</sup>** | 31.80% | 24.63% | 10.55% | (27.07)% | 32.65% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150934 |
|  Ratio of net expenses to average net assets | 1.22% | 1.23% | 1.24% | 1.24% | 1.24% |
|  Ratio of total expenses to average net assets | 1.25% | 1.28% | 1.29% | 1.28% | 1.30% |
|  Ratio of net investment income to average net assets | 2.03 %<sup>(b)</sup> | 2.42 %<sup>(c)</sup> | 2.25% | 2.63% | 1.96% |
|  Portfolio turnover rate<sup>(e)</sup> | 165% | 165% | 163% | 156% | 185% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.39% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.81 | $10.55 | $9.77 | $13.81 | $10.56 |
|  Net investment income<sup>(a)</sup> | 0.16 <sup>(b)</sup> | 0.19 <sup>(c)</sup> | 0.16 | 0.23 | 0.16 |
|  Net realized and unrealized gain (loss) | 3.64 | 2.29 | 0.79 | (3.98) | 3.17 |
|  Total from investment operations | 3.80 | 2.48 | 0.95 | (3.75) | 3.33 |
|  Distributions to shareholders from net investment income | (0.39) | (0.22) | (0.17) | (0.29) | (0.08) |
|  Net asset value, end of year | $16.22 | $12.81 | $10.55 | $9.77 | $13.81 |
|  **Total Return<sup>(d)</sup>** | 30.81% | 23.69% | 9.77% | (27.65)% | 31.67% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28406 |
|  Ratio of net expenses to average net assets | 1.97% | 1.98% | 1.99% | 1.99% | 1.99% |
|  Ratio of total expenses to average net assets | 2.01% | 2.03% | 2.04% | 2.03% | 2.05% |
|  Ratio of net investment income to average net assets | 1.19 %<sup>(b)</sup> | 1.53 %<sup>(c)</sup> | 1.48% | 1.92% | 1.20% |
|  Portfolio turnover rate<sup>(e)</sup> | 165% | 165% | 163% | 156% | 185% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.39% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.23 | $10.90 | $10.13 | $14.33 | $10.97 |
|  Net investment income<sup>(a)</sup> | 0.34 <sup>(b)</sup> | 0.36 <sup>(c)</sup> | 0.30 | 0.38 | 0.33 |
|  Net realized and unrealized gain (loss) | 3.70 | 2.34 | 0.81 | (4.11) | 3.27 |
|  Total from investment operations | 4.04 | 2.70 | 1.11 | (3.73) | 3.60 |
|  Distributions to shareholders from net investment income | (0.59) | (0.37) | (0.34) | (0.47) | (0.24) |
|  Net asset value, end of year | $16.68 | $13.23 | $10.90 | $10.13 | $14.33 |
|  **Total Return<sup>(d)</sup>** | 32.15% | 25.17% | 10.96% | (26.80)% | 33.11% |
|  Net assets, end of year (in 000's) | $4942967 | $3347608 | $2353230 | $2097460 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579024 |
|  Ratio of net expenses to average net assets | 0.86% | 0.87% | 0.88% | 0.87% | 0.87% |
|  Ratio of total expenses to average net assets | 0.89% | 0.92% | 0.93% | 0.91% | 0.92% |
|  Ratio of net investment income to average net assets | 2.39 %<sup>(b)</sup> | 2.82 %<sup>(c)</sup> | 2.64% | 3.14% | 2.39% |
|  Portfolio turnover rate<sup>(e)</sup> | 165% | 165% | 163% | 156% | 185% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.39% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.17 | $10.85 | $10.08 | $14.26 | $10.92 |
|  Net investment income<sup>(a)</sup> | 0.32 <sup>(b)</sup> | 0.34 <sup>(c)</sup> | 0.28 | 0.36 | 0.30 |
|  Net realized and unrealized gain (loss) | 3.69 | 2.33 | 0.81 | (4.09) | 3.26 |
|  Total from investment operations | 4.01 | 2.67 | 1.09 | (3.73) | 3.56 |
|  Distributions to shareholders from net investment income | (0.57) | (0.35) | (0.32) | (0.45) | (0.22) |
|  Net asset value, end of year | $16.61 | $13.17 | $10.85 | $10.08 | $14.26 |
|  **Total Return<sup>(d)</sup>** | 32.08% | 25.03% | 10.83% | (26.90)% | 32.88% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74012 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141731 |
|  Ratio of net expenses to average net assets | 0.97% | 0.98% | 1.00% | 0.99% | 0.99% |
|  Ratio of total expenses to average net assets | 1.00% | 1.03% | 1.04% | 1.03% | 1.05% |
|  Ratio of net investment income to average net assets | 2.25 %<sup>(b)</sup> | 2.69 %<sup>(c)</sup> | 2.48% | 2.98% | 2.21% |
|  Portfolio turnover rate<sup>(e)</sup> | 165% | 165% | 163% | 156% | 185% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.39% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.26 | $10.93 | $10.15 | $14.36 | $10.99 |
|  Net investment income<sup>(a)</sup> | 0.35 <sup>(b)</sup> | 0.36 <sup>(c)</sup> | 0.30 | 0.38 | 0.31 |
|  Net realized and unrealized gain (loss) | 3.70 | 2.34 | 0.82 | (4.12) | 3.29 |
|  Total from investment operations | 4.05 | 2.70 | 1.12 | (3.74) | 3.60 |
|  Distributions to shareholders from net investment income | (0.58) | (0.37) | (0.34) | (0.47) | (0.23) |
|  Net asset value, end of year | $16.73 | $13.26 | $10.93 | $10.15 | $14.36 |
|  **Total Return<sup>(d)</sup>** | 32.22% | 25.10% | 11.04% | (26.81)% | 33.12% |
|  Net assets, end of year (in 000's) | $492785 | $405863 | $452434 | $479843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878443 |
|  Ratio of net expenses to average net assets | 0.85% | 0.86% | 0.87% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 0.88% | 0.90% | 0.92% | 0.90% | 0.91% |
|  Ratio of net investment income to average net assets | 2.42 %<sup>(b)</sup> | 2.85 %<sup>(c)</sup> | 2.64% | 3.06% | 2.26% |
|  Portfolio turnover rate<sup>(e)</sup> | 165% | 165% | 163% | 156% | 185% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.39% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $13.26 | $10.93 | $10.15 | $14.36 | $10.99 |
|  Net investment income<sup>(a)</sup> | 0.33 <sup>(b)</sup> | 0.35 <sup>(c)</sup> | 0.30 | 0.38 | 0.33 |
|  Net realized and unrealized gain (loss) | 3.73 | 2.35 | 0.82 | (4.12) | 3.28 |
|  Total from investment operations | 4.06 | 2.70 | 1.12 | (3.74) | 3.61 |
|  Distributions to shareholders from net investment income | (0.59) | (0.37) | (0.34) | (0.47) | (0.24) |
|  Net asset value, end of year | $16.73 | $13.26 | $10.93 | $10.15 | $14.36 |
|  **Total Return<sup>(d)</sup>** | 32.24% | 25.10% | 11.04% | (26.81)% | 33.15% |
|  Net assets, end of year (in 000's) | $39857 | $36012 | $35815 | $35538 | $59410 |
|  Ratio of net expenses to average net assets | 0.85% | 0.86% | 0.87% | 0.86% | 0.86% |
|  Ratio of total expenses to average net assets | 0.88% | 0.90% | 0.92% | 0.90% | 0.92% |
|  Ratio of net investment income to average net assets | 2.33 %<sup>(b)</sup> | 2.78 %<sup>(c)</sup> | 2.65% | 3.15% | 2.41% |
|  Portfolio turnover rate<sup>(e)</sup> | 165% | 165% | 163% | 156% | 185% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounts to $0.06 per share and 0.39% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.16% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share Classes Offered | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs Emerging Markets Equity Insights Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs International Equity Insights Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs International Small Cap Insights Fund | A, C, Institutional, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**55**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**57**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Emerging Markets Equity Insights Fund |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $19430526 | $52946602 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 115401630 | 2175589867 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 61841864 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 46973253 | 15133817 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 154424775 |  |  |
|  Securities Lending Reinvestment Vehicle | 16279113 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352509297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305512150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
| Assets |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $1308348 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $27021198 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 16415653 | 1332636003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 94078053 | 2270227779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 70971132 | 365177976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 36853320 | 283773161 |  |
|  Investment Company | 12570434 |  |  |
|  Securities Lending Reinvestment Vehicle | 71110840 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301999432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278836117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
| Assets |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $2713635 | $— | $— |
| Liabilities |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(82240) | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $60798606 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 112729301 | 2369564008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 70833411 | 2267233197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 24722765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 5241242 | 631370982 | 9718099 |
|  Securities Lending Reinvestment Vehicle | 97994778 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311521497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328966793 | $9718099 |
| Derivative Type |  |  |  |
| Assets |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $5787617 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(29956) | $— | $— |

---

<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at fiscal year end. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**59**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308348 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Insights Fund** | **International Equity Insights Fund** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713635 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82240) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5787617 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29956) |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of October 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

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| | | | |
|:---|:---|:---|:---|
| Emerging Markets Equity Insights Fund | Emerging Markets Equity Insights Fund |  |  |
| <br> **Risk** | Statement of Operations | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $163693 | $– |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 6043160 | 881623 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6206853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881623 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| International Equity Insights Fund |  |  |  |  |  |
| <br> **Risk** | Statement of Operations | Net Realized<br>Gain (Loss) | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts |  | 15489078 |  | 2411126 |

---

---

| | | | |
|:---|:---|:---|:---|
| International Small Cap Insights Fund |  |  |  |
| <br> **Risk** | Statement of Operations | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 17488042 | 6630786 |

---

For the fiscal year ended October 31, 2025, the relevant values for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
|  | Average number of Contracts or Notional<br>Amounts<sup>(a)</sup> | Average number of Contracts or Notional<br>Amounts<sup>(a)</sup> |
| Fund | Futures Contracts | Forward Contracts |
|  Emerging Markets Equity Insights Fund | 586 | 2296264 |
|  International Equity Insights Fund | 685 |  |
|  International Small Cap Insights Fund | 1071 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures and notional amounts for forward contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  |  |  |
| Fund | First<br>$1 billion | Next<br>$1 billion | Next<br>$3 billion | Next<br>$3 billion | Over<br>$8 billion | Effective<br>Rate | Effective Net<br>Management<br>Rate^ |
|  Emerging Markets Equity Insights Fund | 1.00% | 1.00% | 0.90% | 0.86% | 0.84% | 0.99% | 0.94%<sup>(1)</sup> |
|  International Equity Insights Fund | 0.81 | 0.73 | 0.69 | 0.68 | 0.67 | 0.75 | 0.75 |
|  International Small Cap Insights Fund | 0.85 | 0.85 | 0.77 | 0.73 | 0.72 | 0.80 | 0.80 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

<sup>(1)</sup> Effective February 28, 2025, GSAM agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.92% as an annual percentage of the average daily net assets of the Fund. This waiver will be effective through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. 

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended October 31, 2025, GSAM waived $2,020, $16,534 and $9,449 of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution and/or Service Plan Rates | Distribution and/or Service Plan Rates | Distribution and/or Service Plan Rates | Distribution and/or Service Plan Rates |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R\* |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front-end sales charge and Class C Shares' CDSC. During the fiscal year ended October 31, 2025, Goldman Sachs retained the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS 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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
|  | Front End<br>Sales Charge  | Contingent Deferred<br>Sales Charge  |
| Fund | <br> **Class A** | <br> **Class C** |
|  Emerging Markets Equity Insights Fund | $3077 | $— |
|  International Equity Insights Fund | 4062 |  |
|  International Small Cap Insights Fund | 3820 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to February 28, 2025, Goldman Sachs waived its transfer agent fee equal to 0.02% as an annual rate of the average net assets attributable to Class A, Class C, Investor, and Class R6 Shares of the Emerging Markets Equity Insights Fund.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.014%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended October 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Management<br>Fee Waiver | Transfer Agency<br>Waiver/Credits | Other Expense<br>Reimbursements | Total Expense<br>Reductions |
|  Emerging Markets Equity Insights Fund | $1029814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10562 | $1863403 | $2903779 |
|  International Equity Insights Fund | 16534 |  | 945354 | 961888 |
|  International Small Cap Insights Fund | 9449 |  | 1655808 | 1665257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of October 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025 the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** | **Emerging Markets Equity Insights Fund** |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value**<br> **as of October 31,** <br> **2024** | Purchases at Cost | Proceeds from<br>Sales | Realized Gain<br>(Loss) | **Change in**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) | Ending value as of<br>October 31, 2025 | Shares as of<br>October 31,<br>2025 | Dividend<br>Income | Capital Gain <br>Distribution |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $– | $145310966 | $(145310966) | $– | $– | $– |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42573 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** | **International Equity Insights Fund** |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value**<br> **as of October 31,** <br> **2024** | Purchases at Cost | **Proceeds from**<br> **Sales** | Realized Gain<br>(Loss) | **Change in**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) | Ending value as of<br>October 31, 2025 | Shares as of<br>October 31,<br>2025 | Dividend<br>Income | Capital Gain <br>Distribution |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 6782167 | 631395021 | (625606754) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12570434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12570434 | 443973 |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** | **International Small Cap Insights Fund** |  |  |  |  |
| **Underlying**<br> **Fund** | **Beginning value**<br> **as of October 31,** <br> **2024** | Purchases at Cost | Proceeds from<br>Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized Gain <br>(Loss) | **Change in**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) | Ending value as of<br>October 31, 2025 | Shares as of<br>October 31,<br>2025 | Dividend<br>Income | Capital Gain <br>Distribution |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 22810226 | 484709056 | (507519282) |  |  |  |  | 229117 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  Emerging Markets Equity Insights 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;3578297856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603891843 |
|  International Equity Insights Fund | 6327205530 | 4266869852 |
|  International Small Cap Insights Fund | 8007919458 | 7494398620 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of October 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended October 31, 2025, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | For the Fiscal Year ended October 31, 2025 | For the Fiscal Year ended October 31, 2025 | |
| Fund | **Earnings of GSAL<br>Relating to<br>Securities**<br> **Loaned** | **Amounts Received**<br> **by the Funds**<br> **from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned as of** <br> **October 31, 2025** |
|  Emerging Markets Equity Insights Fund | $32480 | $42138 | $— |
|  International Equity Insights Fund | 26333 | 2622 |  |
|  International Small Cap Insights Fund | 57202 | 28182 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**65**

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Beginning value as**<br> **of October 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of October 31, 2025**  |
|  Emerging Markets Equity Insights Fund | $— | $189724235 | $(173445122) | $16279113 |
|  International Equity Insights Fund | 19792150 | 514992566 | (463673876) | 71110840 |
|  International Small Cap Insights Fund | 23329427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315910960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1241245609) | 97994778 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Insights Fund**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity** <br> **Insights Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small** <br> **Cap Insights Fund** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $29339214 | $45230893 | $175616158 |
|  Long-term capital gains |  | 59035927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $29339214 | $104266820 | $175616158 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Insights Fund**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity** <br> **Insights Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small <br>Cap Insights Fund |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $68532834 | $42619725 | $102314871 |

---

As of the Fund's most recent fiscal year end, October 31, 2025, the Funds' capital loss carryforwards were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging Markets** <br> **Equity Insights**<br> **Fund<sup>\*</sup>** | **International**<br> **Equity Insights** <br> **Fund** | **International**<br> **Small Cap Insights** <br> **Fund<sup>\*</sup>** |
|  Undistributed ordinary income — net | $53169724 | $264427219 | $230346587 |
|  Undistributed long-term capital gains |  | 99810884 | 219602892 |
|  Total undistributed earnings | $53169724 | $364238103 | $449949479 |
|  Capital loss carryforwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (186633150) |  |  |
|  Unrealized gains (losses) — net | 648800234 | 527744535 | 888961436 |
|  Total accumulated earnings (losses) — net | $515336808 | $891982638 | $1338910915 |

---

\* The Emerging Markets Equity Insights Fund and International Small Cap Insights Fund utilized $137,735,984 and $240,529,449 of capital losses in the current fiscal year, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

As of October 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows.

---

| | | | |
|:---|:---|:---|:---|
|  | Emerging Markets<br> Equity Insights Fund | International Equity<br>Insights Fund | **International Small Cap** <br> **Insights Fund** |
|  Tax Cost | $2010695174 | $4055982157 | $4765936910 |
|  Gross unrealized gain | 702142615 | 595044858 | 984554585 |
|  Gross unrealized loss | (53342381) | (67300323) | (95593149) |
|  Net unrealized gain (loss) | $648800234 | $527744535 | $888961436 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Fund and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68.0 ------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Emerging Markets Equity Insights Fund  | Emerging Markets Equity Insights Fund  | Emerging Markets Equity Insights Fund  | Emerging Markets Equity Insights Fund  |
|  | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2025** | For the Fiscal Year Ended<br>October 31, 2024 | For the Fiscal Year Ended<br>October 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 893821 | $8538548 | 1052104 | $9193791 |
|  Reinvestment of distributions | 33378 | 290388 | 124725 | 984081 |
|  Shares redeemed | (1075985) | (10483621) | (1115617) | (9652744) |
|  | (148786) | (1654685) | 61212 | 525128 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 25745 | 237756 | 19803 | 171586 |
|  Reinvestment of distributions | 700 | 6038 | 11797 | 92252 |
|  Shares redeemed | (150287) | (1350544) | (110081) | (932283) |
|  | (123842) | (1106750) | (78481) | (668445) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;29201862 | &nbsp;&nbsp;&nbsp;&nbsp;270828586 | &nbsp;&nbsp;&nbsp;&nbsp;32534663 | &nbsp;&nbsp;&nbsp;&nbsp;279879535 |
|  Reinvestment of distributions | 1778869 | 15369429 | 4813416 | 37737184 |
|  Shares redeemed | (35910810) | (335942467) | (31489873) | (266482737) |
|  | (4930079) | (49744452) | 5858206 | 51133982 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 9449185 | 91713365 | 7506615 | 66541436 |
|  Reinvestment of distributions | 160566 | 1385679 | 255164 | 1997938 |
|  Shares redeemed | (5291132) | (52546361) | (2281307) | (19677061) |
|  | 4318619 | 40552683 | 5480472 | 48862313 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 18740444 | 169535597 | 20067709 | 176275110 |
|  Reinvestment of distributions | 796496 | 6873764 | 1875263 | 14683309 |
|  Shares redeemed | (20816866) | (192903881) | (19272647) | (161119440) |
|  | (1279926) | (16494520) | 2670325 | 29838979 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 494622 | 4648216 | 461023 | 3901916 |
|  Reinvestment of distributions | 19577 | 166795 | 95601 | 738041 |
|  Shares redeemed | (626325) | (5599963) | (539905) | (4525066) |
|  | (112126) | (784952) | 16719 | 114891 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 468774 | 4296302 | 3270888 | 26822124 |
|  Reinvestment of distributions | 87628 | 756233 | 356043 | 2787817 |
|  Shares redeemed | (1190321) | (10850549) | (4393115) | (35709394) |
|  | (633919) | (5798014) | (766184) | (6099453) |
|  **NET INCREASE (DECREASE) IN SHARES** | (2910059) | $(35030690) | 13242269 | $123707395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Equity Insights Fund  | International Equity Insights Fund  | International Equity Insights Fund  | International Equity Insights Fund  |
|  | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2025** | For the Fiscal Year Ended<br>October 31, 2024 | For the Fiscal Year Ended<br>October 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1392542 | $21560289 | 710806 | $10081919 |
|  Reinvestment of distributions | 251979 | 3505606 | 125043 | 1640559 |
|  Shares redeemed | (1248736) | (19458472) | (1165571) | (16436796) |
|  | 395785 | 5607423 | (329722) | (4714318) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 134245 | 2223361 | 14864 | 210948 |
|  Reinvestment of distributions | 15685 | 215429 | 7592 | 98164 |
|  Shares redeemed | (167106) | (2507379) | (193043) | (2675070) |
|  | (17176) | (68589) | (170587) | (2365958) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 110724245 | 1879459274 | 13645477 | 202460556 |
|  Reinvestment of distributions | 3180202 | 45720154 | 658887 | 8921323 |
|  Shares redeemed | (15252301) | (247274956) | (9635738) | (140256154) |
|  | 98652146 | 1677904472 | 4668626 | 71125725 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 48642 | 756272 | 32286 | 449571 |
|  Reinvestment of distributions | 6780 | 95935 | 4081 | 54354 |
|  Shares redeemed | (78587) | (1285481) | (75221) | (1093126) |
|  | (23165) | (433274) | (38854) | (589201) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 9958808 | 156990020 | 3738050 | 52824814 |
|  Reinvestment of distributions | 480809 | 6550859 | 148874 | 1916004 |
|  Shares redeemed | (1965345) | (30608319) | (1174001) | (16353329) |
|  | 8474272 | 132932560 | 2712923 | 38387489 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 18477292 | 287454828 | 5060197 | 74819341 |
|  Reinvestment of distributions | 1253453 | 17973611 | 436112 | 5900598 |
|  Shares redeemed | (8240603) | (130982154) | (10106894) | (137416924) |
|  | 11490142 | 174446285 | (4610585) | (56696985) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 83837 | 1271486 | 99240 | 1368340 |
|  Reinvestment of distributions | 25247 | 339928 | 10942 | 139072 |
|  Shares redeemed | (138323) | (2081988) | (95647) | (1315988) |
|  | (29239) | (470574) | 14535 | 191424 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 13106473 | 225000645 | 1468063 | 20733225 |
|  Reinvestment of distributions | 1534813 | 22027668 | 793695 | 10730751 |
|  Shares redeemed | (4938311) | (78402553) | (3106938) | (44910993) |
|  | 9702975 | 168625760 | (845180) | (13447017) |
|  **NET INCREASE IN SHARES** | 128645740 | $2158544063 | 1401156 | $31891159 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Small Cap Insights Fund  | International Small Cap Insights Fund  | International Small Cap Insights Fund  | International Small Cap Insights Fund  |
|  | **For the Fiscal Year Ended**<br> **October 31, 2025** | **For the Fiscal Year Ended**<br> **October 31, 2025** | For the Fiscal Year Ended<br>October 31, 2024 | For the Fiscal Year Ended<br>October 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1106517 | $16393530 | 851238 | $10854176 |
|  Reinvestment of distributions | 214444 | 2618366 | 145370 | 1729909 |
|  Shares redeemed | (1710931) | (24994070) | (2225798) | (27218180) |
|  | (389970) | (5982174) | (1229190) | (14634095) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 64777 | 992293 | 10731 | 130306 |
|  Reinvestment of distributions | 15580 | 185711 | 16580 | 191994 |
|  Shares redeemed | (279188) | (3767097) | (480136) | (5917702) |
|  | (198831) | (2589093) | (452825) | (5595402) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 91092921 | 1286593556 | 72157475 | 915754478 |
|  Reinvestment of distributions | 12141701 | 147400252 | 6697408 | 79297310 |
|  Shares redeemed | (60072469) | (842841627) | (41597942) | (532394344) |
|  | 43162153 | 591152181 | 37256941 | 462657444 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 2922215 | 42165953 | 2849849 | 36785973 |
|  Reinvestment of distributions | 368519 | 4459082 | 200270 | 2363189 |
|  Shares redeemed | (2673714) | (37955398) | (1950311) | (24549725) |
|  | 617020 | 8669637 | 1099808 | 14599437 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 9456222 | 127088485 | 6293267 | 81852739 |
|  Reinvestment of distributions | 1235812 | 15052193 | 1199400 | 14236876 |
|  Shares redeemed | (11846722) | (161911147) | (18285363) | (240497090) |
|  | (1154688) | (19770469) | (10792696) | (144407475) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 63938 | 952429 | 23987 | 321951 |
|  Reinvestment of distributions | 127898 | 1556519 | 97088 | 1152437 |
|  Shares redeemed | (525409) | (6822271) | (682370) | (8307578) |
|  | (333573) | (4313323) | (561295) | (6833190) |
|  **NET INCREASE IN SHARES** | 41702111 | $567166759 | 25320743 | $305786719 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund and Goldman Sachs International Small Cap Insights Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund and Goldman Sachs International Small Cap Insights Fund (three of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Emerging Markets Equity Insights Fund, Goldman Sachs International Equity Insights Fund, and Goldman Sachs International Small Cap Insights Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), a benchmark performance index, and (in the case of each of the Emerging Markets Equity Insights Fund and International Small Cap Insights Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, securities lending, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

Trustees also received information (in the case of each of the Emerging Markets Equity Insights Fund and International Small Cap Insights Fund) comparing the Fund performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Emerging Markets Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group and had outperformed the Fund's benchmark index for the five- and ten-year periods and had placed in the third quartile and underperformed the Fund's benchmark index for the one- and three-year periods ended March 31, 2025. They considered that the International Equity Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group and had outperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. The Trustees noted that the Emerging Markets Equity Insights Fund and International Equity Insights Fund had each experienced certain portfolio management changes in 2022. They observed that the International Small Cap Insights Fund's Institutional Shares had placed in the top half of the Fund's peer group and had outperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

---

| | | | |
|:---|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets** <br> **Equity Insights**<br> **Fund** | International<br> Equity Insights <br>Fund | International<br>Small Cap<br> Insights Fund |
|  First $1 billion | 1.00% | 0.81% | 0.85% |
|  Next $1 billion | 1.00 | 0.73 | 0.85 |
|  Next $3 billion | 0.90 | 0.69 | 0.77 |
|  Next $3 billion | 0.86 | 0.68 | 0.73 |
|  Over $8 billion | 0.84 | 0.67 | 0.72 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertaking to waive a portion of its management fee (in the case of the Emerging Markets Equity Insights Fund and International Small Cap Insights Fund) and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of the transfer agency fees paid by the Emerging Markets Equity Insights Fund's Class A, Class C, Investor, and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the International Equity Insights Fund and International Small Cap Insights Fund, each of which had asset levels above at least the first breakpoint during the prior fiscal year.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the fund in which the Funds' cash collateral is invested); (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (j) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Funds' ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**77**

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GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Trust – International Equity Insights Funds - Tax Information (Unaudited)
From distributions paid during the year ended October 31, 2025, the total amount of income received by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds from sources within foreign countries and possessions of the United States was $0.1945, $0.2764, and $0.4422 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds were 76.59%, 74.34%, and 68.86%, respectively. The total amount of taxes paid by the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds to such countries was $0.1101, $0.0327, and $0.0497 per share, respectively.

For the year ended October 31, 2025, 61.22%, 37.32% and 65.82% of the dividends paid from net investment company taxable income by the Emerging Markets Equity Insights, International Equity Insights, and International Small Cap Insights Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended October 31, 2025, 0.22% of the dividends paid from net investment company taxable income by the International Equity Insights Fund qualifies for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the International Equity Insights Fund designate $59,035,927, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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![LOGO](g83762dsp080.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. INTINSAR-25

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

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ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d75443dex99cert.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.](d75443dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | January 5, 2026 |

---

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: | January 5, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | January 5, 2026 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: January 5, 2026

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: January 5, 2026

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| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

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## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended October 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust | Goldman Sachs Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: January 5, 2026 | Date: January 5, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.