# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-26-090475
**Filing Date:** 2026-3
**Character Count:** 1658465
**Document Hash:** ada0f4e2cd01fc1d973d4a377222e6b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090475.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090475

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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:** 26719673

**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 Conservative Allocation Fund (Series ID: S000009314)

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

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

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

### Goldman Sachs Moderate Allocation Fund (Series ID: S000009325)

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

### Goldman Sachs Growth Allocation Fund (Series ID: S000009336)

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

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

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

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

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

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

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

### Goldman Sachs Trust

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

#### 71 South Wacker Drive,

#### Chicago, Illinois 60606

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

#### Copies to:

---

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

---

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

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

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

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

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

![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Absolute Return Tracker Fund

# GARTX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the "Fund") for the period of January 1, 2025 to December 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 | $106 | 1.01% |

---

## How did the Fund perform and what affected its performance?
Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

* The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. 

* On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.

* The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund's allocation, contributed most positively to the Fund's absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains. 

* The relative value hedge fund sub-strategy was the second biggest contributor to the Fund's absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively. 

* The Fund's macro hedge fund sub-strategy contributed to the Fund's absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.

* The Fund's event-driven hedge fund sub-strategy contributed positively to the Fund's absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains. 

Top Detractors from Performance:

* Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.

* Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.

* Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor. 

* Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

# Goldman Sachs Absolute Return Tracker 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](g45629g18u21.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **ICE BofAML Three Month U.S. Treasury Bill Index** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $9450 | $10000 | $10000 | $10000 |
| **12/16** | $9871 | $10446 | $10033 | $10751 |
| **12/17** | $10556 | $11170 | $10119 | $13159 |
| **12/18** | $10260 | $10857 | $10308 | $12013 |
| **12/19** | $11323 | $11982 | $10543 | $15337 |
| **12/20** | $11697 | $12377 | $10613 | $17776 |
| **12/21** | $12409 | $13131 | $10619 | $21654 |
| **12/22** | $11587 | $12262 | $10773 | $17726 |
| **12/23** | $12798 | $13543 | $11314 | $21942 |
| **12/24** | $13647 | $14441 | $11908 | $26039 |
| **12/25** | $14923 | $15791 | $12405 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 9.35% | 4.99% | 4.67% |
| Class A including sales charges | 3.39% | 3.82% | 4.09% |
| ICE BofAML Three Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**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 Absolute Return Tracker Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5560131787 |
| # of Portfolio Holdings as of Period End | 3137 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $29881927 |

---

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 152.5 | 88.6 | 63.9 | 24.6 |
| Commodities | 3.5 | 1.9 | 1.6 | 0.4 |
| Convertible Securities | 2.4 | 2.4 | - | 2.4 |
| Credit | 14.5 | 14.5 | - | 14.5 |
| Developed Markets Currency | 2.7 | 1.3 | 1.4 | -0.1 |
| Developed Markets Equity Volatility | 7.5 | 1.8 | 5.7 | -3.9 |
| Developed Markets ex US Equity | 14.8 | 12.2 | 2.6 | 9.6 |
| Developed markets FI volatility | 1.5 | 1.5 | - | 1.5 |
| Emerging Markets Currency | 3.8 | 2.0 | 1.7 | 0.3 |
| Emerging Markets Equity | 8.4 | 8.4 | - | 8.4 |
| Global Real Estate | 0.2 | 0.2 | - | 0.2 |
| Interest rate | 0.8 | 0.2 | 0.6 | -0.5 |
| Long-Term Fixed Income | 10.2 | 5.0 | 5.2 | -0.1 |
| Medium-Term Fixed Income | 2.0 | 1.4 | 0.6 | 0.8 |
| Preferred | 3.1 | 3.1 | - | 3.1 |
| Short-Term Fixed Income | 8.8 | 8.4 | 0.4 | 8.0 |
| US Equity | 86.6 | 57.3 | 29.2 | 28.1 |

---

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

# Goldman Sachs Absolute Return Tracker Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N246-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Absolute Return Tracker Fund

# GCRTX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the "Fund") for the period of January 1, 2025 to December 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 | 1.76% |

---

## How did the Fund perform and what affected its performance?
Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

* The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. 

* On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.

* The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund's allocation, contributed most positively to the Fund's absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains. 

* The relative value hedge fund sub-strategy was the second biggest contributor to the Fund's absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively. 

* The Fund's macro hedge fund sub-strategy contributed to the Fund's absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.

* The Fund's event-driven hedge fund sub-strategy contributed positively to the Fund's absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains. 

Top Detractors from Performance:

* Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.

* Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.

* Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor. 

* Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

# Goldman Sachs Absolute Return Tracker 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](g45629g28p35.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **ICE BofAML Three Month U.S. Treasury Bill Index** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $9900 | $10000 | $10000 | $10000 |
| **12/16** | $10259 | $10363 | $10033 | $10751 |
| **12/17** | $10885 | $10995 | $10119 | $13159 |
| **12/18** | $10493 | $10599 | $10308 | $12013 |
| **12/19** | $11510 | $11626 | $10543 | $15337 |
| **12/20** | $11791 | $11910 | $10613 | $17776 |
| **12/21** | $12417 | $12543 | $10619 | $21654 |
| **12/22** | $11519 | $11636 | $10773 | $17726 |
| **12/23** | $12608 | $12735 | $11314 | $21942 |
| **12/24** | $13361 | $13496 | $11908 | $26039 |
| **12/25** | $14488 | $14635 | $12405 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 8.44% | 4.20% | 3.88% |
| Class C including sales charges | 7.42% | 4.20% | 3.88% |
| ICE BofAML Three Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**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 Absolute Return Tracker Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5560131787 |
| # of Portfolio Holdings as of Period End | 3137 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $29881927 |

---

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 152.5 | 88.6 | 63.9 | 24.6 |
| Commodities | 3.5 | 1.9 | 1.6 | 0.4 |
| Convertible Securities | 2.4 | 2.4 | - | 2.4 |
| Credit | 14.5 | 14.5 | - | 14.5 |
| Developed Markets Currency | 2.7 | 1.3 | 1.4 | -0.1 |
| Developed Markets Equity Volatility | 7.5 | 1.8 | 5.7 | -3.9 |
| Developed Markets ex US Equity | 14.8 | 12.2 | 2.6 | 9.6 |
| Developed markets FI volatility | 1.5 | 1.5 | - | 1.5 |
| Emerging Markets Currency | 3.8 | 2.0 | 1.7 | 0.3 |
| Emerging Markets Equity | 8.4 | 8.4 | - | 8.4 |
| Global Real Estate | 0.2 | 0.2 | - | 0.2 |
| Interest rate | 0.8 | 0.2 | 0.6 | -0.5 |
| Long-Term Fixed Income | 10.2 | 5.0 | 5.2 | -0.1 |
| Medium-Term Fixed Income | 2.0 | 1.4 | 0.6 | 0.8 |
| Preferred | 3.1 | 3.1 | - | 3.1 |
| Short-Term Fixed Income | 8.8 | 8.4 | 0.4 | 8.0 |
| US Equity | 86.6 | 57.3 | 29.2 | 28.1 |

---

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

# Goldman Sachs Absolute Return Tracker Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N238-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Absolute Return Tracker Fund

# GSGPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the "Fund") for the period of January 1, 2025 to December 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 | $67 | 0.64% |

---

## How did the Fund perform and what affected its performance?
Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

* The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. 

* On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.

* The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund's allocation, contributed most positively to the Fund's absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains. 

* The relative value hedge fund sub-strategy was the second biggest contributor to the Fund's absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively. 

* The Fund's macro hedge fund sub-strategy contributed to the Fund's absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.

* The Fund's event-driven hedge fund sub-strategy contributed positively to the Fund's absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains. 

Top Detractors from Performance:

* Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.

* Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.

* Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor. 

* Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

# Goldman Sachs Absolute Return Tracker 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](g45629g48t63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofAML Three Month U.S. Treasury Bill Index** | **MSCI World Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **12/18** | $9683 | $10144 | $9021 |
| **12/19** | $10741 | $10375 | $11518 |
| **12/20** | $11130 | $10444 | $13349 |
| **12/21** | $11851 | $10449 | $16262 |
| **12/22** | $11121 | $10601 | $13311 |
| **12/23** | $12314 | $11133 | $16478 |
| **12/24** | $13196 | $11717 | $19554 |
| **12/25** | $14478 | $12207 | $23679 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 9.71% | 5.40% | 4.91% |
| ICE BofAML Three Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.62% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 11.82% |

---

**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 Absolute Return Tracker Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5560131787 |
| # of Portfolio Holdings as of Period End | 3137 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $29881927 |

---

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 152.5 | 88.6 | 63.9 | 24.6 |
| Commodities | 3.5 | 1.9 | 1.6 | 0.4 |
| Convertible Securities | 2.4 | 2.4 | - | 2.4 |
| Credit | 14.5 | 14.5 | - | 14.5 |
| Developed Markets Currency | 2.7 | 1.3 | 1.4 | -0.1 |
| Developed Markets Equity Volatility | 7.5 | 1.8 | 5.7 | -3.9 |
| Developed Markets ex US Equity | 14.8 | 12.2 | 2.6 | 9.6 |
| Developed markets FI volatility | 1.5 | 1.5 | - | 1.5 |
| Emerging Markets Currency | 3.8 | 2.0 | 1.7 | 0.3 |
| Emerging Markets Equity | 8.4 | 8.4 | - | 8.4 |
| Global Real Estate | 0.2 | 0.2 | - | 0.2 |
| Interest rate | 0.8 | 0.2 | 0.6 | -0.5 |
| Long-Term Fixed Income | 10.2 | 5.0 | 5.2 | -0.1 |
| Medium-Term Fixed Income | 2.0 | 1.4 | 0.6 | 0.8 |
| Preferred | 3.1 | 3.1 | - | 3.1 |
| Short-Term Fixed Income | 8.8 | 8.4 | 0.4 | 8.0 |
| US Equity | 86.6 | 57.3 | 29.2 | 28.1 |

---

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

# Goldman Sachs Absolute Return Tracker Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38150B202-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Absolute Return Tracker Fund

# GRRTX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the "Fund") for the period of January 1, 2025 to December 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 | $132 | 1.26% |

---

## How did the Fund perform and what affected its performance?
Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

* The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. 

* On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.

* The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund's allocation, contributed most positively to the Fund's absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains. 

* The relative value hedge fund sub-strategy was the second biggest contributor to the Fund's absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively. 

* The Fund's macro hedge fund sub-strategy contributed to the Fund's absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.

* The Fund's event-driven hedge fund sub-strategy contributed positively to the Fund's absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains. 

Top Detractors from Performance:

* Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.

* Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.

* Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor. 

* Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

# Goldman Sachs Absolute Return Tracker 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](g45629g31w90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **ICE BofAML Three Month U.S. Treasury Bill Index** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10420 | $10033 | $10751 |
| **12/17** | $11122 | $10119 | $13159 |
| **12/18** | $10774 | $10308 | $12013 |
| **12/19** | $11858 | $10543 | $15337 |
| **12/20** | $12222 | $10613 | $17776 |
| **12/21** | $12922 | $10619 | $21654 |
| **12/22** | $12045 | $10773 | $17726 |
| **12/23** | $13263 | $11314 | $21942 |
| **12/24** | $14112 | $11908 | $26039 |
| **12/25** | $15400 | $12405 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 9.13% | 4.73% | 4.41% |
| ICE BofAML Three Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**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 Absolute Return Tracker Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5560131787 |
| # of Portfolio Holdings as of Period End | 3137 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $29881927 |

---

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 152.5 | 88.6 | 63.9 | 24.6 |
| Commodities | 3.5 | 1.9 | 1.6 | 0.4 |
| Convertible Securities | 2.4 | 2.4 | - | 2.4 |
| Credit | 14.5 | 14.5 | - | 14.5 |
| Developed Markets Currency | 2.7 | 1.3 | 1.4 | -0.1 |
| Developed Markets Equity Volatility | 7.5 | 1.8 | 5.7 | -3.9 |
| Developed Markets ex US Equity | 14.8 | 12.2 | 2.6 | 9.6 |
| Developed markets FI volatility | 1.5 | 1.5 | - | 1.5 |
| Emerging Markets Currency | 3.8 | 2.0 | 1.7 | 0.3 |
| Emerging Markets Equity | 8.4 | 8.4 | - | 8.4 |
| Global Real Estate | 0.2 | 0.2 | - | 0.2 |
| Interest rate | 0.8 | 0.2 | 0.6 | -0.5 |
| Long-Term Fixed Income | 10.2 | 5.0 | 5.2 | -0.1 |
| Medium-Term Fixed Income | 2.0 | 1.4 | 0.6 | 0.8 |
| Preferred | 3.1 | 3.1 | - | 3.1 |
| Short-Term Fixed Income | 8.8 | 8.4 | 0.4 | 8.0 |
| US Equity | 86.6 | 57.3 | 29.2 | 28.1 |

---

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

# Goldman Sachs Absolute Return Tracker Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N121-AR-1225

# Class R
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Absolute Return Tracker Fund

# GARUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the "Fund") for the period of January 1, 2025 to December 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 | $67 | 0.64% |

---

## How did the Fund perform and what affected its performance?
Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

* The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. 

* On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.

* The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund's allocation, contributed most positively to the Fund's absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains. 

* The relative value hedge fund sub-strategy was the second biggest contributor to the Fund's absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively. 

* The Fund's macro hedge fund sub-strategy contributed to the Fund's absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.

* The Fund's event-driven hedge fund sub-strategy contributed positively to the Fund's absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains. 

Top Detractors from Performance:

* Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.

* Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.

* Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor. 

* Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

# Goldman Sachs Absolute Return Tracker 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](g45629g44o12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofAML Three Month U.S. Treasury Bill Index** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10486 | $10033 | $10751 |
| **12/17** | $11258 | $10119 | $13159 |
| **12/18** | $10981 | $10308 | $12013 |
| **12/19** | $12169 | $10543 | $15337 |
| **12/20** | $12622 | $10613 | $17776 |
| **12/21** | $13427 | $10619 | $21654 |
| **12/22** | $12598 | $10773 | $17726 |
| **12/23** | $13952 | $11314 | $21942 |
| **12/24** | $14938 | $11908 | $26039 |
| **12/25** | $16393 | $12405 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 9.74% | 5.37% | 5.06% |
| ICE BofAML Three Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**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 Absolute Return Tracker Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5560131787 |
| # of Portfolio Holdings as of Period End | 3137 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $29881927 |

---

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 152.5 | 88.6 | 63.9 | 24.6 |
| Commodities | 3.5 | 1.9 | 1.6 | 0.4 |
| Convertible Securities | 2.4 | 2.4 | - | 2.4 |
| Credit | 14.5 | 14.5 | - | 14.5 |
| Developed Markets Currency | 2.7 | 1.3 | 1.4 | -0.1 |
| Developed Markets Equity Volatility | 7.5 | 1.8 | 5.7 | -3.9 |
| Developed Markets ex US Equity | 14.8 | 12.2 | 2.6 | 9.6 |
| Developed markets FI volatility | 1.5 | 1.5 | - | 1.5 |
| Emerging Markets Currency | 3.8 | 2.0 | 1.7 | 0.3 |
| Emerging Markets Equity | 8.4 | 8.4 | - | 8.4 |
| Global Real Estate | 0.2 | 0.2 | - | 0.2 |
| Interest rate | 0.8 | 0.2 | 0.6 | -0.5 |
| Long-Term Fixed Income | 10.2 | 5.0 | 5.2 | -0.1 |
| Medium-Term Fixed Income | 2.0 | 1.4 | 0.6 | 0.8 |
| Preferred | 3.1 | 3.1 | - | 3.1 |
| Short-Term Fixed Income | 8.8 | 8.4 | 0.4 | 8.0 |
| US Equity | 86.6 | 57.3 | 29.2 | 28.1 |

---

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

# Goldman Sachs Absolute Return Tracker Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38147X325-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Absolute Return Tracker Fund

# GJRTX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the "Fund") for the period of January 1, 2025 to December 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 | $68 | 0.65% |

---

## How did the Fund perform and what affected its performance?
Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

* The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. 

* On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.

* The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund's allocation, contributed most positively to the Fund's absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains. 

* The relative value hedge fund sub-strategy was the second biggest contributor to the Fund's absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively. 

* The Fund's macro hedge fund sub-strategy contributed to the Fund's absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.

* The Fund's event-driven hedge fund sub-strategy contributed positively to the Fund's absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains. 

Top Detractors from Performance:

* Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.

* Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.

* Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor. 

* Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

# Goldman Sachs Absolute Return Tracker 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](g45629g28v41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofAML Three Month U.S. Treasury Bill Index** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1048400 | $1003271 | $1075105 |
| **12/17** | $1126611 | $1011859 | $1315932 |
| **12/18** | $1098783 | $1030826 | $1201295 |
| **12/19** | $1218661 | $1054316 | $1533694 |
| **12/20** | $1262654 | $1061349 | $1777589 |
| **12/21** | $1344474 | $1061871 | $2165410 |
| **12/22** | $1260176 | $1077326 | $1772570 |
| **12/23** | $1396653 | $1131354 | $2194214 |
| **12/24** | $1494977 | $1190771 | $2603894 |
| **12/25** | $1640139 | $1240514 | $3153162 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 9.71% | 5.37% | 5.07% |
| ICE BofAML Three Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**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 Absolute Return Tracker Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5560131787 |
| # of Portfolio Holdings as of Period End | 3137 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $29881927 |

---

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 152.5 | 88.6 | 63.9 | 24.6 |
| Commodities | 3.5 | 1.9 | 1.6 | 0.4 |
| Convertible Securities | 2.4 | 2.4 | - | 2.4 |
| Credit | 14.5 | 14.5 | - | 14.5 |
| Developed Markets Currency | 2.7 | 1.3 | 1.4 | -0.1 |
| Developed Markets Equity Volatility | 7.5 | 1.8 | 5.7 | -3.9 |
| Developed Markets ex US Equity | 14.8 | 12.2 | 2.6 | 9.6 |
| Developed markets FI volatility | 1.5 | 1.5 | - | 1.5 |
| Emerging Markets Currency | 3.8 | 2.0 | 1.7 | 0.3 |
| Emerging Markets Equity | 8.4 | 8.4 | - | 8.4 |
| Global Real Estate | 0.2 | 0.2 | - | 0.2 |
| Interest rate | 0.8 | 0.2 | 0.6 | -0.5 |
| Long-Term Fixed Income | 10.2 | 5.0 | 5.2 | -0.1 |
| Medium-Term Fixed Income | 2.0 | 1.4 | 0.6 | 0.8 |
| Preferred | 3.1 | 3.1 | - | 3.1 |
| Short-Term Fixed Income | 8.8 | 8.4 | 0.4 | 8.0 |
| US Equity | 86.6 | 57.3 | 29.2 | 28.1 |

---

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

# Goldman Sachs Absolute Return Tracker Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N220-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Absolute Return Tracker Fund

# GSRTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Absolute Return Tracker Fund (the "Fund") for the period of January 1, 2025 to December 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 | $80 | 0.76% |

---

## How did the Fund perform and what affected its performance?
Virtually all asset classes were impacted by U.S. monetary policy, inflation expectations, tariffs, AI, geopolitics, and commodity and currency movements. Hedge funds generally posted positive returns, led by equity long/short strategies. Relative value, global macro and event-driven hedge fund strategies also performed well.

Top Contributors to Performance:

* The Fund is designed to follow the performance of the hedge fund industry with potentially lower fees and daily liquidity. During the Period, the Fund achieved its objective by delivering similar performance both at an aggregate and style level. Contributors and detractors aligned with the performance of private hedge funds with comparable volatility during the Period. It should be noted that during periods of significant market drawdowns, there can be some additional deviation between public and private market assets. 

* On an absolute basis, all four hedge fund sub-strategies contributed positively to performance.

* The equity long/short hedge fund sub-strategy, which represented approximately 45% of the Fund's allocation, contributed most positively to the Fund's absolute return, with exposures linked to global equity beta selection, hedged emerging markets, and quality-, momentum-, U.S. technology- and U.S. health care-oriented strategies driving the strongest gains. 

* The relative value hedge fund sub-strategy was the second biggest contributor to the Fund's absolute return. Diversified allocations to global investment grade and high yield credit, global senior loans, U.S. convertible bonds and TIPS contributed positively. 

* The Fund's macro hedge fund sub-strategy contributed to the Fund's absolute return, albeit more modestly. Trend models focused on developed market equity versus volatility, directional equity-bond, and slow commodity trend following added value.

* The Fund's event-driven hedge fund sub-strategy contributed positively to the Fund's absolute return. Strategies centered on investment grade and high yield global bonds, global senior loans and global merger arbitrage generated gains. 

Top Detractors from Performance:

* Within the equity long/short hedge fund sub-strategy, exposures to the materials sector and hedged energy exposures, together with certain growth exposures, modestly detracted.

* Within the relative value hedge fund sub-strategy, exposures to select mid-capitalization names struggled.

* Within the macro hedge fund sub-strategy, cross-asset trend-following strategies were the largest detractor. 

* Within the event-driven hedge fund sub-strategy, there were no notable detractors during the Period.

# Goldman Sachs Absolute Return Tracker 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](g45629g68o82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofAML Three Month U.S. Treasury Bill Index** | **MSCI World Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10477 | $10033 | $10751 |
| **12/17** | $11237 | $10119 | $13159 |
| **12/18** | $10947 | $10308 | $12013 |
| **12/19** | $12114 | $10543 | $15337 |
| **12/20** | $12544 | $10613 | $17776 |
| **12/21** | $13340 | $10619 | $21654 |
| **12/22** | $12490 | $10773 | $17726 |
| **12/23** | $13824 | $11314 | $21942 |
| **12/24** | $14782 | $11908 | $26039 |
| **12/25** | $16194 | $12405 | $31532 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 9.55% | 5.24% | 4.94% |
| ICE BofAML Three Month U.S. Treasury Bill Index | 4.18% | 3.17% | 2.18% |
| MSCI World Index (Net, USD, Unhedged) | 21.09% | 12.14% | 12.16% |

---

**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 Absolute Return Tracker Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5560131787 |
| # of Portfolio Holdings as of Period End | 3137 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $29881927 |

---

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

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash and Short-Term Investments | 152.5 | 88.6 | 63.9 | 24.6 |
| Commodities | 3.5 | 1.9 | 1.6 | 0.4 |
| Convertible Securities | 2.4 | 2.4 | - | 2.4 |
| Credit | 14.5 | 14.5 | - | 14.5 |
| Developed Markets Currency | 2.7 | 1.3 | 1.4 | -0.1 |
| Developed Markets Equity Volatility | 7.5 | 1.8 | 5.7 | -3.9 |
| Developed Markets ex US Equity | 14.8 | 12.2 | 2.6 | 9.6 |
| Developed markets FI volatility | 1.5 | 1.5 | - | 1.5 |
| Emerging Markets Currency | 3.8 | 2.0 | 1.7 | 0.3 |
| Emerging Markets Equity | 8.4 | 8.4 | - | 8.4 |
| Global Real Estate | 0.2 | 0.2 | - | 0.2 |
| Interest rate | 0.8 | 0.2 | 0.6 | -0.5 |
| Long-Term Fixed Income | 10.2 | 5.0 | 5.2 | -0.1 |
| Medium-Term Fixed Income | 2.0 | 1.4 | 0.6 | 0.8 |
| Preferred | 3.1 | 3.1 | - | 3.1 |
| Short-Term Fixed Income | 8.8 | 8.4 | 0.4 | 8.0 |
| US Equity | 86.6 | 57.3 | 29.2 | 28.1 |

---

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

# Goldman Sachs Absolute Return Tracker Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Absolute Return Tracker Fund

# 38145N113-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Commodity Strategy Fund

# GSCAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the "Fund") for the period of January 1, 2025 to December 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 | $100 | 0.93% |

---

## How did the Fund perform and what affected its performance?
Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China's economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

* The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock. 

* In energy, the Fund's underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis. 

* In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence. 

* In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%. 

* In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%. 

* In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain. 

* The Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund's exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.

* In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.

* Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.

* In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted. 

* In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.

* In precious metals, underweights to gold and silver dampened results.

# Goldman Sachs Commodity Strategy 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](g45629g15x95.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **BCOM (Gross, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $9550 | $10000 | $10000 | $10000 |
| **12/16** | $10690 | $11194 | $11177 | $11196 |
| **12/17** | $11111 | $11635 | $11367 | $13640 |
| **12/18** | $9426 | $9870 | $10089 | $13042 |
| **12/19** | $10963 | $11480 | $10865 | $17149 |
| **12/20** | $8419 | $8815 | $10525 | $20304 |
| **12/21** | $11199 | $11727 | $13379 | $26132 |
| **12/22** | $12920 | $13528 | $15532 | $21399 |
| **12/23** | $11634 | $12182 | $14303 | $27025 |
| **12/24** | $12274 | $12852 | $15072 | $33786 |
| **12/25** | $14103 | $14767 | $17450 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 14.90% | 10.86% | 3.97% |
| Class A including sales charges | 9.68% | 9.84% | 3.50% |
| BCOM (Gross, USD, Unhedged) | 15.77% | 10.63% | 5.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Commodity Strategy Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $337225710 |
| # of Portfolio Holdings as of Period End | 73 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1659455 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund's average daily net assets.

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 34.3 | 29.3 | -5.0 | 24.3 |
| Agriculture | 28.7 | 28.0 | -0.7 | 27.3 |
| Precious Metals | 28.2 | 28.2 | - | 28.2 |
| Industrial Metals | 16.1 | 15.7 | -0.4 | 15.2 |
| Livestock | 5.0 | 5.0 |  | 5.0 |

---

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

# Goldman Sachs Commodity Strategy Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

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**.**© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38143H373-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Commodity Strategy Fund

# GSCCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the "Fund") for the period of January 1, 2025 to December 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 | $180 | 1.68% |

---

## How did the Fund perform and what affected its performance?
Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China's economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

* The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock. 

* In energy, the Fund's underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis. 

* In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence. 

* In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%. 

* In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%. 

* In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain. 

* The Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund's exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.

* In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.

* Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.

* In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted. 

* In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.

* In precious metals, underweights to gold and silver dampened results.

# Goldman Sachs Commodity Strategy 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](g45629g57s84.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **BCOM (Gross, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $9900 | $10000 | $10000 | $10000 |
| **12/16** | $10995 | $11106 | $11177 | $11196 |
| **12/17** | $11342 | $11457 | $11367 | $13640 |
| **12/18** | $9546 | $9642 | $10089 | $13042 |
| **12/19** | $11029 | $11141 | $10865 | $17149 |
| **12/20** | $8401 | $8486 | $10525 | $20304 |
| **12/21** | $11093 | $11205 | $13379 | $26132 |
| **12/22** | $12702 | $12830 | $15532 | $21399 |
| **12/23** | $11358 | $11473 | $14303 | $27025 |
| **12/24** | $11890 | $12010 | $15072 | $33786 |
| **12/25** | $13557 | $13694 | $17450 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 14.02% | 10.04% | 3.19% |
| Class C including sales charges | 12.88% | 10.04% | 3.19% |
| BCOM (Gross, USD, Unhedged) | 15.77% | 10.63% | 5.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Commodity Strategy Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $337225710 |
| # of Portfolio Holdings as of Period End | 73 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1659455 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund's average daily net assets.

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 34.3 | 29.3 | -5.0 | 24.3 |
| Agriculture | 28.7 | 28.0 | -0.7 | 27.3 |
| Precious Metals | 28.2 | 28.2 | - | 28.2 |
| Industrial Metals | 16.1 | 15.7 | -0.4 | 15.2 |
| Livestock | 5.0 | 5.0 |  | 5.0 |

---

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

# Goldman Sachs Commodity Strategy Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

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**.**© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38143H365-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Commodity Strategy Fund

# GGRPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the "Fund") for the period of January 1, 2025 to December 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 | $63 | 0.59% |

---

## How did the Fund perform and what affected its performance?
Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China's economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

* The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock. 

* In energy, the Fund's underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis. 

* In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence. 

* In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%. 

* In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%. 

* In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain. 

* The Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund's exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.

* In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.

* Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.

* In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted. 

* In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.

* In precious metals, underweights to gold and silver dampened results.

# Goldman Sachs Commodity Strategy 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](g45629g55l20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **BCOM (Gross, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **12/18** | $8169 | $8749 | $9394 |
| **12/19** | $9536 | $9422 | $12351 |
| **12/20** | $7352 | $9127 | $14624 |
| **12/21** | $9812 | $11602 | $18822 |
| **12/22** | $11366 | $13469 | $15413 |
| **12/23** | $10261 | $12403 | $19465 |
| **12/24** | $10865 | $13070 | $24335 |
| **12/25** | $12519 | $15132 | $28686 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 15.23% | 11.23% | 2.96% |
| BCOM (Gross, USD, Unhedged) | 15.77% | 10.63% | 5.52% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.64% |

---

**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 Commodity Strategy Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $337225710 |
| # of Portfolio Holdings as of Period End | 73 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1659455 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund's average daily net assets.

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 34.3 | 29.3 | -5.0 | 24.3 |
| Agriculture | 28.7 | 28.0 | -0.7 | 27.3 |
| Precious Metals | 28.2 | 28.2 | - | 28.2 |
| Industrial Metals | 16.1 | 15.7 | -0.4 | 15.2 |
| Livestock | 5.0 | 5.0 |  | 5.0 |

---

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

# Goldman Sachs Commodity Strategy Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

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**.**© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38150B707-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Commodity Strategy Fund

# GCCRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the "Fund") for the period of January 1, 2025 to December 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 | $127 | 1.18% |

---

## How did the Fund perform and what affected its performance?
Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China's economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

* The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock. 

* In energy, the Fund's underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis. 

* In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence. 

* In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%. 

* In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%. 

* In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain. 

* The Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund's exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.

* In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.

* Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.

* In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted. 

* In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.

* In precious metals, underweights to gold and silver dampened results.

# Goldman Sachs Commodity Strategy 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](g45629g03p67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **BCOM (Gross, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11163 | $11177 | $11196 |
| **12/17** | $11565 | $11367 | $13640 |
| **12/18** | $9784 | $10089 | $13042 |
| **12/19** | $11360 | $10865 | $17149 |
| **12/20** | $8700 | $10525 | $20304 |
| **12/21** | $11547 | $13379 | $26132 |
| **12/22** | $13287 | $15532 | $21399 |
| **12/23** | $11933 | $14303 | $27025 |
| **12/24** | $12561 | $15072 | $33786 |
| **12/25** | $14391 | $17450 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 14.57% | 10.58% | 3.70% |
| BCOM (Gross, USD, Unhedged) | 15.77% | 10.63% | 5.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Commodity Strategy Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $337225710 |
| # of Portfolio Holdings as of Period End | 73 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1659455 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund's average daily net assets.

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 34.3 | 29.3 | -5.0 | 24.3 |
| Agriculture | 28.7 | 28.0 | -0.7 | 27.3 |
| Precious Metals | 28.2 | 28.2 | - | 28.2 |
| Industrial Metals | 16.1 | 15.7 | -0.4 | 15.2 |
| Livestock | 5.0 | 5.0 |  | 5.0 |

---

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

# Goldman Sachs Commodity Strategy Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

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**.**© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38145N394-AR-1225

# Class R
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Commodity Strategy Fund

# GCCUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the "Fund") for the period of January 1, 2025 to December 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 | $64 | 0.59% |

---

## How did the Fund perform and what affected its performance?
Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China's economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

* The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock. 

* In energy, the Fund's underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis. 

* In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence. 

* In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%. 

* In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%. 

* In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain. 

* The Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund's exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.

* In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.

* Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.

* In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted. 

* In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.

* In precious metals, underweights to gold and silver dampened results.

# Goldman Sachs Commodity Strategy 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](g45629g00r86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **BCOM (Gross, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11228 | $11177 | $11196 |
| **12/17** | $11710 | $11367 | $13640 |
| **12/18** | $9958 | $10089 | $13042 |
| **12/19** | $11638 | $10865 | $17149 |
| **12/20** | $8965 | $10525 | $20304 |
| **12/21** | $11962 | $13379 | $26132 |
| **12/22** | $13857 | $15532 | $21399 |
| **12/23** | $12512 | $14303 | $27025 |
| **12/24** | $13246 | $15072 | $33786 |
| **12/25** | $15279 | $17450 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 15.35% | 11.25% | 4.33% |
| BCOM (Gross, USD, Unhedged) | 15.77% | 10.63% | 5.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Commodity Strategy Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $337225710 |
| # of Portfolio Holdings as of Period End | 73 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1659455 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund's average daily net assets.

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 34.3 | 29.3 | -5.0 | 24.3 |
| Agriculture | 28.7 | 28.0 | -0.7 | 27.3 |
| Precious Metals | 28.2 | 28.2 | - | 28.2 |
| Industrial Metals | 16.1 | 15.7 | -0.4 | 15.2 |
| Livestock | 5.0 | 5.0 |  | 5.0 |

---

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

# Goldman Sachs Commodity Strategy Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

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**.**© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38147X317-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Commodity Strategy Fund

# GCCIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the "Fund") for the period of January 1, 2025 to December 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 | $65 | 0.60% |

---

## How did the Fund perform and what affected its performance?
Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China's economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

* The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock. 

* In energy, the Fund's underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis. 

* In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence. 

* In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%. 

* In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%. 

* In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain. 

* The Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund's exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.

* In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.

* Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.

* In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted. 

* In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.

* In precious metals, underweights to gold and silver dampened results.

# Goldman Sachs Commodity Strategy 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](g45629g11k49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **BCOM (Gross, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1123600 | $1117667 | $1119599 |
| **12/17** | $1171690 | $1136714 | $1364025 |
| **12/18** | $997225 | $1008885 | $1304222 |
| **12/19** | $1164460 | $1086478 | $1714874 |
| **12/20** | $896401 | $1052538 | $2030390 |
| **12/21** | $1196875 | $1337873 | $2613222 |
| **12/22** | $1385383 | $1553179 | $2139945 |
| **12/23** | $1251694 | $1430283 | $2702486 |
| **12/24** | $1325293 | $1507243 | $3378640 |
| **12/25** | $1527533 | $1744967 | $3982741 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 15.26% | 11.24% | 4.32% |
| BCOM (Gross, USD, Unhedged) | 15.77% | 10.63% | 5.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Commodity Strategy Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $337225710 |
| # of Portfolio Holdings as of Period End | 73 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1659455 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund's average daily net assets.

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 34.3 | 29.3 | -5.0 | 24.3 |
| Agriculture | 28.7 | 28.0 | -0.7 | 27.3 |
| Precious Metals | 28.2 | 28.2 | - | 28.2 |
| Industrial Metals | 16.1 | 15.7 | -0.4 | 15.2 |
| Livestock | 5.0 | 5.0 |  | 5.0 |

---

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

# Goldman Sachs Commodity Strategy Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

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**.**© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38143H381-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Commodity Strategy Fund

# GCCTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Commodity Strategy Fund (the "Fund") for the period of January 1, 2025 to December 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 | $73 | 0.68% |

---

## How did the Fund perform and what affected its performance?
Aggressive U.S. trade policies, tariffs, deregulation, supply/demand shocks and constraints, U.S. and international monetary policy, currency dynamics, China's economic trajectory, geopolitical developments and weather anomalies led to bifurcated commodities markets in 2025 wherein gains in metals and livestock offset weakness in energy and agriculture.

Top Contributors to Performance:

* The Fund outperformed the Bloomberg Commodity Index (the "Index") in energy, industrial metals and agriculture and performed in line with the Index in livestock. 

* In energy, the Fund's underweight and deferred positioning in natural gas and an overweight to heating oil contributed positively. Energy was the weakest subsector in the Index, declining 10.4% on a total return basis. 

* In industrial metals, an overweight to aluminum and tactical positioning in copper boosted results. Curve positioning was beneficial in copper, aluminum and lead. The industrials subsector of the Index rose 21.4%, largely fueled by a fourth quarter resurgence. 

* In agriculture, an overweight to coffee and underweights to corn, wheat and soybean meal contributed positively. Agriculture was the second-weakest subsector in the Index, down 2.30%. 

* In livestock, curve positioning in lean hogs added value. Livestock emerged as the second-strongest sub-sector in the Index, up 20.7%. 

* In precious metals, the inclusion of palladium added to relative results. Precious metals was the top performing subsector of the Index, posting an 88.2% gain. 

* The Fund's roll-timing strategies, implemented via exposure to commodity index-linked swaps and commodity futures, had mixed effect on the Fund's returns for the Period overall. The investment team implements a roll-tiring strategy by deviating from the Index roll convention, which occurs during the fifth through ninth business days of each month. During the Period, rolls within the Fund primarily took place in advance of the benchmark (i.e., during the first four business days of each month). Additionally, certain commodities, such as those in the energy sector, were rolled on a more frequent basis than the Index. Further, while the majority of the Fund's exposure is rolled on a controlled schedule, our team continually monitors fundamental and technical developments across all commodity markets and incorporates those views in the Fund's portfolio by electing to roll positions opportunistically.

Top Detractors from Performance:

* The Fund posted double-digit positive absolute returns but underperformed the Index overall, attributable primarily to underperformance in precious metals.

* In energy, overweights to crude oil and RBOB gasoline and an underweight to gasoil detracted. Curve positioning in petroleum also detracted, with the exception of RBOB gasoline.

* Underweights to copper, lead, nickel and zinc detracted in the industrial metals subsector.

* In agriculture, the inclusion of Robusta coffee, cocoa and frozen concentrated orange juice, underweights to soybean oil and soybeans and overweights to cotton and sugar detracted. 

* In livestock, underweights to live cattle and lean hogs and curve positioning in live cattle detracted.

* In precious metals, underweights to gold and silver dampened results.

# Goldman Sachs Commodity Strategy 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](g45629g24c13.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **BCOM (Gross, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11224 | $11177 | $11196 |
| **12/17** | $11682 | $11367 | $13640 |
| **12/18** | $9933 | $10089 | $13042 |
| **12/19** | $11595 | $10865 | $17149 |
| **12/20** | $8922 | $10525 | $20304 |
| **12/21** | $11896 | $13379 | $26132 |
| **12/22** | $13775 | $15532 | $21399 |
| **12/23** | $12427 | $14303 | $27025 |
| **12/24** | $13143 | $15072 | $33786 |
| **12/25** | $15130 | $17450 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 15.12% | 11.13% | 4.23% |
| BCOM (Gross, USD, Unhedged) | 15.77% | 10.63% | 5.72% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Commodity Strategy Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $337225710 |
| # of Portfolio Holdings as of Period End | 73 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1659455 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 30, 2025, the Fund's Investment Adviser agreed to reduce or limit "Other Expenses" (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest expenses on short sales, interest, broker fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.074% of the Fund's average daily net assets.

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

### Sector Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Energy | 34.3 | 29.3 | -5.0 | 24.3 |
| Agriculture | 28.7 | 28.0 | -0.7 | 27.3 |
| Precious Metals | 28.2 | 28.2 | - | 28.2 |
| Industrial Metals | 16.1 | 15.7 | -0.4 | 15.2 |
| Livestock | 5.0 | 5.0 |  | 5.0 |

---

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

# Goldman Sachs Commodity Strategy Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

"Bloomberg" and the "Bloomberg Commodity Index" are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Goldman Sachs. Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does not approve, endorse, review or recommend Goldman Sachs' product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Commodity Index.

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**.**© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Commodity Strategy Fund

# 38145N386-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GAPAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $61 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g44z61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $9450 | $10000 | $10000 |
| **12/16** | $10095 | $10683 | $10786 |
| **12/17** | $12716 | $13456 | $13372 |
| **12/18** | $11267 | $11922 | $12113 |
| **12/19** | $14158 | $14982 | $15335 |
| **12/20** | $16025 | $16958 | $17828 |
| **12/21** | $19241 | $20361 | $21133 |
| **12/22** | $15526 | $16429 | $17252 |
| **12/23** | $18665 | $19751 | $21082 |
| **12/24** | $21903 | $23178 | $24769 |
| **12/25** | $26556 | $28101 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 21.24% | 10.62% | 10.88% |
| Class A including sales charges | 14.60% | 9.38% | 10.25% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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 Dynamic Global Equity Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V571-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GAXCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $143 | 1.30% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g84y38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $9900 | $10000 | $10000 |
| **12/16** | $10491 | $10597 | $10786 |
| **12/17** | $13122 | $13255 | $13372 |
| **12/18** | $11542 | $11659 | $12113 |
| **12/19** | $14396 | $14541 | $15335 |
| **12/20** | $16170 | $16334 | $17828 |
| **12/21** | $19274 | $19468 | $21133 |
| **12/22** | $15436 | $15592 | $17252 |
| **12/23** | $18426 | $18612 | $21082 |
| **12/24** | $21454 | $21670 | $24769 |
| **12/25** | $25815 | $26076 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 20.33% | 9.80% | 10.05% |
| Class C including sales charges | 19.12% | 9.80% | 10.05% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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 Dynamic Global Equity Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V555-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GADPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $20 | 0.18% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g04k78.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 |
| **12/18** | $8720 | $8955 |
| **12/19** | $11004 | $11337 |
| **12/20** | $12501 | $13179 |
| **12/21** | $15069 | $15622 |
| **12/22** | $12206 | $12753 |
| **12/23** | $14734 | $15585 |
| **12/24** | $17349 | $18311 |
| **12/25** | $21109 | $22401 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 21.67% | 11.04% | 10.17% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.02% |

---

**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 Dynamic Global Equity Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38150B814-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GAPRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $88 | 0.80% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g65s72.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10650 | $10786 |
| **12/17** | $13387 | $13372 |
| **12/18** | $11830 | $12113 |
| **12/19** | $14830 | $15335 |
| **12/20** | $16746 | $17828 |
| **12/21** | $20055 | $21133 |
| **12/22** | $16147 | $17252 |
| **12/23** | $19368 | $21082 |
| **12/24** | $22658 | $24769 |
| **12/25** | $27401 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 20.93% | 10.34% | 10.60% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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 Dynamic Global Equity Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class R

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38145N741-AR-1225

# Class R
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GAPUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $20 | 0.18% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g90m12.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10714 | $10786 |
| **12/17** | $13557 | $13372 |
| **12/18** | $12066 | $12113 |
| **12/19** | $15220 | $15335 |
| **12/20** | $17292 | $17828 |
| **12/21** | $20845 | $21133 |
| **12/22** | $16887 | $17252 |
| **12/23** | $20375 | $21082 |
| **12/24** | $23994 | $24769 |
| **12/25** | $29203 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 21.71% | 11.04% | 11.30% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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 Dynamic Global Equity Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38148U403-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GAPIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $21 | 0.19% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g18o50.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $1000000 | $1000000 |
| **12/16** | $1072000 | $1078643 |
| **12/17** | $1355866 | $1337216 |
| **12/18** | $1205771 | $1211325 |
| **12/19** | $1521442 | $1533506 |
| **12/20** | $1728358 | $1782776 |
| **12/21** | $2082672 | $2113255 |
| **12/22** | $1687381 | $1725177 |
| **12/23** | $2035825 | $2108199 |
| **12/24** | $2397184 | $2476895 |
| **12/25** | $2917133 | $3030169 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 21.69% | 11.03% | 11.29% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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 Dynamic Global Equity Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V472-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GAPTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $33 | 0.30% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g40a36.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor Shares** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10701 | $10786 |
| **12/17** | $13521 | $13372 |
| **12/18** | $12009 | $12113 |
| **12/19** | $15128 | $15335 |
| **12/20** | $17167 | $17828 |
| **12/21** | $20662 | $21133 |
| **12/22** | $16720 | $17252 |
| **12/23** | $20151 | $21082 |
| **12/24** | $23703 | $24769 |
| **12/25** | $28804 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 21.52% | 10.90% | 11.15% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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 Dynamic Global Equity Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38145N733-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Dynamic Global Equity Fund

# GAPSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic Global Equity Fund (the "Fund") for the period of January 1, 2025 to December 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 | $76 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. Further boosting sentiment was an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Long-term strategic asset allocation contributed most positively to the Fund's performance versus its benchmark index, the MSCI All Country World Index. Specifically, the Fund was helped by its relative overweight in U.S. equities and non-U.S. developed markets equities. Long-term strategic asset allocation is the process by which we seek to budget or allocate portfolio risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* The Fund benefited from its strategic allocation to real assets, led by exposure to global infrastructure securities and, to a lesser extent, global real estate securities.

* Among underlying funds, the Goldman Sachs International Small Cap Equity Insights Fund and Goldman Sachs International Equity Insights Fund outperformed their respective benchmark indices the most. The Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs ActiveBeta Emerging Markets Equity ETF and Goldman Sachs MarketBeta International Equity ETF also outperformed their respective benchmark indices. 

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Overall, our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, detracted slightly from the Fund's relative returns. Exposures to Euro area, Japanese and U.K. equities, as well as to the U.S. consumer staples sector, dampened performance. 

* Security selection within the underlying funds detracted from the Fund's performance overall. The Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Emerging Markets Equity Insights Fund and Goldman Large Cap Value Insights Fund underperformed their respective benchmark indices most.

# Goldman Sachs Dynamic Global 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](g45629g21s05.jpg)

---

| | | |
|:---|:---|:---|
| | **Service Shares** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 |
| **12/16** | $10668 | $10786 |
| **12/17** | $13419 | $13372 |
| **12/18** | $11879 | $12113 |
| **12/19** | $14907 | $15335 |
| **12/20** | $16856 | $17828 |
| **12/21** | $20211 | $21133 |
| **12/22** | $16292 | $17252 |
| **12/23** | $19565 | $21082 |
| **12/24** | $22918 | $24769 |
| **12/25** | $27743 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 21.05% | 10.47% | 10.73% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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 Dynamic Global Equity Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $441124147 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 36% |
| Total Net Advisory Fees Paid for the Period | $610086 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 55.5% |
| Exchange-Traded Funds | 38.2% |
| Investment Companies | 2.3% |

---

# Goldman Sachs Dynamic Global Equity Fund

# Service Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Dynamic Global Equity Fund

# 38142V464-AR-1225

# Service Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

# GIDAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $136 | 1.19% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. The market advance was supported by an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund's returns versus its benchmark, the MSCI EAFE Index (Index).

* The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.

* Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.

* The Fund's dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* On the sector level, stock selection in real estate detracted from the Fund's relative performance.

* In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund's positioning.

# Goldman Sachs International Equity Dividend and Premium 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](g45629g82o71.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $9450 | $10000 | $10000 | $10000 |
| **12/16** | $9512 | $10066 | $10209 | $10100 |
| **12/17** | $11734 | $12417 | $10964 | $12628 |
| **12/18** | $10169 | $10761 | $10832 | $10887 |
| **12/19** | $11635 | $12313 | $11573 | $13284 |
| **12/20** | $11744 | $12427 | $12637 | $14322 |
| **12/21** | $12794 | $13538 | $12042 | $15935 |
| **12/22** | $11477 | $12145 | $10085 | $13632 |
| **12/23** | $13303 | $14077 | $10662 | $16118 |
| **12/24** | $12967 | $13721 | $10482 | $16735 |
| **12/25** | $16745 | $17720 | $11338 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 29.14% | 7.35% | 5.88% |
| Class A including sales charges | 22.11% | 6.13% | 5.29% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) | 8.17% | -2.14% | 1.26% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

**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 Dividend and Premium Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $152534131 |
| # of Portfolio Holdings as of Period End | 277 |
| Portfolio Turnover Rate for the Period | 16% |
| Total Net Advisory Fees Paid for the Period | $1192812 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 26.5% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.6% |
| Consumer Staples | 6.6% |
| Materials | 5.8% |
| Communication Services | 5.0% |
| Utilities | 4.5% |
| Other | 4.5% |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38144N486-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

# GIDCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $223 | 1.95% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. The market advance was supported by an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund's returns versus its benchmark, the MSCI EAFE Index (Index).

* The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.

* Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.

* The Fund's dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* On the sector level, stock selection in real estate detracted from the Fund's relative performance.

* In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund's positioning.

# Goldman Sachs International Equity Dividend and Premium 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](g45629g19h02.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $9900 | $10000 | $10000 | $10000 |
| **12/16** | $9879 | $9979 | $10209 | $10100 |
| **12/17** | $12102 | $12224 | $10964 | $12628 |
| **12/18** | $10407 | $10512 | $10832 | $10887 |
| **12/19** | $11816 | $11935 | $11573 | $13284 |
| **12/20** | $11837 | $11956 | $12637 | $14322 |
| **12/21** | $12810 | $12939 | $12042 | $15935 |
| **12/22** | $11402 | $11517 | $10085 | $13632 |
| **12/23** | $13111 | $13244 | $10662 | $16118 |
| **12/24** | $12686 | $12815 | $10482 | $16735 |
| **12/25** | $16272 | $16436 | $11338 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 28.26% | 6.57% | 5.09% |
| Class C including sales charges | 27.24% | 6.57% | 5.09% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) | 8.17% | -2.14% | 1.26% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

**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 Dividend and Premium Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $152534131 |
| # of Portfolio Holdings as of Period End | 277 |
| Portfolio Turnover Rate for the Period | 16% |
| Total Net Advisory Fees Paid for the Period | $1192812 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 26.5% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.6% |
| Consumer Staples | 6.6% |
| Materials | 5.8% |
| Communication Services | 5.0% |
| Utilities | 4.5% |
| Other | 4.5% |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38144N478-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

# GGHPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $101 | 0.88% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. The market advance was supported by an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund's returns versus its benchmark, the MSCI EAFE Index (Index).

* The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.

* Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.

* The Fund's dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* On the sector level, stock selection in real estate detracted from the Fund's relative performance.

* In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund's positioning.

# Goldman Sachs International Equity Dividend and Premium 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](g45629g66b51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **12/18** | $8565 | $9742 | $8548 |
| **12/19** | $9835 | $10409 | $10430 |
| **12/20** | $9967 | $11366 | $11245 |
| **12/21** | $10901 | $10831 | $12511 |
| **12/22** | $9814 | $9071 | $10703 |
| **12/23** | $11398 | $9589 | $12655 |
| **12/24** | $11154 | $9427 | $13139 |
| **12/25** | $14457 | $10197 | $17241 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 29.61% | 7.72% | 4.89% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) | 8.17% | -2.14% | 0.25% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 7.32% |

---

**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 Dividend and Premium Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $152534131 |
| # of Portfolio Holdings as of Period End | 277 |
| Portfolio Turnover Rate for the Period | 16% |
| Total Net Advisory Fees Paid for the Period | $1192812 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 26.5% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.6% |
| Consumer Staples | 6.6% |
| Materials | 5.8% |
| Communication Services | 5.0% |
| Utilities | 4.5% |
| Other | 4.5% |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38150B616-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

# GIDUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $101 | 0.88% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. The market advance was supported by an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund's returns versus its benchmark, the MSCI EAFE Index (Index).

* The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.

* Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.

* The Fund's dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* On the sector level, stock selection in real estate detracted from the Fund's relative performance.

* In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund's positioning.

# Goldman Sachs International Equity Dividend and Premium 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](g45629g19u41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **4/30/18** | $10000 | $10000 | $10000 |
| **12/18** | $8675 | $9906 | $8560 |
| **12/19** | $9963 | $10584 | $10444 |
| **12/20** | $10097 | $11557 | $11260 |
| **12/21** | $11044 | $11013 | $12529 |
| **12/22** | $9941 | $9223 | $10718 |
| **12/23** | $11548 | $9750 | $12673 |
| **12/24** | $11301 | $9586 | $13157 |
| **12/25** | $14651 | $10369 | $17265 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced April 30, 2018) | 29.65% | 7.73% | 5.10% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) | 8.17% | -2.14% | 0.47% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 7.37% |

---

**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 International Equity Dividend and Premium Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $152534131 |
| # of Portfolio Holdings as of Period End | 277 |
| Portfolio Turnover Rate for the Period | 16% |
| Total Net Advisory Fees Paid for the Period | $1192812 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 26.5% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.6% |
| Consumer Staples | 6.6% |
| Materials | 5.8% |
| Communication Services | 5.0% |
| Utilities | 4.5% |
| Other | 4.5% |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38150C507-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

# GIDHX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $102 | 0.89% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. The market advance was supported by an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund's returns versus its benchmark, the MSCI EAFE Index (Index).

* The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.

* Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.

* The Fund's dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* On the sector level, stock selection in real estate detracted from the Fund's relative performance.

* In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund's positioning.

# Goldman Sachs International Equity Dividend and Premium 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](g45629g98l92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1009200 | $1020859 | $1010002 |
| **12/17** | $1249894 | $1096351 | $1262849 |
| **12/18** | $1087908 | $1083197 | $1088699 |
| **12/19** | $1249136 | $1157283 | $1328371 |
| **12/20** | $1264001 | $1263681 | $1432193 |
| **12/21** | $1382564 | $1204201 | $1593506 |
| **12/22** | $1244446 | $1008536 | $1363217 |
| **12/23** | $1445424 | $1066175 | $1611840 |
| **12/24** | $1414347 | $1048167 | $1673463 |
| **12/25** | $1833560 | $1133780 | $2195939 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 29.64% | 7.72% | 6.24% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) | 8.17% | -2.14% | 1.26% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

**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 Dividend and Premium Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $152534131 |
| # of Portfolio Holdings as of Period End | 277 |
| Portfolio Turnover Rate for the Period | 16% |
| Total Net Advisory Fees Paid for the Period | $1192812 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 26.5% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.6% |
| Consumer Staples | 6.6% |
| Materials | 5.8% |
| Communication Services | 5.0% |
| Utilities | 4.5% |
| Other | 4.5% |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38144N494-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs International Equity Dividend and Premium Fund

# GIRVX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs International Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $108 | 0.94% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market was volatile but strong amid tariff uncertainty and geopolitical tensions. The market advance was supported by an improving economic outlook in Europe, central bank rate cuts, increased defense spending, rising commodity prices, resilient corporate earnings and enthusiasm for technology/AI.

Top Contributors to Performance:

* Stock selection in the industrials, materials and consumer discretionary sectors contributed positively to the Fund's returns versus its benchmark, the MSCI EAFE Index (Index).

* The Fund benefited from its bias toward stocks with higher dividend yields, as these stocks generally outperformed the Index.

* Regarding individual stock holdings, the Fund was helped by its overweight positions relative to the Index in Intesa Sanpaolo, an Italian international banking group; Phoenix Group Holdings, a U.K.-based long-term savings and retirement business; and Fujikura, a Japan-based electrical equipment manufacturing company. The Fund was overweight all three stocks mainly due to their attractive dividend yield and/or risk metrics.

* The Fund's dividend yield served to enhance its quarterly net income distributions.

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* On the sector level, stock selection in real estate detracted from the Fund's relative performance.

* In terms of individual holdings, the Fund was hurt by its underweight positions versus the Index in Spanish multinational bank Banco Santander and Italian multinational bank UniCredit and by its lack of exposure to Spanish multinational financial services company Banco Bilbao Vizcaya Argentaria. The unattractive dividend yield and/or risk metrics of all three stocks led to the Fund's positioning.

# Goldman Sachs International Equity Dividend and Premium 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](g45629g55r17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged)** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $10096 | $10209 | $10100 |
| **12/17** | $12477 | $10964 | $12628 |
| **12/18** | $10842 | $10832 | $10887 |
| **12/19** | $12437 | $11573 | $13284 |
| **12/20** | $12586 | $12637 | $14322 |
| **12/21** | $13738 | $12042 | $15935 |
| **12/22** | $12352 | $10085 | $13632 |
| **12/23** | $14344 | $10662 | $16118 |
| **12/24** | $14007 | $10482 | $16735 |
| **12/25** | $18169 | $11338 | $21959 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 29.71% | 7.61% | 6.15% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Unhedged) | 8.17% | -2.14% | 1.26% |
| MSCI EAFE Index (Net, USD, Unhedged) | 31.22% | 8.92% | 8.18% |

---

**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 Dividend and Premium Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $152534131 |
| # of Portfolio Holdings as of Period End | 277 |
| Portfolio Turnover Rate for the Period | 16% |
| Total Net Advisory Fees Paid for the Period | $1192812 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 26.5% |
| Industrials | 19.7% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.6% |
| Consumer Staples | 6.6% |
| Materials | 5.8% |
| Communication Services | 5.0% |
| Utilities | 4.5% |
| Other | 4.5% |

---

# Goldman Sachs International Equity Dividend and Premium Fund

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs International Equity Dividend and Premium Fund

# 38145C547-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

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

# GSPAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $107 | 1.00% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile but strong amid tariff uncertainty, mixed economic data, elevated valuations and a government shutdown. The market advance was supported by easing trade tensions, corporate earnings results, better inflation data, resilient consumer spending, AI growth optimism and the Fed's monetary easing.

Top Contributors to Performance:

* Stock selection in the information technology and real estate sectors added to the Fund's performance relative to its benchmark, the S&P 500<sup>®</sup> Index (Index).

* Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund's lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics. 

* The Fund's dividend yield served to enhance its quarterly net income distributions. 

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index. 

* In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund's relative performance. 

* As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

# Goldman Sachs U.S. Equity Dividend and Premium 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](g45629g49k30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $9450 | $10000 | $10000 | $10000 |
| **12/16** | $10656 | $11276 | $10265 | $11196 |
| **12/17** | $12236 | $12948 | $10628 | $13640 |
| **12/18** | $11425 | $12090 | $10630 | $13042 |
| **12/19** | $14238 | $15066 | $11556 | $17149 |
| **12/20** | $16182 | $17124 | $12424 | $20304 |
| **12/21** | $19811 | $20964 | $12232 | $26132 |
| **12/22** | $16871 | $17853 | $10641 | $21399 |
| **12/23** | $20420 | $21609 | $11229 | $27025 |
| **12/24** | $24888 | $26337 | $11369 | $33786 |
| **12/25** | $28263 | $29908 | $12199 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 13.56% | 11.79% | 11.57% |
| Class A including sales charges | 7.34% | 10.53% | 10.94% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Dividend and Premium Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3701649154 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 29% |
| Total Net Advisory Fees Paid for the Period | $22687419 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 35.2% |
| Financials | 12.9% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 7.7% |
| Consumer Staples | 4.9% |
| Energy | 3.6% |
| Utilities | 2.2% |
| Other | 3.3% |

---

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

# Class A

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

The 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

# 38143H712-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

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

# GSPQX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $186 | 1.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile but strong amid tariff uncertainty, mixed economic data, elevated valuations and a government shutdown. The market advance was supported by easing trade tensions, corporate earnings results, better inflation data, resilient consumer spending, AI growth optimism and the Fed's monetary easing.

Top Contributors to Performance:

* Stock selection in the information technology and real estate sectors added to the Fund's performance relative to its benchmark, the S&P 500<sup>®</sup> Index (Index).

* Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund's lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics. 

* The Fund's dividend yield served to enhance its quarterly net income distributions. 

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index. 

* In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund's relative performance. 

* As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

# Goldman Sachs U.S. Equity Dividend and Premium 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](g45629g26l42.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $9900 | $10000 | $10000 | $10000 |
| **12/16** | $11083 | $11195 | $10265 | $11196 |
| **12/17** | $12634 | $12761 | $10628 | $13640 |
| **12/18** | $11701 | $11819 | $10630 | $13042 |
| **12/19** | $14477 | $14623 | $11556 | $17149 |
| **12/20** | $16338 | $16503 | $12424 | $20304 |
| **12/21** | $19848 | $20048 | $12232 | $26132 |
| **12/22** | $16775 | $16945 | $10641 | $21399 |
| **12/23** | $20151 | $20354 | $11229 | $27025 |
| **12/24** | $24374 | $24621 | $11369 | $33786 |
| **12/25** | $27484 | $27762 | $12199 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 12.76% | 10.96% | 10.74% |
| Class C including sales charges | 11.70% | 10.96% | 10.74% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Dividend and Premium Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3701649154 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 29% |
| Total Net Advisory Fees Paid for the Period | $22687419 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 35.2% |
| Financials | 12.9% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 7.7% |
| Consumer Staples | 4.9% |
| Energy | 3.6% |
| Utilities | 2.2% |
| Other | 3.3% |

---

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

# Class C

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

The 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

# 38143H696-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

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

# GSFPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $72 | 0.67% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile but strong amid tariff uncertainty, mixed economic data, elevated valuations and a government shutdown. The market advance was supported by easing trade tensions, corporate earnings results, better inflation data, resilient consumer spending, AI growth optimism and the Fed's monetary easing.

Top Contributors to Performance:

* Stock selection in the information technology and real estate sectors added to the Fund's performance relative to its benchmark, the S&P 500<sup>®</sup> Index (Index).

* Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund's lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics. 

* The Fund's dividend yield served to enhance its quarterly net income distributions. 

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index. 

* In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund's relative performance. 

* As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

# Goldman Sachs U.S. Equity Dividend and Premium 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](g45629g92t18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **12/18** | $9327 | $10225 | $9394 |
| **12/19** | $11665 | $11117 | $12351 |
| **12/20** | $13309 | $11951 | $14624 |
| **12/21** | $16361 | $11767 | $18822 |
| **12/22** | $13974 | $10236 | $15413 |
| **12/23** | $16970 | $10802 | $19465 |
| **12/24** | $20740 | $10937 | $24335 |
| **12/25** | $23644 | $11736 | $28686 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 14.00% | 12.17% | 11.80% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.10% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.64% |

---

**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 Dividend and Premium Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3701649154 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 29% |
| Total Net Advisory Fees Paid for the Period | $22687419 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 35.2% |
| Financials | 12.9% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 7.7% |
| Consumer Staples | 4.9% |
| Energy | 3.6% |
| Utilities | 2.2% |
| Other | 3.3% |

---

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

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

The 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

# 38150B194-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

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

# GIDWX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $72 | 0.67% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile but strong amid tariff uncertainty, mixed economic data, elevated valuations and a government shutdown. The market advance was supported by easing trade tensions, corporate earnings results, better inflation data, resilient consumer spending, AI growth optimism and the Fed's monetary easing.

Top Contributors to Performance:

* Stock selection in the information technology and real estate sectors added to the Fund's performance relative to its benchmark, the S&P 500<sup>®</sup> Index (Index).

* Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund's lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics. 

* The Fund's dividend yield served to enhance its quarterly net income distributions. 

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index. 

* In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund's relative performance. 

* As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

# Goldman Sachs U.S. Equity Dividend and Premium 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](g45629g91k89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **4/30/18** | $10000 | $10000 | $10000 |
| **12/18** | $9522 | $10225 | $9598 |
| **12/19** | $11911 | $11117 | $12620 |
| **12/20** | $13600 | $11951 | $14942 |
| **12/21** | $16708 | $11767 | $19231 |
| **12/22** | $14280 | $10236 | $15748 |
| **12/23** | $17330 | $10802 | $19888 |
| **12/24** | $21197 | $10937 | $24864 |
| **12/25** | $24151 | $11736 | $29309 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced April 30, 2018) | 13.94% | 12.16% | 12.17% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.11% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 15.03% |

---

**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 Dividend and Premium Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3701649154 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 29% |
| Total Net Advisory Fees Paid for the Period | $22687419 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 35.2% |
| Financials | 12.9% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 7.7% |
| Consumer Staples | 4.9% |
| Energy | 3.6% |
| Utilities | 2.2% |
| Other | 3.3% |

---

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

# Class R6

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

The 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

# 38150C804-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

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

# GSPKX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $73 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile but strong amid tariff uncertainty, mixed economic data, elevated valuations and a government shutdown. The market advance was supported by easing trade tensions, corporate earnings results, better inflation data, resilient consumer spending, AI growth optimism and the Fed's monetary easing.

Top Contributors to Performance:

* Stock selection in the information technology and real estate sectors added to the Fund's performance relative to its benchmark, the S&P 500<sup>®</sup> Index (Index).

* Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund's lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics. 

* The Fund's dividend yield served to enhance its quarterly net income distributions. 

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index. 

* In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund's relative performance. 

* As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

# Goldman Sachs U.S. Equity Dividend and Premium 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](g45629g21l05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $1000000 | $1000000 | $1000000 |
| **12/16** | $1132100 | $1026475 | $1119599 |
| **12/17** | $1305425 | $1062831 | $1364025 |
| **12/18** | $1223444 | $1062952 | $1304222 |
| **12/19** | $1530039 | $1155606 | $1714874 |
| **12/20** | $1746692 | $1242353 | $2030390 |
| **12/21** | $2145288 | $1223195 | $2613222 |
| **12/22** | $1833577 | $1064056 | $2139945 |
| **12/23** | $2224863 | $1122886 | $2702486 |
| **12/24** | $2720562 | $1136925 | $3378640 |
| **12/25** | $3100897 | $1219931 | $3982741 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 13.98% | 12.16% | 11.97% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Dividend and Premium Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3701649154 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 29% |
| Total Net Advisory Fees Paid for the Period | $22687419 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 35.2% |
| Financials | 12.9% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 7.7% |
| Consumer Staples | 4.9% |
| Energy | 3.6% |
| Utilities | 2.2% |
| Other | 3.3% |

---

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

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

The 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

# 38143H720-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

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

# GVIRX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Equity Dividend and Premium Fund (the "Fund") for the period of January 1, 2025 to December 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 | $80 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile but strong amid tariff uncertainty, mixed economic data, elevated valuations and a government shutdown. The market advance was supported by easing trade tensions, corporate earnings results, better inflation data, resilient consumer spending, AI growth optimism and the Fed's monetary easing.

Top Contributors to Performance:

* Stock selection in the information technology and real estate sectors added to the Fund's performance relative to its benchmark, the S&P 500<sup>®</sup> Index (Index).

* Among individual holdings, the Fund was helped by its overweight positions versus the Index in Lam Research, a supplier of wafer-fabrication equipment to the semiconductor industry, and Welltower, a real estate investment trust. The Fund's lack of exposure to Fiserv, a financial technology and global commerce company, also added to relative performance. The Fund was overweight Lam Research and Welltower largely because of their attractive dividend yields and/or risk metrics. The Fund did not own Fiserv mostly because of its unattractive dividend yield and/or risk metrics. 

* The Fund's dividend yield served to enhance its quarterly net income distributions. 

Top Detractors from Performance:

* The sale of call options on the Index detracted from the Fund's total return given that the Index appreciated during the Period. Although the Fund retained the premium it received from the sale of the call options, the premiums did not exceed the difference in the value of the Index, as call options were exercised.

* The Fund was hurt by its bias toward stocks with higher dividend yields, as the performance of these stocks generally lagged the Index. 

* In terms of sectors, stock selection in materials and, to a lesser extent, industrials and consumer staples detracted from the Fund's relative performance. 

* As for individual holdings, the Fund was hampered by overweight positions compared to the Index in Dow, which provides materials science solutions for packaging, infrastructure, mobility and consumer applications; LyondellBasell Industries, which manufactures and sells plastics, petrochemicals and basic chemicals; and Paychex, a provider of human resources advisory and employee solutions. The Fund was overweight all three stocks due primarily to their attractive dividend yields and/or risk metrics.

# Goldman Sachs U.S. Equity Dividend and Premium 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](g45629g48t53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **1/1/16** | $10000 | $10000 | $10000 |
| **12/16** | $11296 | $10265 | $11196 |
| **12/17** | $13011 | $10628 | $13640 |
| **12/18** | $12169 | $10630 | $13042 |
| **12/19** | $15211 | $11556 | $17149 |
| **12/20** | $17332 | $12424 | $20304 |
| **12/21** | $21280 | $12232 | $26132 |
| **12/22** | $18173 | $10641 | $21399 |
| **12/23** | $22031 | $11229 | $27025 |
| **12/24** | $26917 | $11369 | $33786 |
| **12/25** | $30656 | $12199 | $39827 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 13.89% | 12.07% | 11.84% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.81% |

---

**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 Dividend and Premium Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $3701649154 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 29% |
| Total Net Advisory Fees Paid for the Period | $22687419 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 35.2% |
| Financials | 12.9% |
| Communication Services | 11.2% |
| Consumer Discretionary | 9.8% |
| Health Care | 9.5% |
| Industrials | 7.7% |
| Consumer Staples | 4.9% |
| Energy | 3.6% |
| Utilities | 2.2% |
| Other | 3.3% |

---

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

# Investor Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

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

The 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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

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

# 38145C513-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GIPAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $58 | 0.55% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g12o74.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $9450 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $9927 | $10505 | $10555 | $10786 | $10395 |
| **12/17** | $11038 | $11681 | $11724 | $13372 | $10710 |
| **12/18** | $10276 | $10875 | $11423 | $12113 | $10899 |
| **12/19** | $11843 | $12532 | $13187 | $15335 | $11795 |
| **12/20** | $13114 | $13878 | $14660 | $17828 | $12453 |
| **12/21** | $14102 | $14923 | $15585 | $21133 | $12280 |
| **12/22** | $12115 | $12820 | $13418 | $17252 | $10902 |
| **12/23** | $13577 | $14368 | $15168 | $21082 | $11681 |
| **12/24** | $14693 | $15549 | $16520 | $24769 | $12078 |
| **12/25** | $16380 | $17334 | $18456 | $30302 | $12665 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 11.48% | 4.54% | 5.65% |
| Class A including sales charges | 5.36% | 3.36% | 5.05% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.31% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38142V688-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GIPCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $137 | 1.30% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g17b47.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $9900 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10321 | $10425 | $10555 | $10786 | $10395 |
| **12/17** | $11384 | $11499 | $11724 | $13372 | $10710 |
| **12/18** | $10521 | $10627 | $11423 | $12113 | $10899 |
| **12/19** | $12025 | $12147 | $13187 | $15335 | $11795 |
| **12/20** | $13220 | $13353 | $14660 | $17828 | $12453 |
| **12/21** | $14109 | $14252 | $15585 | $21133 | $12280 |
| **12/22** | $12035 | $12157 | $13418 | $17252 | $10902 |
| **12/23** | $13388 | $13523 | $15168 | $21082 | $11681 |
| **12/24** | $14373 | $14518 | $16520 | $24769 | $12078 |
| **12/25** | $15913 | $16073 | $18456 | $30302 | $12665 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 10.71% | 3.78% | 4.86% |
| Class C including sales charges | 9.62% | 3.78% | 4.86% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.31% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38142V662-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GAOPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g45p08.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **4/17/18** | $10000 | $10000 | $10000 | $10000 |
| **12/18** | $9333 | $9707 | $8955 | $10193 |
| **12/19** | $10797 | $11207 | $11337 | $11030 |
| **12/20** | $12004 | $12458 | $13179 | $11646 |
| **12/21** | $12958 | $13244 | $15622 | $11484 |
| **12/22** | $11176 | $11403 | $12753 | $10196 |
| **12/23** | $12572 | $12890 | $15585 | $10924 |
| **12/24** | $13656 | $14039 | $18311 | $11295 |
| **12/25** | $15279 | $15684 | $22401 | $11844 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 11.89% | 4.94% | 5.65% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.01% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.02% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.22% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38150C408-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GIPRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $84 | 0.80% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g62f34.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10504 | $10555 | $10786 | $10395 |
| **12/17** | $11639 | $11724 | $13372 | $10710 |
| **12/18** | $10817 | $11423 | $12113 | $10899 |
| **12/19** | $12433 | $13187 | $15335 | $11795 |
| **12/20** | $13728 | $14660 | $17828 | $12453 |
| **12/21** | $14733 | $15585 | $21133 | $12280 |
| **12/22** | $12626 | $13418 | $17252 | $10902 |
| **12/23** | $14112 | $15168 | $21082 | $11681 |
| **12/24** | $15237 | $16520 | $24769 | $12078 |
| **12/25** | $16931 | $18456 | $30302 | $12665 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 11.12% | 4.28% | 5.40% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.31% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38145N816-AR-1225

# Class R
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GIPUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g96q68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10548 | $10555 | $10786 | $10395 |
| **12/17** | $11765 | $11724 | $13372 | $10710 |
| **12/18** | $10998 | $11423 | $12113 | $10899 |
| **12/19** | $12725 | $13187 | $15335 | $11795 |
| **12/20** | $14136 | $14660 | $17828 | $12453 |
| **12/21** | $15267 | $15585 | $21133 | $12280 |
| **12/22** | $13181 | $13418 | $17252 | $10902 |
| **12/23** | $14813 | $15168 | $21082 | $11681 |
| **12/24** | $16089 | $16520 | $24769 | $12078 |
| **12/25** | $18002 | $18456 | $30302 | $12665 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 11.89% | 4.95% | 6.05% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.31% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38148U106-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GIPIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $20 | 0.19% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g34a66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **12/16** | $1053800 | $1055549 | $1078643 | $1039485 |
| **12/17** | $1176357 | $1172392 | $1337216 | $1071042 |
| **12/18** | $1099541 | $1142261 | $1211325 | $1089922 |
| **12/19** | $1271949 | $1318745 | $1533506 | $1179472 |
| **12/20** | $1412881 | $1465995 | $1782776 | $1245293 |
| **12/21** | $1524922 | $1558472 | $2113255 | $1227966 |
| **12/22** | $1316160 | $1341846 | $1725177 | $1090199 |
| **12/23** | $1480417 | $1516784 | $2108199 | $1168110 |
| **12/24** | $1606549 | $1652007 | $2476895 | $1207774 |
| **12/25** | $1797567 | $1845554 | $3030169 | $1266518 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 11.89% | 4.93% | 6.03% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.31% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38142V548-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GIPTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $32 | 0.30% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g60e45.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10534 | $10555 | $10786 | $10395 |
| **12/17** | $11736 | $11724 | $13372 | $10710 |
| **12/18** | $10960 | $11423 | $12113 | $10899 |
| **12/19** | $12658 | $13187 | $15335 | $11795 |
| **12/20** | $14050 | $14660 | $17828 | $12453 |
| **12/21** | $15139 | $15585 | $21133 | $12280 |
| **12/22** | $13051 | $13418 | $17252 | $10902 |
| **12/23** | $14659 | $15168 | $21082 | $11681 |
| **12/24** | $15897 | $16520 | $24769 | $12078 |
| **12/25** | $17777 | $18456 | $30302 | $12665 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 11.83% | 4.81% | 5.92% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.31% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38145N790-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Conservative Allocation Fund

# GIPSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Conservative Allocation Fund (formerly, Goldman Sachs Balanced Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $73 | 0.69% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk. 

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its performance. The Fund was also helped by its strategic allocations to core fixed income and emerging markets debt. 

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by its exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among underlying fixed income funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hindered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted slightly from performance. In fixed income, exposures to U.S. high yield corporate bonds and French and U.K. government bonds dampened the Fund's returns.

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, detracted from the Fund's performance overall. Although the Fund benefited when we dynamically reduced its equity exposure to manage risk during the global equity market selloff in April 2025, it was not able to fully participate in the subsequent rebound.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Conservative Allocation 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](g45629g42n16.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Service Shares** | **Conservative Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10569 | $10555 | $10786 | $10395 |
| **12/17** | $11736 | $11724 | $13372 | $10710 |
| **12/18** | $10923 | $11423 | $12113 | $10899 |
| **12/19** | $12560 | $13187 | $15335 | $11795 |
| **12/20** | $13885 | $14660 | $17828 | $12453 |
| **12/21** | $14918 | $15585 | $21133 | $12280 |
| **12/22** | $12803 | $13418 | $17252 | $10902 |
| **12/23** | $14331 | $15168 | $21082 | $11681 |
| **12/24** | $15478 | $16520 | $24769 | $12078 |
| **12/25** | $17230 | $18456 | $30302 | $12665 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 11.32% | 4.41% | 5.59% |
| Conservative Allocation Composite Index\* | 11.72% | 4.71% | 6.31% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |

---

**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.

\*The Conservative Allocation Composite Index was formerly named the Balanced Strategy Composite Index.

# Goldman Sachs Conservative Allocation Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $609340655 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 24% |
| Total Net Advisory Fees Paid for the Period | $848220 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Balanced Strategy Portfolio to the Goldman Sachs Conservative Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying fixed income, equity, and alternative funds, with increased fixed income and equity allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Fixed Income | 45.2% |
| Exchange-Traded Funds | 26.6% |
| Equity | 22.7% |
| Investment Companies | 1.3% |
| Dynamic | 0.9% |

---

# Goldman Sachs Conservative Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Conservative Allocation Fund

# 38142V530-AR-1225

# Service Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GOIAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $59 | 0.55% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g75f61.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Moderate Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $9450 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $9994 | $10576 | $10395 | $10634 | $10786 |
| **12/17** | $11612 | $12288 | $10710 | $12256 | $13372 |
| **12/18** | $10574 | $11190 | $10899 | $11667 | $12113 |
| **12/19** | $12541 | $13271 | $11795 | $13899 | $15335 |
| **12/20** | $14087 | $14907 | $12453 | $15754 | $17828 |
| **12/21** | $15816 | $16736 | $12280 | $17375 | $21133 |
| **12/22** | $13364 | $14142 | $10902 | $14711 | $17252 |
| **12/23** | $15329 | $16221 | $11681 | $17072 | $21082 |
| **12/24** | $17037 | $18028 | $12078 | $19076 | $24769 |
| **12/25** | $19693 | $20839 | $12665 | $21977 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 15.59% | 6.92% | 7.61% |
| Class A including sales charges | 9.22% | 5.72% | 7.00% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 8.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38142V654-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GOICX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $140 | 1.30% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g50k32.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Moderate Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $9900 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10382 | $10487 | $10395 | $10634 | $10786 |
| **12/17** | $11972 | $12093 | $10710 | $12256 | $13372 |
| **12/18** | $10820 | $10929 | $10899 | $11667 | $12113 |
| **12/19** | $12744 | $12872 | $11795 | $13899 | $15335 |
| **12/20** | $14207 | $14350 | $12453 | $15754 | $17828 |
| **12/21** | $15832 | $15992 | $12280 | $17375 | $21133 |
| **12/22** | $13274 | $13408 | $10902 | $14711 | $17252 |
| **12/23** | $15116 | $15269 | $11681 | $17072 | $21082 |
| **12/24** | $16674 | $16843 | $12078 | $19076 | $24769 |
| **12/25** | $19130 | $19324 | $12665 | $21977 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 14.73% | 6.13% | 6.80% |
| Class C including sales charges | 13.59% | 6.13% | 6.80% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 8.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38142V639-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GGSPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g20g00.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Moderate Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 | $10000 | $10000 |
| **12/18** | $9071 | $10193 | $9459 | $8955 |
| **12/19** | $10804 | $11030 | $11269 | $11337 |
| **12/20** | $12180 | $11646 | $12773 | $13179 |
| **12/21** | $13722 | $11484 | $14088 | $15622 |
| **12/22** | $11638 | $10196 | $11928 | $12753 |
| **12/23** | $13403 | $10924 | $13842 | $15585 |
| **12/24** | $14955 | $11295 | $15465 | $18311 |
| **12/25** | $17340 | $11844 | $17818 | $22401 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 15.95% | 7.32% | 7.39% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 7.77% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.22% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.02% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38150B715-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GPIRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $86 | 0.80% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g87t08.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Moderate Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10542 | $10395 | $10634 | $10786 |
| **12/17** | $12211 | $10710 | $12256 | $13372 |
| **12/18** | $11100 | $10899 | $11667 | $12113 |
| **12/19** | $13131 | $11795 | $13899 | $15335 |
| **12/20** | $14717 | $12453 | $15754 | $17828 |
| **12/21** | $16474 | $12280 | $17375 | $21133 |
| **12/22** | $13883 | $10902 | $14711 | $17252 |
| **12/23** | $15881 | $11681 | $17072 | $21082 |
| **12/24** | $17615 | $12078 | $19076 | $24769 |
| **12/25** | $20306 | $12665 | $21977 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 15.28% | 6.65% | 7.33% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 8.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38145N782-AR-1225

# Class R
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GOIUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g61q08.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Moderate Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10609 | $10395 | $10634 | $10786 |
| **12/17** | $12382 | $10710 | $12256 | $13372 |
| **12/18** | $11316 | $10899 | $11667 | $12113 |
| **12/19** | $13477 | $11795 | $13899 | $15335 |
| **12/20** | $15194 | $12453 | $15754 | $17828 |
| **12/21** | $17122 | $12280 | $17375 | $21133 |
| **12/22** | $14525 | $10902 | $14711 | $17252 |
| **12/23** | $16715 | $11681 | $17072 | $21082 |
| **12/24** | $18651 | $12078 | $19076 | $24769 |
| **12/25** | $21638 | $12665 | $21977 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 16.02% | 7.32% | 8.02% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 8.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38148U205-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GOIIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $21 | 0.19% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g60p70.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Moderate Allocation Composite Index\*** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **12/16** | $1061700 | $1063382 | $1039485 | $1078643 |
| **12/17** | $1237942 | $1225597 | $1071042 | $1337216 |
| **12/18** | $1131108 | $1166699 | $1089922 | $1211325 |
| **12/19** | $1347941 | $1389862 | $1179472 | $1533506 |
| **12/20** | $1519399 | $1575366 | $1245293 | $1782776 |
| **12/21** | $1711451 | $1737522 | $1227966 | $2113255 |
| **12/22** | $1451482 | $1471150 | $1090199 | $1725177 |
| **12/23** | $1671236 | $1707242 | $1168110 | $2108199 |
| **12/24** | $1864431 | $1907562 | $1207774 | $2476895 |
| **12/25** | $2162740 | $2197723 | $1266518 | $3030169 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 16.00% | 7.31% | 8.01% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 8.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38142V522-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GPITX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $32 | 0.30% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g08e16.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Moderate Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10606 | $10395 | $10634 | $10786 |
| **12/17** | $12344 | $10710 | $12256 | $13372 |
| **12/18** | $11273 | $10899 | $11667 | $12113 |
| **12/19** | $13405 | $11795 | $13899 | $15335 |
| **12/20** | $15104 | $12453 | $15754 | $17828 |
| **12/21** | $16989 | $12280 | $17375 | $21133 |
| **12/22** | $14390 | $10902 | $14711 | $17252 |
| **12/23** | $16550 | $11681 | $17072 | $21082 |
| **12/24** | $18436 | $12078 | $19076 | $24769 |
| **12/25** | $21357 | $12665 | $21977 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 15.84% | 7.17% | 7.88% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 8.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38145N774-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Moderate Allocation Fund

# GOISX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Moderate Allocation Fund (formerly, Goldman Sachs Growth & Income Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $74 | 0.69% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund was helped by its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposure to equities, especially U.S. equities and non-U.S. developed markets equities, added to its returns. The Fund further benefited from its strategic allocations to core fixed income and emerging markets debt. 

* Our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, bolstered performance. We trimmed the Fund's exposure to equities in April 2025 during the tariff-induced market drawdown and then added exposure beginning in early June as the market recovered.

* Overall, our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance. In particular, the Fund was aided by exposures to U.S. information technology and health care stocks.

* Security selection within the underlying funds added to the Fund's returns overall, with the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperforming their respective benchmark indices most. Among fixed income underlying funds, the Goldman Sachs Core Fixed Income Fund outperformed its benchmark index.

Top Detractors from Performance:

* The Fund was hurt by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as the U.S. financials and consumer staples sectors, detracted slightly from performance. Within fixed income, exposures to U.S. high yield corporate bonds and French government bonds detracted modestly from returns.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark.

# Goldman Sachs Moderate Allocation 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](g45629g39c54.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Service Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Moderate Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10560 | $10395 | $10634 | $10786 |
| **12/17** | $12253 | $10710 | $12256 | $13372 |
| **12/18** | $11150 | $10899 | $11667 | $12113 |
| **12/19** | $13214 | $11795 | $13899 | $15335 |
| **12/20** | $14827 | $12453 | $15754 | $17828 |
| **12/21** | $16611 | $12280 | $17375 | $21133 |
| **12/22** | $14020 | $10902 | $14711 | $17252 |
| **12/23** | $16064 | $11681 | $17072 | $21082 |
| **12/24** | $17834 | $12078 | $19076 | $24769 |
| **12/25** | $20580 | $12665 | $21977 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 15.40% | 6.77% | 7.48% |
| Moderate Allocation Composite Index\* | 15.21% | 6.88% | 8.19% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Moderate Allocation Composite Index was formerly named the Growth and Income Strategy Composite Index.

# Goldman Sachs Moderate Allocation Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1064953637 |
| # of Portfolio Holdings as of Period End | 27 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $1472959 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth and Income Strategy Portfolio to the Goldman Sachs Moderate Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Equity | 32.9% |
| Exchange-Traded Funds | 30.8% |
| Fixed Income | 30.4% |
| Investment Companies | 1.7% |
| Dynamic | 0.9% |

---

# Goldman Sachs Moderate Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Moderate Allocation Fund

# 38142V514-AR-1225

# Service Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGSAX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $60 | 0.55% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g75s38.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Growth Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $9450 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10055 | $10640 | $10395 | $10711 | $10786 |
| **12/17** | $12168 | $12877 | $10710 | $12805 | $13372 |
| **12/18** | $10832 | $11463 | $10899 | $11898 | $12113 |
| **12/19** | $13241 | $14012 | $11795 | $14616 | $15335 |
| **12/20** | $15095 | $15974 | $12453 | $16817 | $17828 |
| **12/21** | $17592 | $18616 | $12280 | $19233 | $21133 |
| **12/22** | $14577 | $15425 | $10902 | $15998 | $17252 |
| **12/23** | $17103 | $18098 | $11681 | $19054 | $21082 |
| **12/24** | $19516 | $20652 | $12078 | $21835 | $24769 |
| **12/25** | $23191 | $24540 | $12665 | $25929 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 18.83% | 8.96% | 9.39% |
| Class A including sales charges | 12.26% | 7.74% | 8.77% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.99% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38142V621-AR-1225

# Class A
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGSCX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $142 | 1.30% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g03w18.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Growth Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $9900 | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10452 | $10558 | $10395 | $10711 | $10786 |
| **12/17** | $12551 | $12678 | $10710 | $12805 | $13372 |
| **12/18** | $11099 | $11211 | $10899 | $11898 | $12113 |
| **12/19** | $13464 | $13600 | $11795 | $14616 | $15335 |
| **12/20** | $15234 | $15387 | $12453 | $16817 | $17828 |
| **12/21** | $17621 | $17799 | $12280 | $19233 | $21133 |
| **12/22** | $14491 | $14638 | $10902 | $15998 | $17252 |
| **12/23** | $16878 | $17048 | $11681 | $19054 | $21082 |
| **12/24** | $19118 | $19311 | $12078 | $21835 | $24769 |
| **12/25** | $22553 | $22781 | $12665 | $25929 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 17.97% | 8.16% | 8.57% |
| Class C including sales charges | 16.77% | 8.16% | 8.57% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.99% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38142V597-AR-1225

# Class C
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGPPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $20 | 0.18% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g59w05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Growth Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **4/13/18** | $10000 | $10000 | $10000 | $10000 |
| **12/18** | $8861 | $10193 | $9209 | $8955 |
| **12/19** | $10874 | $11030 | $11312 | $11337 |
| **12/20** | $12441 | $11646 | $13016 | $13179 |
| **12/21** | $14560 | $11484 | $14886 | $15622 |
| **12/22** | $12107 | $10196 | $12382 | $12753 |
| **12/23** | $14265 | $10924 | $14748 | $15585 |
| **12/24** | $16336 | $11295 | $16898 | $18311 |
| **12/25** | $19485 | $11844 | $20067 | $22401 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 19.27% | 9.38% | 9.03% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.45% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.22% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.02% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation Fund

# Class P

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38150B681-AR-1225

# Class P
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGSRX: Class R

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $87 | 0.80% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g62y30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Growth Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10618 | $10395 | $10711 | $10786 |
| **12/17** | $12813 | $10710 | $12805 | $13372 |
| **12/18** | $11380 | $10899 | $11898 | $12113 |
| **12/19** | $13882 | $11795 | $14616 | $15335 |
| **12/20** | $15777 | $12453 | $16817 | $17828 |
| **12/21** | $18350 | $12280 | $19233 | $21133 |
| **12/22** | $15160 | $10902 | $15998 | $17252 |
| **12/23** | $17748 | $11681 | $19054 | $21082 |
| **12/24** | $20207 | $12078 | $21835 | $24769 |
| **12/25** | $23947 | $12665 | $25929 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R | 18.51% | 8.70% | 9.12% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.99% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38145N766-AR-1225

# Class R
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGSUX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $20 | 0.18% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g15z56.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Growth Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10678 | $10395 | $10711 | $10786 |
| **12/17** | $12975 | $10710 | $12805 | $13372 |
| **12/18** | $11606 | $10899 | $11898 | $12113 |
| **12/19** | $14243 | $11795 | $14616 | $15335 |
| **12/20** | $16292 | $12453 | $16817 | $17828 |
| **12/21** | $19065 | $12280 | $19233 | $21133 |
| **12/22** | $15853 | $10902 | $15998 | $17252 |
| **12/23** | $18668 | $11681 | $19054 | $21082 |
| **12/24** | $21392 | $12078 | $21835 | $24769 |
| **12/25** | $25514 | $12665 | $25929 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 19.27% | 9.38% | 9.81% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.99% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38148U304-AR-1225

# Class R6
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGSIX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $21 | 0.19% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g53x82.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Growth Allocation Composite Index\*** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **12/16** | $1067800 | $1071081 | $1039485 | $1078643 |
| **12/17** | $1297697 | $1280529 | $1071042 | $1337216 |
| **12/18** | $1159493 | $1189776 | $1089922 | $1211325 |
| **12/19** | $1423509 | $1461565 | $1179472 | $1533506 |
| **12/20** | $1627498 | $1681664 | $1245293 | $1782776 |
| **12/21** | $1904661 | $1923309 | $1227966 | $2113255 |
| **12/22** | $1583344 | $1599824 | $1090199 | $1725177 |
| **12/23** | $1865655 | $1905440 | $1168110 | $2108199 |
| **12/24** | $2136548 | $2183468 | $1207774 | $2476895 |
| **12/25** | $2548261 | $2592907 | $1266518 | $3030169 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 19.27% | 9.38% | 9.80% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.99% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation Fund

# Institutional Class

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

* prospectus

* financial information

* fund holdings

* proxy voting information

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

The blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38142V498-AR-1225

# Institutional Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGSTX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $33 | 0.30% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g14h28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Growth Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10672 | $10395 | $10711 | $10786 |
| **12/17** | $12945 | $10710 | $12805 | $13372 |
| **12/18** | $11555 | $10899 | $11898 | $12113 |
| **12/19** | $14155 | $11795 | $14616 | $15335 |
| **12/20** | $16176 | $12453 | $16817 | $17828 |
| **12/21** | $18903 | $12280 | $19233 | $21133 |
| **12/22** | $15705 | $10902 | $15998 | $17252 |
| **12/23** | $18480 | $11681 | $19054 | $21082 |
| **12/24** | $21141 | $12078 | $21835 | $24769 |
| **12/25** | $25179 | $12665 | $25929 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 19.10% | 9.25% | 9.67% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.99% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38145N758-AR-1225

# Investor Class
![Image](g45629g74s01.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Growth Allocation Fund

# GGSSX: Service Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Growth Allocation Fund (formerly, Goldman Sachs Growth Strategy Portfolio) (the "Fund") for the period of January 1, 2025 to December 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 | $75 | 0.69% |

---

## How did the Fund perform and what affected its performance?
Easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data, resilient consumer spending, enthusiasm for technology/AI and central bank monetary policy influenced capital markets most. Both global equity and fixed income markets broadly generated positive returns.

Top Contributors to Performance:

* The Fund benefited from its long-term strategic asset allocation, which is the process by which we seek to budget or allocate Fund risk, as opposed to capital, across a set of asset allocation risk factors, including, but not limited to, equity, interest rates, carry, momentum and active risk.

* Within the strategic asset allocation, the Fund's exposures to U.S. equities and non-U.S. developed markets equities added significantly to performance. Exposures to emerging markets debt and U.S. core fixed income also bolstered the Fund's returns.

* Our short-term dynamic views, which seek to take advantage of what we consider short-term market mispricings, contributed positively to performance, with the Fund's exposures to U.S. information technology and health care stocks adding most to returns.

* The impact of our medium-term dynamic views, which seek to respond to changes in the business or economic cycle, was rather neutral overall. 

* Security selection within the underlying funds had a rather neutral impact on the Fund's performance overall. Among underlying funds, the Goldman Sachs International Equity Insights Fund, Goldman Sachs International Small Cap Insights Fund and Goldman Sachs Small Cap Insights Fund outperformed their respective benchmark indices most. 

Top Detractors from Performance:

* The Fund was hampered by a strategic allocation to alternative risk premia, accomplished through our foreign exchange tail risk hedging strategy and our U.S. interest rate options strategy. These strategies, which are intended to hedge against significant market drawdowns, generated negative returns, as global equities and U.S. Treasuries recorded gains for the Period overall. 

* Within our short-term dynamic views, the Fund's exposures to Euro area, Japanese, U.K. and Canadian equities, as well as to the U.S. financials and consumer staples sectors, detracted modestly from returns. Within fixed income, exposures to U.S. high yield corporate bonds, as well as to French and U.K. government bonds, had a slightly negative impact on performance.

* Among underlying funds, the Goldman Sachs Large Cap Growth Insights Fund and Goldman Sachs Emerging Markets Equity Insights Fund underperformed their respective benchmark indices most. In addition, the Goldman Sachs High Yield Floating Rate Fund underperformed its benchmark index, while the Goldman Sachs Managed Futures Strategy Fund lagged its cash benchmark. 

# Goldman Sachs Growth Allocation 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](g45629g58s35.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Service Shares** | **Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)** | **Growth Allocation Composite Index\*** | **MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged)** |
| **1/1/16** | $10000 | $10000 | $10000 | $10000 |
| **12/16** | $10627 | $10395 | $10711 | $10786 |
| **12/17** | $12846 | $10710 | $12805 | $13372 |
| **12/18** | $11425 | $10899 | $11898 | $12113 |
| **12/19** | $13950 | $11795 | $14616 | $15335 |
| **12/20** | $15882 | $12453 | $16817 | $17828 |
| **12/21** | $18488 | $12280 | $19233 | $21133 |
| **12/22** | $15296 | $10902 | $15998 | $17252 |
| **12/23** | $17931 | $11681 | $19054 | $21082 |
| **12/24** | $20427 | $12078 | $21835 | $24769 |
| **12/25** | $24239 | $12665 | $25929 | $30302 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Service Shares | 18.66% | 8.82% | 9.25% |
| Growth Allocation Composite Index\* | 18.75% | 9.04% | 9.99% |
| Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) | 4.86% | 0.34% | 2.39% |
| MSCI<sup>®</sup> ACWI Index (Net, USD, Unhedged) | 22.34% | 11.19% | 11.71% |

---

**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.

\*The Growth Allocation Composite Index was formerly named the Growth Strategy Composite Index.

# Goldman Sachs Growth Allocation Fund

# Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1116666389 |
| # of Portfolio Holdings as of Period End | 26 |
| Portfolio Turnover Rate for the Period | 20% |
| Total Net Advisory Fees Paid for the Period | $1522121 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 13, 2026, the Fund changed its name from the Goldman Sachs Growth Strategy Portfolio to the Goldman Sachs Growth Allocation Fund.

The Fund also changed its principal investment strategy reflecting that the Fund will operate as a fund-of-funds investing in underlying equity, fixed income, and alternative funds, with increased equity and fixed income allocations, along with the option to invest in alternative asset classes and monthly rebalancing.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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.

### Fund Allocation (%)

---

| | |
|:---|:---|
| Exchange-Traded Funds | 45.0% |
| Equity | 42.5% |
| Fixed Income | 5.4% |
| Investment Companies | 1.6% |
| Dynamic | 0.9% |

---

# Goldman Sachs Growth Allocation 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 blended returns are calculated by Goldman Sachs using end of day index level values licensed from MSCI ("MSCI Data"). For the avoidance of doubt, MSCI is not the benchmark "administrator" for, or a "contributor", "submitter" or "supervised contributor" to, the blended returns and the MSCI Data is not considered a "contribution" or "submission" in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided "AS IS" without warranty or liability and no copying or distribution is permitted. MSCI does not make any reprsentation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recomment or endorse any investment strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

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

Source: MSCI. 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 (including, without limitation, lost profits) or any other damages. (www.msci.com).© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Growth Allocation Fund

# 38142V480-AR-1225

# Service Class

------

ITEM 2. CODE OF ETHICS.

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

(b) Not applicable.

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

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

(e) Not applicable.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**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") | $4071995 | $4464656 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $462000 | $687528 | 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 December 31, 2025 and December 31, 2024 were approximately $462,000 and $687,528, 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, 2025 and December 31, 2024 were approximately $19.0 million and $20.7 million, respectively. With regard to the aggregate non-audit fees billed to GST's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST's operations or financial reporting.

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

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

------

![LOGO](g45629dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Fund of Funds Goldman Sachs Conservative Allocation Fund\* Goldman Sachs Dynamic Global Equity Fund Goldman Sachs Growth Allocation Fund\*\* Goldman Sachs Moderate Allocation Fund\*\*\* \*Effective after the close of business on February 13, 2026, Goldman Sachs Balanced Strategy Portfolio was renamed the Goldman Sachs Conservative Allocation Fund. \*\*Effective after the close of business on February 13, 2026, Goldman Sachs Growth Strategy Portfolio was renamed the Goldman Sachs Growth Allocation Fund. \*\*\*Effective after the close of business on February 13, 2026, Goldman Sachs Growth and Income Strategy Portfolio was renamed the Goldman Sachs Moderate Allocation Fund.

------

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

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

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

## Goldman Sachs Fund of Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedules of Investments](#fof45629_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Conservative Allocation Fund](#fof45629_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Global Equity Fund](#fof45629_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth Allocation Fund](#fof45629_4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Moderate Allocation Fund](#fof45629_5) | 20 |
| **[Financial Statements](#fof45629_6)** | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fof45629_7) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fof45629_8) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fof45629_9) | 31 |
| **[Financial Highlights](#fof45629_10)** | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Conservative Allocation Fund](#fof45629_11) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic Global Equity Fund](#fof45629_12) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Growth Allocation Fund](#fof45629_13) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Moderate Allocation Fund](#fof45629_14) | 57 |
| **[Notes to Financial Statements](#fof45629_15)** | 65 |
| **[Report of Independent Registered Public Accounting Firm](#fof45629_16)** | 92 |
| **[Other Information](#fof45629_17)** | 93 |

---

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

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

Schedule of Investments *December 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – 95.4% | Underlying Funds – 95.4% | Underlying Funds – 95.4% |
| Dynamic\*<sup>(a)</sup> – 0.9% | Dynamic\*<sup>(a)</sup> – 0.9% | Dynamic\*<sup>(a)</sup> – 0.9% |
| 626306 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $&nbsp;&nbsp;&nbsp;&nbsp;5881013 |
| Equity<sup>(a)</sup> – 22.7% | Equity<sup>(a)</sup> – 22.7% | Equity<sup>(a)</sup> – 22.7% |
| 1465798 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 36307807 |
| 989168 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 36134318 |
| 1804810 | Goldman Sachs International Equity Insights Fund — Class R6 | 32757302 |
| 1277755 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 14259743 |
| 251795 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 7339828 |
| 459688 | Goldman Sachs Global Infrastructure Fund — Class R6 | 5934573 |
| 314619 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 5106266 |
| 24809 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 322028 |
|  |  | 138161865 |
| Exchange Traded Funds – 26.6% | Exchange Traded Funds – 26.6% | Exchange Traded Funds – 26.6% |
| 1385030 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 64057637 |
| 365378 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 34491683 |
| 375234 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 26012271 |
| 187808 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 10571543 |
| 63491 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 8404304 |
| 117248 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 5034629 |
| 19348 | iShares MSCI USA Quality Factor ETF | 3842900 |
| 39972 | iShares U.S. Real Estate ETF | 3752971 |
| 10517 | iShares U.S. Technology ETF | 2100035 |
| 49119 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 2044333 |
| 10039 | State Street Health Care Select Sector SPDR ETF | 1554037 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 2526 | iShares MSCI Mexico ETF | $175128 |
|  |  | 162041471 |
| Fixed Income<sup>(a)</sup> – 45.2% | Fixed Income<sup>(a)</sup> – 45.2% | Fixed Income<sup>(a)</sup> – 45.2% |
| 20170491 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | 231557243 |
| 1928669 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 18515219 |
| 1058886 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 10980646 |
| 1398296 | Goldman Sachs High Yield Fund — Class R6 | 7998254 |
| 746874 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 6415647 |
|  |  | 275467009 |
| TOTAL UNDERLYING FUNDS – 95.4%<br>(Cost $527,189,039) | TOTAL UNDERLYING FUNDS – 95.4%<br>(Cost $527,189,039) | $581551358 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 1.3% | Investment Company<sup>(a)</sup> – 1.3% | Investment Company<sup>(a)</sup> – 1.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 7627610 | 3.686% | $7627610 |
| (Cost $7,627,610) | (Cost $7,627,610) | (Cost $7,627,610) |
| TOTAL INVESTMENTS – 96.7%<br>(Cost $534,816,649) | TOTAL INVESTMENTS – 96.7%<br>(Cost $534,816,649) | $589178968 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.3% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.3% | 20161687 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $609340655 |

---

---

| | |
|:---|:---|
| 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.<br>(a) Represents an affiliated issuer. | \* Non-income producing security.<br>(a) Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 2470000 | USD | 2894040 | 03/18/26 | $19388 |
|  | USD | 592592 | HKD | 4600000 | 03/18/26 | 76 |

---

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

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

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br>**Purchased** | **Currency**<br>**Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD | 6924979 | JPY | 1064000000 | 03/18/26 | $86315 |
|  | USD | 178712 | NOK | 1800000 | 03/18/26 | 193 |
|  | USD | 57886 | NZD | 100000 | 03/18/26 | 141 |
| TOTAL |  |  |  |  |  | $106113 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 2085368 | AUD | 3160000 | 03/18/26 | $(23572) |
|  | USD | 2893520 | CHF | 2290000 | 03/18/26 | (21708) |
|  | USD | 589215 | DKK | 3750000 | 03/18/26 | (3520) |
|  | USD | 11078641 | EUR | 9450000 | 03/18/26 | (67873) |
|  | USD | 4642468 | GBP | 3480000 | 03/18/26 | (47419) |
|  | USD | 198188 | ILS | 640000 | 03/18/26 | (2843) |
|  | USD | 487422 | MXN | 9000000 | 03/18/26 | (8523) |
|  | USD | 989603 | SEK | 9225000 | 03/18/26 | (16556) |
|  | USD | 436066 | SGD | 560000 | 03/18/26 | (1828) |
| TOTAL |  |  |  |  |  | $(193842) |

---

FUTURES CONTRACTS — At December 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 | 22 | 03/20/26 | $1510155 | $14184 |
|  FTSE/JSE Top 40 Index | 7 | 03/19/26 | 462211 | 8379 |
|  IFSC NIFTY 50 Index | 68 | 01/27/26 | 3573468 | (12227) |
|  Mini-MDAX Index | 9 | 03/20/26 | 326823 | 5238 |
|  MSCI EAFE Index | 11 | 03/20/26 | 1596155 | 5685 |
|  S&P 500 E-Mini Index | 109 | 03/20/26 | 37564125 | (382375) |
| Total |  |  |  | $(361116) |
|  **Short position contracts:** |  |  |  |  |
|  FTSE 100 Index | (12) | 03/20/26 | (1607997) | (23591) |
|  S&P Toronto Stock Exchange 60 Index | (6) | 03/19/26 | (1627831) | (7850) |
| Total |  |  |  | $(31441) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(392557) |

---

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

---

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

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | (5.000)% | 3.168% | 12/20/30 | $2910 | $(225216) | $(213224) | $(11992) |

---

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

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

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Financing Rate** | | | **Notional** | **Unrealized** |
|  | **Paid/(Received)** | | **Termination** | **Amount** | **Appreciation/** |
| **Reference Obligation/Index** | **by the Fund<sup>(a)</sup>** | **Counterparty** | **Date<sup>#</sup>** | **(000s)** | **(Depreciation)\*** |
|  SXDR Index | 12MEURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR378 | $(2425) |
|  SXDR Index | 12MEURO+0.480% | JPMorgan Securities, Inc. | 02/03/26 | EUR854 | (5505) |
|  SXDR Index | 12MEURO+0.495% | MS & Co. Int. PLC | 02/03/26 | EUR375 | (2434) |
| TOTAL |  |  |  |  | $(10364) |

---

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

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

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV | Index BofA Securities LLC | $135.000 | 06/18/2026 | 4693 | $63355500 | $108051 | $51288 | $56763 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV | Index BofA Securities LLC | 146.000 | 06/18/2026 | (9386) | (137035600) | (129344) | (50873) | (78471) |
| TOTAL | TOTAL |  |  | (4693) | $(73680100) | $(21293) | $415 | $(21708) |

---

&nbsp;&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 CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call CHF/Put NOK | MS & Co. Int. PLC | $14.810 | 03/18/2026 | 422000 | $422000 | $26 | $7108 | $(7082) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 | 03/18/2026 | 448000 | 448000 | 21 | 8819 | (8798) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1029000 | 1029000 | 4570 | 19419 | (14849) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 1469000 | 1469000 | 14408 | 25157 | (10749) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 1554000 | 1554000 | 19046 | 24970 | (5924) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 | 03/18/2026 | 487000 | 487000 | 1 | 8037 | (8036) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 | 03/18/2026 | 513000 | 513000 | 1 | 7933 | (7932) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1169000 | 1169000 | 1179 | 21860 | (20681) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 1685000 | 1685000 | 7973 | 25255 | (17282) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 1772000 | 1772000 | 17906 | 27692 | (9786) |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.886 | 06/11/2026 | 570000 | 570000 | 5896 | 8490 | (2594) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 | 03/18/2026 | 48936000 | 48936000 | 81 | 4981 | (4900) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 | 03/18/2026 | 48949000 | 48949000 | 17 | 5855 | (5838) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 89736000 | 89736000 | 694 | 9169 | (8475) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 135170000 | 135170000 | 4163 | 12296 | (8133) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 150047000 | 150047000 | 6605 | 12826 | (6221) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.474 | 03/18/2026 | 1538000 | 1538000 | 65 | 13398 | (13333) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.508 | 03/18/2026 | 1554000 | 1554000 | 8 | 15391 | (15383) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 3237000 | 3237000 | 7037 | 21429 | (14392) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 4720000 | 4720000 | 17204 | 30793 | (13589) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 4810000 | 4810000 | 24468 | 29923 | (5455) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1166.190 | 03/18/2026 | 524000 | 524000 | 5 | 10037 | (10032) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 | 03/18/2026 | 565000 | 565000 | 4 | 10310 | (10306) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1064000 | 1064000 | 1481 | 18362 | (16881) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 1496000 | 1496000 | 5576 | 25834 | (20258) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 2012000 | 2012000 | 21136 | 29321 | (8185) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 373000 | 373000 | 498 | 5215 | (4717) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 351000 | 351000 | 56 | 5195 | (5139) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 740000 | 740000 | 5996 | 9590 | (3594) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 1144000 | 1144000 | 16397 | 11806 | 4591 |
| Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 1192000 | 1192000 | 6866 | 12063 | (5197) |
| Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 237000 | 237000 |  | 4689 | (4689) |
| Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 268000 | 268000 |  | 5033 | (5033) |
| Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 586000 | 586000 | 604 | 8867 | (8263) |
| Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 804000 | 804000 | 4333 | 11826 | (7493) |
| Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 155000 | 155000 |  | 2557 | (2557) |
| Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 159000 | 159000 |  | 2703 | (2703) |
| Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 469000 | 469000 |  | 7316 | (7316) |
| Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 477000 | 477000 |  | 7818 | (7818) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 684000 | 684000 | 581 | 10280 | (9699) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 972000 | 972000 | 5357 | 12532 | (7175) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1082000 | 1082000 | 9490 | 12438 | (2948) |
|  |  |  |  | 515169000 | $515169000 | $209749 | $564593 | $(354844) |
| **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 1223000 | 1223000 | 89 | 15021 | (14932) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 1330000 | 1330000 | 37 | 16562 | (16525) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 2480000 | 2480000 | 1481 | 27566 | (26085) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 3635000 | 3635000 | 10268 | 36725 | (26457) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 3640000 | 3640000 | 26886 | 38032 | (11146) |

---

&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 CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put AUD/Call USD | MS & Co. Int. PLC | $0.588 | 03/18/2026 | 494000 | $494000 | $49 | $5024 | $(4975) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 526000 | 526000 | 13 | 5142 | (5129) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1032000 | 1032000 | 1517 | 9512 | (7995) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 1486000 | 1486000 | 7631 | 12606 | (4975) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 1453000 | 1453000 | 9954 | 12446 | (2492) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 635000 | 635000 | 17 | 8405 | (8388) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 674000 | 674000 | 5 | 8523 | (8518) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1252000 | 1252000 | 441 | 13867 | (13426) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 1885000 | 1885000 | 2961 | 18299 | (15338) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 2030000 | 2030000 | 14104 | 18285 | (4181) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 646000 | 646000 | 131 | 7026 | (6895) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 705000 | 705000 | 67 | 7661 | (7594) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1295000 | 1295000 | 1520 | 13130 | (11610) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 1938000 | 1938000 | 6272 | 16881 | (10609) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 2095000 | 2095000 | 15400 | 18903 | (3503) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 267000 | 267000 | 161 | 2471 | (2310) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 289000 | 289000 | 69 | 2568 | (2499) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 561000 | 561000 | 3022 | 4845 | (1823) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 821000 | 821000 | 6003 | 6089 | (86) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 1651000 | 1651000 | 11419 | 12436 | (1017) |
| Put USD/Call INR | MS & Co. Int. PLC | 88.745 | 01/02/2026 | 1090000 | 1090000 | 1 | 4687 | (4686) |
|  |  |  |  | 35133000 | $35133000 | $119518 | $342712 | $(223194) |
| Total purchased option contracts | Total purchased option contracts |  |  | 550302000 | $550302000 | $329267 | $907305 | $(578038) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.908 | 06/11/2026 | (570000) | (570000) | (2390) | (3365) | 975 |
| TOTAL | TOTAL |  |  | 549732000 | $549732000 | $326877 | $903940 | $(577063) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $7020.000 | 01/02/2026 | (5) | $(3510000) | $(37) | $(376) | $339 |
|  S&P 500 Index | 7015.000 | 01/05/2026 | (5) | (3507500) | (25) | (932) | 907 |
|  S&P 500 Index | 6990.000 | 01/07/2026 | (5) | (3495000) | (300) | (1269) | 969 |
|  S&P 500 Index | 7125.000 | 01/07/2026 | (4) | (2850000) | (20) | (3773) | 3753 |
|  S&P 500 Index | 7050.000 | 01/14/2026 | (4) | (2820000) | (1010) | (4007) | 2997 |
|  S&P 500 Index | 7125.000 | 01/21/2026 | (4) | (2850000) | (920) | (3086) | 2166 |
|  S&P 500 Index | 7150.000 | 01/28/2026 | (4) | (2860000) | (1940) | (3095) | 1155 |
|  |  |  | (31) | $(21892500) | $(4252) | $(16538) | $12286 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6845.000 | 01/02/2026 | (10) | (6845000) | (15200) | (9370) | (5830) |
|  S&P 500 Index | 6845.000 | 01/05/2026 | (10) | (6845000) | (22350) | (12732) | (9618) |

---

&nbsp;&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 CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index | $6575.000 | 01/07/2026 | (7) | $(4602500) | $(700) | $(25222) | $24522 |
|  S&P 500 Index | 6805.000 | 01/07/2026 | (10) | (6805000) | (17850) | (12221) | (5629) |
|  S&P 500 Index | 6525.000 | 01/14/2026 | (7) | (4567500) | (4235) | (24507) | 20272 |
|  S&P 500 Index | 6690.000 | 01/21/2026 | (7) | (4683000) | (20020) | (15529) | (4491) |
|  S&P 500 Index | 6675.000 | 01/28/2026 | (7) | (4672500) | (26215) | (22249) | (3966) |
|  |  |  | (58) | $(39020500) | $(106570) | $(121830) | $15260 |
| Total written option contracts | Total written option contracts |  | (89) | $(60913000) | $(110822) | $(138368) | $27546 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums<br>Paid (Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.250 | 03/13/2026 | 51 | $127500 | $30600 | $63868 | $(33268) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 62 | 155000 | 6200 | 92369 | (86169) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 32 | 80000 | 2200 | 52074 | (49874) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 96 | 240000 | 3600 | 41337 | (37737) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 46 | 115000 | 51175 | 65404 | (14229) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 59 | 147500 | 26550 | 93062 | (66512) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 33 | 82500 | 10725 | 51227 | (40502) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 36 | 90000 | 6525 | 23921 | (17396) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 41 | 102500 | 5638 | 21093 | (15455) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 54 | 135000 | 6075 | 25756 | (19681) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 46 | 115000 | 57213 | 66232 | (9019) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 84 | 210000 | 84525 | 92565 | (8040) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 56 | 140000 | 44800 | 93230 | (48430) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 51 | 127500 | 20400 | 39625 | (19225) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 42 | 105000 | 11025 | 27382 | (16357) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 73 | 182500 | 165163 | 147056 | 18107 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 44 | 110000 | 62425 | 68302 | (5877) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 142 | 355000 | 168625 | 192278 | (23653) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 71 | 177500 | 164187 | 149239 | 14948 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 48 | 120000 | 84900 | 96094 | (11194) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 80 | 200000 | 104000 | 105157 | (1157) |
|  3 Month SOFR | 97.250 | 03/12/2027 | 126 | 315000 | 59850 | 59322 | 528 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 63 | 157500 | 146868 | 135573 | 11295 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 48 | 120000 | 87300 | 98494 | (11194) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 146 | 365000 | 200750 | 203549 | (2799) |
|  3 Month SOFR | 96.250 | 09/10/2027 | 49 | 122500 | 89731 | 99321 | (9590) |
|  3 Month SOFR | 96.500 | 09/10/2027 | 71 | 177500 | 100288 | 103977 | (3689) |
|  3 Month SOFR | 96.500 | 12/10/2027 | 88 | 220000 | 124300 | 132172 | (7872) |
|  3 Month SOFR | 96.375 | 03/10/2028 | 78 | 195000 | 122850 | 131778 | (8928) |
| TOTAL | TOTAL |  | 1916 | $4790000 | $2048488 | $2571457 | $(522969) |

---

&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 CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

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

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

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

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

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

Schedule of Investments *December 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** |
| Underlying Funds – 93.7% | Underlying Funds – 93.7% | Underlying Funds – 93.7% |
| Equity<sup>(a)</sup> – 55.5% | Equity<sup>(a)</sup> – 55.5% | Equity<sup>(a)</sup> – 55.5% |
| 2969713 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | $73559798 |
| 1992479 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 72785241 |
| 2905006 | Goldman Sachs International Equity Insights Fund — Class R6 | 52725861 |
| 2546416 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 28418004 |
| 520931 | Goldman Sachs Global Infrastructure<br>Fund — Class R6 | 6725220 |
| 212636 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 6198350 |
| 260761 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 4232158 |
|  |  | 244644632 |
| Exchange Traded Funds – 38.2% | Exchange Traded Funds – 38.2% | Exchange Traded Funds – 38.2% |
| 770521 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 72737182 |
| 496327 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 34406777 |
| 390369 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 21973520 |
| 135595 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 17948710 |
| 202666 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 8702478 |
| 113420 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 4720540 |
| 39950 | iShares U.S. Real Estate ETF | 3750906 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 14627 | iShares MSCI USA Quality Factor ETF | $2905215 |
| 6536 | iShares U.S. Technology ETF | 1305109 |
|  |  | 168450437 |
| TOTAL UNDERLYING FUNDS – 93.7%<br>(Cost $316,927,964) | TOTAL UNDERLYING FUNDS – 93.7%<br>(Cost $316,927,964) | $413095069 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 2.3% | Investment Company<sup>(a)</sup> – 2.3% | Investment Company<sup>(a)</sup> – 2.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 10253559 | 3.686% | $10253559 |
| (Cost $10,253,559) | (Cost $10,253,559) |  |
| TOTAL INVESTMENTS – 96.0%<br>(Cost $327,181,523) | TOTAL INVESTMENTS – 96.0%<br>(Cost $327,181,523) | $423348628 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.0% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 4.0% | 17775519 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $441124147 |

---

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

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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 1880000 | USD | 2202751 | 03/18/26 | $14757 |
|  | USD | 208696 | HKD | 1620000 | 03/18/26 | 27 |
|  | USD | 2290971 | JPY | 352000000 | 03/18/26 | 28555 |
|  | USD | 64535 | NOK | 650000 | 03/18/26 | 70 |
|  | USD | 17366 | NZD | 30000 | 03/18/26 | 42 |
|  **TOTAL** |  |  |  |  |  | $43451 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 752316 | AUD | 1140000 | 03/18/26 | $(8504) |
|  | USD | 1036108 | CHF | 820000 | 03/18/26 | (7773) |
|  | USD | 213689 | DKK | 1360000 | 03/18/26 | (1277) |

---

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

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC (continued) | USD | 3774944 | EUR | 3220000 | 03/18/26 | $(23128) |
|  | USD | 1580840 | GBP | 1185000 | 03/18/26 | (16147) |
|  | USD | 74321 | ILS | 240000 | 03/18/26 | (1066) |
|  | USD | 337913 | SEK | 3150000 | 03/18/26 | (5653) |
|  | USD | 147951 | SGD | 190000 | 03/18/26 | (620) |
| TOTAL |  |  |  |  |  | $(64168) |

---

FUTURES CONTRACTS — At December 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 | 16 | 03/20/26 | $1098295 | $10316 |
|  IFSC NIFTY 50 Index | 42 | 01/27/26 | 2207142 | (7552) |
|  MSCI EAFE Index | 10 | 03/20/26 | 1451050 | 5168 |
|  S&P 500 E-Mini Index | 147 | 03/20/26 | 50659875 | (538814) |
|  S&P Toronto Stock Exchange 60 Index | 24 | 03/19/26 | 6511326 | 31114 |
| Total |  |  |  | $(499768) |
|  **Short position contracts:** |  |  |  |  |
|  FTSE 100 Index | (9) | 03/20/26 | (1205998) | (17693) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(517461) |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)** <br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call CHF/Put NOK | MS & Co. Int. PLC | $&nbsp;&nbsp;&nbsp;&nbsp;13.881 | 03/18/2026 | 559000 | $559000 | $661 | $9780 | $(9119) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 950000 | 950000 | 4219 | 17928 | (13709) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 1861000 | 1861000 | 18253 | 31870 | (13617) |
|  Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 1730000 | 1730000 | 21203 | 27798 | (6595) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.805 | 03/18/2026 | 634000 | 634000 | 127 | 10412 | (10285) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1079000 | 1079000 | 1088 | 20177 | (19089) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 2136000 | 2136000 | 10107 | 32015 | (21908) |
|  Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 1973000 | 1973000 | 19937 | 30833 | (10896) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 11.102 | 03/18/2026 | 59627000 | 59627000 | 12 | 5299 | (5287) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 82810000 | 82810000 | 641 | 8462 | (7821) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 171282000 | 171282000 | 5275 | 15582 | (10307) |
|  Call JPY/Put KRW | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 167028000 | 167028000 | 7352 | 14277 | (6925) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.504 | 03/18/2026 | 1808000 | 1808000 | 11 | 14873 | (14862) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 2987000 | 2987000 | 6494 | 19774 | (13280) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 5980000 | 5980000 | 21797 | 39014 | (17217) |
|  Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 5354000 | 5354000 | 27236 | 33307 | (6071) |

---

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

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Call USD/Put CLP | MS & Co. Int. PLC | $1066.790 | 03/18/2026 | 682000 | $682000 | $153 | $11847 | $(11694) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 982000 | 982000 | 1367 | 16947 | (15580) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 1896000 | 1896000 | 7066 | 32742 | (25676) |
|  Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 2240000 | 2240000 | 23531 | 32644 | (9113) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1559.160 | 03/18/2026 | 516000 | 516000 | 241 | 5759 | (5518) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 683000 | 683000 | 5534 | 8852 | (3318) |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 1449000 | 1449000 | 20769 | 14954 | 5815 |
|  Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 1326000 | 1326000 | 7638 | 13419 | (5781) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 24.200 | 03/18/2026 | 335000 | 335000 | 1 | 5555 | (5554) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 541000 | 541000 | 557 | 8186 | (7629) |
|  Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1019000 | 1019000 | 5491 | 14988 | (9497) |
|  Call USD/Put NOK | MS & Co. Int. PLC | 11.867 | 03/18/2026 | 219000 | 219000 | 4 | 3263 | (3259) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 11.060 | 03/18/2026 | 652000 | 652000 | 1 | 10150 | (10149) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 631000 | 631000 | 536 | 9484 | (8948) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1232000 | 1232000 | 6790 | 15884 | (9094) |
|  Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1204000 | 1204000 | 10560 | 13840 | (3280) |
|  |  |  |  | 523405000 | $523405000 | $234652 | $549915 | $(315263) |
|  **Puts** | **Puts** | **Puts** | **Puts** |  |  |  |  |  |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 82.400 | 03/18/2026 | 1646000 | 1646000 | 54 | 16966 | (16912) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 2289000 | 2289000 | 1367 | 25443 | (24076) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 4606000 | 4606000 | 13011 | 46535 | (33524) |
|  Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 4052000 | 4052000 | 29929 | 42337 | (12408) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.585 | 03/18/2026 | 698000 | 698000 | 53 | 5759 | (5706) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 953000 | 953000 | 1401 | 8784 | (7383) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 1883000 | 1883000 | 9670 | 15974 | (6304) |
|  Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 1618000 | 1618000 | 11084 | 13860 | (2776) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 92.800 | 03/18/2026 | 817000 | 817000 | 4 | 8670 | (8666) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 1155000 | 1155000 | 406 | 12792 | (12386) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 2389000 | 2389000 | 3753 | 23192 | (19439) |
|  Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 2260000 | 2260000 | 15701 | 20356 | (4655) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.830 | 03/18/2026 | 871000 | 871000 | 108 | 8129 | (8021) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 1195000 | 1195000 | 1403 | 12116 | (10713) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 2456000 | 2456000 | 7948 | 21393 | (13445) |
|  Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 2333000 | 2333000 | 17149 | 21050 | (3901) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 03/18/2026 | 382000 | 382000 | 271 | 2902 | (2631) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 518000 | 518000 | 2790 | 4473 | (1683) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1041000 | 1041000 | 7611 | 7721 | (110) |
|  Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 1838000 | 1838000 | 12713 | 13845 | (1132) |
|  |  |  |  | 35000000 | $35000000 | $136426 | $332297 | $(195871) |
| Total purchased option contracts | Total purchased option contracts |  |  | 558405000 | $558405000 | $371078 | $882212 | $(511134) |

---

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

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $7020.000 | 01/02/2026 | (5) | $(3510000) | $(38) | $(376) | $338 |
|  S&P 500 Index | 7015.000 | 01/05/2026 | (5) | (3507500) | (25) | (932) | 907 |
|  S&P 500 Index | 6990.000 | 01/07/2026 | (5) | (3495000) | (300) | (1269) | 969 |
|  S&P 500 Index | 7125.000 | 01/07/2026 | (4) | (2850000) | (20) | (3773) | 3753 |
|  S&P 500 Index | 7050.000 | 01/14/2026 | (4) | (2820000) | (1010) | (4007) | 2997 |
|  S&P 500 Index | 7125.000 | 01/21/2026 | (4) | (2850000) | (920) | (3086) | 2166 |
|  S&P 500 Index | 7150.000 | 01/28/2026 | (4) | (2860000) | (1940) | (3095) | 1155 |
|  |  |  | (31) | $(21892500) | $(4253) | $(16538) | $12285 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6845.000 | 01/02/2026 | (11) | (7529500) | (16720) | (10307) | (6413) |
|  S&P 500 Index | 6845.000 | 01/05/2026 | (11) | (7529500) | (24585) | (14005) | (10580) |
|  S&P 500 Index | 6575.000 | 01/07/2026 | (8) | (5260000) | (800) | (28825) | 28025 |
|  S&P 500 Index | 6805.000 | 01/07/2026 | (11) | (7485500) | (19635) | (13443) | (6192) |
|  S&P 500 Index | 6525.000 | 01/14/2026 | (8) | (5220000) | (4840) | (28008) | 23168 |
|  S&P 500 Index | 6690.000 | 01/21/2026 | (8) | (5352000) | (22880) | (17748) | (5132) |
|  S&P 500 Index | 6675.000 | 01/28/2026 | (8) | (5340000) | (29960) | (25428) | (4532) |
|  |  |  | (65) | $(43716500) | $(119420) | $(137764) | $18344 |
| Total written option contracts | Total written option contracts |  | (96) | $(65609000) | $(123673) | $(154302) | $30629 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.250 | 03/13/2026 | 46 | $115000 | $27600 | $57607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(30007) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 38 | 95000 | 3800 | 56613 | (52813) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 107 | 267500 | 7356 | 189398 | (182042) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 124 | 310000 | 4650 | 51402 | (46752) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 42 | 105000 | 46725 | 59716 | (12991) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 36 | 90000 | 16200 | 56784 | (40584) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 111 | 277500 | 36075 | 200195 | (164120) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 30 | 75000 | 5438 | 19934 | (14496) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 77 | 192500 | 10588 | 36238 | (25650) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 44 | 110000 | 4950 | 20986 | (16036) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 42 | 105000 | 52237 | 60472 | (8235) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 158 | 395000 | 158988 | 153410 | 5578 |
|  3 Month SOFR | 96.625 | 09/11/2026 | 34 | 85000 | 27200 | 56604 | (29404) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 42 | 105000 | 16800 | 32632 | (15832) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 34 | 85000 | 8925 | 22167 | (13242) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 60 | 150000 | 135750 | 120868 | 14882 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 39 | 97500 | 55331 | 60540 | (5209) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 203 | 507500 | 241063 | 239423 | 1640 |
|  3 Month SOFR | 96.000 | 03/12/2027 | 58 | 145000 | 134125 | 121914 | 12211 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 39 | 97500 | 68981 | 78076 | (9095) |

---

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

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

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid (Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3 Month SOFR | $96.500 | 03/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;151 | $377500 | $196300 | $174283 | $22017 |
|  3 Month SOFR | 97.250 | 03/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;124 | 310000 | 58900 | 58381 | 519 |
|  3 Month SOFR | 96.000 | 06/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;52 | 130000 | 121225 | 111902 | 9323 |
|  3 Month SOFR | 96.250 | 06/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;39 | 97500 | 70931 | 80026 | (9095) |
|  3 Month SOFR | 96.500 | 06/11/2027 | &nbsp;&nbsp;&nbsp;&nbsp;215 | 537500 | 295625 | 274596 | 21029 |
|  3 Month SOFR | 96.250 | 09/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;40 | 100000 | 73250 | 81078 | (7828) |
|  3 Month SOFR | 96.500 | 09/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;70 | 175000 | 98875 | 102512 | (3637) |
|  3 Month SOFR | 96.500 | 12/10/2027 | &nbsp;&nbsp;&nbsp;&nbsp;87 | 217500 | 122888 | 130671 | (7783) |
|  3 Month SOFR | 96.375 | 03/10/2028 | &nbsp;&nbsp;&nbsp;&nbsp;76 | 190000 | 119700 | 128399 | (8699) |
| TOTAL | TOTAL |  | 2218 | $5545000 | $2220476 | $2836827 | $(616351) |

---

---

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

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |

---

---

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

---

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

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

---

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

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

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

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

Schedule of Investments *December 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** |
| Underlying Funds – 93.8% | Underlying Funds – 93.8% | Underlying Funds – 93.8% |
| Dynamic\*<sup>(a)</sup> – 0.9% | Dynamic\*<sup>(a)</sup> – 0.9% | Dynamic\*<sup>(a)</sup> – 0.9% |
| 1053803 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $9895210 |
| Equity<sup>(a)</sup> – 42.5% | Equity<sup>(a)</sup> – 42.5% | Equity<sup>(a)</sup> – 42.5% |
| 3769066 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 137683972 |
| 5507414 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 136418633 |
| 6188735 | Goldman Sachs International Equity Insights Fund — Class R6 | 112325536 |
| 4618493 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 51542379 |
| 574222 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 16738583 |
| 685585 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 11127043 |
| 674292 | Goldman Sachs Global Infrastructure Fund — Class R6 | 8705110 |
| 24901 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 323222 |
|  |  | 474864478 |
| Exchange Traded Funds – 45.0% | Exchange Traded Funds – 45.0% | Exchange Traded Funds – 45.0% |
| 1948234 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 183913290 |
| 1327002 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 91991494 |
| 1068406 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 49413778 |
| 1100168 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 45678975 |
| 329019 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 43552245 |
| 625408 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 35203653 |
| 604255 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 25946710 |
| 197259 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 8209920 |
| 35742 | iShares MSCI USA Quality Factor ETF | 7099076 |
| 50919 | iShares U.S. Real Estate ETF | 4780785 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 16996 | iShares U.S. Technology ETF | $3393761 |
| 18033 | State Street Health Care Select Sector SPDR ETF | 2791508 |
| 2712 | iShares MSCI Mexico ETF | 188023 |
|  |  | 502163218 |
| Fixed Income<sup>(a)</sup> – 5.4% | Fixed Income<sup>(a)</sup> – 5.4% | Fixed Income<sup>(a)</sup> – 5.4% |
| 3711238 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 38485541 |
| 1310621 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 11258236 |
| 1845956 | Goldman Sachs High Yield Fund — Class R6 | 10558866 |
|  |  | 60302643 |
| TOTAL UNDERLYING FUNDS – 93.8%<br>(Cost $822,560,090) | TOTAL UNDERLYING FUNDS – 93.8%<br>(Cost $822,560,090) | $1047225549 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 1.6% | Investment Company<sup>(a)</sup> – 1.6% | Investment Company<sup>(a)</sup> – 1.6% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 18508106 | 3.686% | $18508106 |
| (Cost $18,508,106) | (Cost $18,508,106) | (Cost $18,508,106) |
| TOTAL INVESTMENTS – 95.4%<br>(Cost $841,068,196) | TOTAL INVESTMENTS – 95.4%<br>(Cost $841,068,196) | $1065733655 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.6%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.6%** | 50932734 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1116666389 |

---

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.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 4650000 | USD | 5448294 | 03/18/26 | $36499 |
|  | USD | 1107890 | HKD | 8600000 | 03/18/26 | 143 |
|  | USD | 12893218 | JPY | 1981000000 | 03/18/26 | 160705 |
|  | USD | 322674 | NOK | 3250000 | 03/18/26 | 349 |

---

&nbsp;&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 GROWTH ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD | &nbsp;&nbsp;&nbsp;&nbsp;104195 | NZD | &nbsp;&nbsp;&nbsp;&nbsp;180000 | 03/18/26 | $253 |
| TOTAL |  |  |  |  |  | $197949 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 3655993 | AUD | 5540000 | 03/18/26 | $(41326) |
|  | USD | 5496425 | CHF | 4350000 | 03/18/26 | (41236) |
|  | USD | 1055873 | DKK | 6720000 | 03/18/26 | (6308) |
|  | USD | 20246364 | EUR | 17270000 | 03/18/26 | (124039) |
|  | USD | 8491181 | GBP | 6365000 | 03/18/26 | (86730) |
|  | USD | 371603 | ILS | 1200000 | 03/18/26 | (5331) |
|  | USD | 859759 | MXN | 15875000 | 03/18/26 | (15034) |
|  | USD | 1826340 | SEK | 17025000 | 03/18/26 | (30555) |
|  | USD | 802050 | SGD | 1030000 | 03/18/26 | (3362) |
| TOTAL |  |  |  |  |  | $(353921) |

---

FUTURES CONTRACTS — At December 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 | 39 | 03/20/26 | $2677094 | $25144 |
|  FTSE/JSE Top 40 Index | &nbsp;&nbsp;&nbsp;&nbsp;8 | 03/19/26 | 528242 | 9576 |
|  IFSC NIFTY 50 Index | 126 | 01/27/26 | 6621426 | (22656) |
|  Mini-MDAX Index | 16 | 03/20/26 | 581019 | 10523 |
|  MSCI EAFE Index | 17 | 03/20/26 | 2466785 | 8787 |
|  S&P 500 E-Mini Index | 160 | 03/20/26 | 55140000 | (552670) |
| Total |  |  |  | $(521296) |
|  **Short position contracts:** |  |  |  |  |
|  FTSE 100 Index | (21) | 03/20/26 | (2813995) | (41284) |
|  S&P Toronto Stock Exchange 60 Index | (11) | 03/19/26 | (2984358) | (14392) |
|  **Total** |  |  |  | $(55676) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(576972) |

---

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

---

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

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | (5.000)% | 3.168% | 12/20/30 | $5340 | $(413283) | $(391271) | $(22012) |

---

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

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

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund<sup>(a),\*</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  SXDR Index | 12MEURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR 661 | $(4242) |
|  SXDR Index | 12M EURO+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR1,530 | (9861) |
|  SXDR Index | 12M EURO+0.495 | JPMorgan Securities, Inc. | 02/03/26 | EUR 680 | (4408) |
|  **TOTAL** |  |  |  |  | $(18511) |

---

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

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

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 8292 | $111942000 | $190913 | $90620 | $100293 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (16584) | (242126400) | (228535) | (89886) | (138649) |
| TOTAL | TOTAL |  |  | (8292) | $(130184400) | $(37622) | $734 | $(38356) |

---

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

---

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

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call CHF/Put NOK | MS & Co. Int. PLC | $14.810 | 03/18/2026 | 753000 | $753000 | $47 | $12683 | $(12636) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 | 03/18/2026 | 801000 | 801000 | 37 | 15767 | (15730) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1732000 | 1732000 | 7692 | 32685 | (24993) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 2986000 | 2986000 | 29287 | 51136 | (21849) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 275642000 | 275642000 | 12133 | 23561 | (11428) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 2855000 | 2855000 | 34991 | 45875 | (10884) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 | 03/18/2026 | 868000 | 868000 | 1 | 14325 | (14324) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 | 03/18/2026 | 917000 | 917000 | 1 | 14180 | (14179) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 1967000 | 1967000 | 1984 | 36783 | (34799) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 3426000 | 3426000 | 16211 | 51350 | (35139) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 3256000 | 3256000 | 32901 | 50883 | (17982) |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.886 | 06/11/2026 | 1050000 | 1050000 | 10861 | 15639 | (4778) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 | 03/18/2026 | 87290000 | 87290000 | 144 | 8885 | (8741) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 | 03/18/2026 | 87552000 | 87552000 | 31 | 10472 | (10441) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 150977000 | 150977000 | 1168 | 15427 | (14259) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 274790000 | 274790000 | 8463 | 24998 | (16535) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.474 | 03/18/2026 | 2743000 | 2743000 | 115 | 23894 | (23779) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.508 | 03/18/2026 | 2780000 | 2780000 | 14 | 27533 | (27519) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 5446000 | 5446000 | 11840 | 36053 | (24213) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 9594000 | 9594000 | 34970 | 62591 | (27621) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 8836000 | 8836000 | 44949 | 54969 | (10020) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1166.190 | 03/18/2026 | 934000 | 934000 | 8 | 17890 | (17882) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 | 03/18/2026 | 1011000 | 1011000 | 7 | 18449 | (18442) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1791000 | 1791000 | 2493 | 30909 | (28416) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 3042000 | 3042000 | 11338 | 52532 | (41194) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 3697000 | 3697000 | 38837 | 53876 | (15039) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 665000 | 665000 | 888 | 9297 | (8409) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 627000 | 627000 | 100 | 9280 | (9180) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1245000 | 1245000 | 10088 | 16135 | (6047) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 2325000 | 2325000 | 33324 | 23994 | 9330 |
| Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 2189000 | 2189000 | 12609 | 22153 | (9544) |
| Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 423000 | 423000 |  | 8368 | (8368) |
| Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 479000 | 479000 |  | 8995 | (8995) |
| Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 987000 | 987000 | 1017 | 14934 | (13917) |
| Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1634000 | 1634000 | 8806 | 24035 | (15229) |
| Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 277000 | 277000 |  | 4570 | (4570) |
| Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 284000 | 284000 |  | 4828 | (4828) |
| Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 837000 | 837000 | 1 | 13057 | (13056) |
| Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 853000 | 853000 | 1 | 13982 | (13981) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1150000 | 1150000 | 978 | 17285 | (16307) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1977000 | 1977000 | 10895 | 25489 | (14594) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1987000 | 1987000 | 17428 | 22841 | (5413) |
|  |  |  |  | 954675000 | $954675000 | $396658 | $1042588 | $(645930) |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 2181000 | 2181000 | 159 | 26788 | (26629) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 2379000 | 2379000 | 67 | 29626 | (29559) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4173000 | 4173000 | 2492 | 46385 | (43893) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 7390000 | 7390000 | 20876 | 74662 | (53786) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 6687000 | 6687000 | 49392 | 69868 | (20476) |

---

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

---

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

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put AUD/Call USD | MS & Co. Int. PLC | $0.588 | 03/18/2026 | 881000 | $881000 | $88 | $8959 | $(8871) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 940000 | 940000 | 24 | 9189 | (9165) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1737000 | 1737000 | 2554 | 16011 | (13457) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 3022000 | 3022000 | 15519 | 25636 | (10117) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 2670000 | 2670000 | 18290 | 22871 | (4581) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 1133000 | 1133000 | 29 | 14996 | (14967) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 1206000 | 1206000 | 9 | 15250 | (15241) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2106000 | 2106000 | 741 | 23325 | (22584) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 3833000 | 3833000 | 6021 | 37210 | (31189) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 3729000 | 3729000 | 25908 | 33588 | (7680) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 1153000 | 1153000 | 234 | 12541 | (12307) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 1260000 | 1260000 | 119 | 13691 | (13572) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2178000 | 2178000 | 2556 | 22083 | (19527) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 3941000 | 3941000 | 12754 | 34328 | (21574) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 3849000 | 3849000 | 28292 | 34729 | (6437) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 477000 | 477000 | 289 | 4415 | (4126) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 517000 | 517000 | 124 | 4594 | (4470) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 944000 | 944000 | 5085 | 8152 | (3067) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1669000 | 1669000 | 12203 | 12378 | (175) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 3033000 | 3033000 | 20977 | 22846 | (1869) |
| Put USD/Call INR | MS & Co. Int. PLC | 88.745 | 01/02/2026 | 2010000 | 2010000 | 2 | 8643 | (8641) |
|  |  |  |  | 65098000 | $65098000 | $224804 | $632764 | $(407960) |
| Total purchased option contracts | Total purchased option contracts |  |  | 1019773000 | $1019773000 | $621462 | $1675352 | $(1053890) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.908 | 06/11/2026 | (1050000) | (1050000) | (4403) | (6198) | 1795 |
| TOTAL | TOTAL |  |  | 1018723000 | $1018723000 | $617059 | $1669154 | $(1052095) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $7020.000 | 01/02/2026 | (11) | $(7722000) | $(83) | $(828) | $745 |
|  S&P 500 Index | 7015.000 | 01/05/2026 | (11) | (7716500) | (55) | (2049) | 1994 |
|  S&P 500 Index | 6990.000 | 01/07/2026 | (11) | (7689000) | (660) | (2792) | 2132 |
|  S&P 500 Index | 7125.000 | 01/07/2026 | (8) | (5700000) | (40) | (7546) | 7506 |
|  S&P 500 Index | 7050.000 | 01/14/2026 | (8) | (5640000) | (2020) | (8015) | 5995 |
|  S&P 500 Index | 7125.000 | 01/21/2026 | (8) | (5700000) | (1840) | (6171) | 4331 |
|  S&P 500 Index | 7150.000 | 01/28/2026 | (8) | (5720000) | (3880) | (6189) | 2309 |
|  |  |  | (65) | $(45887500) | $(8578) | $(33590) | $25012 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6845.000 | 01/02/2026 | (21) | (14374500) | (31920) | (19678) | (12242) |
|  S&P 500 Index | 6845.000 | 01/05/2026 | (21) | (14374500) | (46935) | (26737) | (20198) |

---

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

---

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

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  S&P 500 Index | $6575.000 | 01/07/2026 | (16) | $(10520000) | $(1600) | $(57651) | $56051 |
|  S&P 500 Index | 6805.000 | 01/07/2026 | (21) | (14290500) | (37485) | (25664) | (11821) |
|  S&P 500 Index | 6525.000 | 01/14/2026 | (16) | (10440000) | (9680) | (56016) | 46336 |
|  S&P 500 Index | 6690.000 | 01/21/2026 | (16) | (10704000) | (45760) | (35496) | (10264) |
|  S&P 500 Index | 6675.000 | 01/28/2026 | (16) | (10680000) | (59920) | (50855) | (9065) |
|  |  |  | (127) | $(85383500) | $(233300) | $(272097) | $38797 |
| Total written option contracts | Total written option contracts |  | (192) | $(131271000) | $(241878) | $(305687) | $63809 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.250 | 03/13/2026 | 139 | $347500 | $83400 | $174072 | $(90672) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 115 | 287500 | 11500 | 171329 | (159829) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 58 | 145000 | 3988 | 94385 | (90397) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 172 | 430000 | 6450 | 76932 | (70482) |
|  3 Month SOFR | 97.500 | 03/13/2026 | 150 | 375000 | 2812 | 49044 | (46232) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 126 | 315000 | 140175 | 179149 | (38974) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 168 | 420000 | 101850 | 174629 | (72779) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 109 | 272500 | 49050 | 171928 | (122878) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 60 | 150000 | 19500 | 93139 | (73639) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 86 | 215000 | 15588 | 57144 | (41556) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 97 | 242500 | 13338 | 49903 | (36565) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 73 | 182500 | 8213 | 34818 | (26605) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 126 | 315000 | 156712 | 181417 | (24705) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 368 | 920000 | 370300 | 411934 | (41634) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 105 | 262500 | 84000 | 174806 | (90806) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 121 | 302500 | 48400 | 94012 | (45612) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 57 | 142500 | 14963 | 37162 | (22199) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 173 | 432500 | 391413 | 348502 | 42911 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 119 | 297500 | 168831 | 184726 | (15895) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 450 | 1125000 | 534375 | 573157 | (38782) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 168 | 420000 | 388500 | 353129 | 35371 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 65 | 162500 | 114968 | 130127 | (15159) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 370 | 925000 | 481000 | 484063 | (3063) |
|  3 Month SOFR | 97.250 | 03/12/2027 | 299 | 747500 | 142025 | 140774 | 1251 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 149 | 372500 | 347356 | 320642 | 26714 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 65 | 162500 | 118218 | 133377 | (15159) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 344 | 860000 | 473000 | 479637 | (6637) |
|  3 Month SOFR | 96.250 | 09/10/2027 | 66 | 165000 | 120862 | 133779 | (12917) |
|  3 Month SOFR | 96.500 | 09/10/2027 | 169 | 422500 | 238713 | 247494 | (8781) |
|  3 Month SOFR | 96.500 | 12/10/2027 | 209 | 522500 | 295213 | 313910 | (18697) |
|  3 Month SOFR | 96.375 | 03/10/2028 | 184 | 460000 | 289800 | 310861 | (21061) |
| TOTAL | TOTAL |  | 4960 | $12400000 | $5234513 | $6379981 | $(1145468) |

---

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

---

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

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

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

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| EURO | —Euro Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

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

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

---

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

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

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

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

Schedule of Investments *December 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – 95.0% | Underlying Funds – 95.0% | Underlying Funds – 95.0% |
| Dynamic\*<sup>(a)</sup> – 0.9% | Dynamic\*<sup>(a)</sup> – 0.9% | Dynamic\*<sup>(a)</sup> – 0.9% |
| 1019811 | Goldman Sachs Managed Futures Strategy Fund — Class R6 | $9576027 |
| Equity<sup>(a)</sup> – 32.9% | Equity<sup>(a)</sup> – 32.9% | Equity<sup>(a)</sup> – 32.9% |
| 2757997 | Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 100749647 |
| 4049093 | Goldman Sachs Large Cap Value Insights Fund — Class R6 | 100296029 |
| 4677476 | Goldman Sachs International Equity Insights Fund — Class R6 | 84896197 |
| 3133330 | Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 34967960 |
| 386090 | Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 11254526 |
| 779795 | Goldman Sachs Global Infrastructure Fund — Class R6 | 10067152 |
| 474417 | Goldman Sachs International Small Cap Insights Fund — Class R6 | 7699784 |
| 28852 | Goldman Sachs Energy Infrastructure Fund — Class R6 | 374498 |
|  |  | 350305793 |
| Exchange Traded Funds – 30.8% | Exchange Traded Funds – 30.8% | Exchange Traded Funds – 30.8% |
| 1254959 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 118468130 |
| 1043261 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 72321774 |
| 890842 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 41201442 |
| 223124 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 29534924 |
| 477908 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 26901011 |
| 341933 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 14682603 |
| 34690 | iShares MSCI USA Quality Factor ETF | 6890128 |
| 69277 | iShares U.S. Real Estate ETF | 6504417 |
| 130954 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 5450305 |
| 16184 | iShares U.S. Technology ETF | 3231621 |
| 17067 | State Street Health Care Select Sector SPDR ETF | 2641972 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Underlying Funds – (continued) | Underlying Funds – (continued) | Underlying Funds – (continued) |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 3887 | iShares MSCI Mexico ETF | $269486 |
|  |  | 328097813 |
| Fixed Income<sup>(a)</sup> – 30.4% | Fixed Income<sup>(a)</sup> – 30.4% | Fixed Income<sup>(a)</sup> – 30.4% |
| 21231152 | Goldman Sachs Global Core Fixed Income Fund — Class R6 | 243733625 |
| 3125238 | Goldman Sachs Inflation Protected Securities Fund — Class R6 | 30002286 |
| 2785885 | Goldman Sachs Emerging Markets Debt Fund — Class R6 | 28889624 |
| 2023724 | Goldman Sachs High Yield Fund — Class R6 | 11575700 |
| 1166923 | Goldman Sachs High Yield Floating Rate Fund — Class R6 | 10023867 |
|  |  | 324225102 |
| TOTAL UNDERLYING FUNDS – 95.0%<br>(Cost $851,330,088) | TOTAL UNDERLYING FUNDS – 95.0%<br>(Cost $851,330,088) | $1012204735 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 1.7% | Investment Company<sup>(a)</sup> – 1.7% | Investment Company<sup>(a)</sup> – 1.7% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 17730647 | 3.686% | $17730647 |
| (Cost $17,730,647) | (Cost $17,730,647) | (Cost $17,730,647) |
| TOTAL INVESTMENTS – 96.7%<br>(Cost $869,060,735) | TOTAL INVESTMENTS – 96.7%<br>(Cost $869,060,735) | $1029935382 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 3.3%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 3.3%** | 35018255 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1064953637 |
| 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. | 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) Represents an affiliated issuer. | (a) Represents an affiliated issuer. |  |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency<br>Purchased** | **Currency<br>Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | EUR | 4490000 | USD | 5260826 | 03/18/26 | $35243 |
|  | USD | 1042189 | HKD | 8090000 | 03/18/26 | 134 |
|  | USD | 12125222 | JPY | 1863000000 | 03/18/26 | 151132 |

---

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br>**Purchased** | **Currency**<br>**Purchased** | **Currency<br>Sold** | **Currency<br>Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC (continued) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302817 | NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 | 03/18/26 | $327 |
|  | USD | 98406 | NZD | 170000 | 03/18/26 | 239 |
| TOTAL |  |  |  |  |  | $187075 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | USD | 3438218 | AUD | 5210000 | 03/18/26 | $(38865) |
|  | USD | 5167903 | CHF | 4090000 | 03/18/26 | (38771) |
|  | USD | 993023 | DKK | 6320000 | 03/18/26 | (5932) |
|  | USD | 19038850 | EUR | 16240000 | 03/18/26 | (116641) |
|  | USD | 7984244 | GBP | 5985000 | 03/18/26 | (81551) |
|  | USD | 346829 | ILS | 1120000 | 03/18/26 | (4976) |
|  | USD | 812370 | MXN | 15000000 | 03/18/26 | (14205) |
|  | USD | 1721748 | SEK | 16050000 | 03/18/26 | (28805) |
|  | USD | 755329 | SGD | 970000 | 03/18/26 | (3166) |
| TOTAL |  |  |  |  |  | $(332912) |

---

FUTURES CONTRACTS — At December 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 | 38 | 03/20/26 | $2608450 | $24500 |
|  FTSE/JSE Top 40 Index | 9 | 03/19/26 | 594272 | 10773 |
|  IFSC NIFTY 50 Index | 122 | 01/27/26 | 6411222 | (21936) |
|  Mini-MDAX Index | 16 | 03/20/26 | 581019 | 9311 |
|  MSCI EAFE Index | 20 | 03/20/26 | 2902100 | 10337 |
|  S&P 500 E-Mini Index | 187 | 03/20/26 | 64444875 | (683914) |
| Total |  |  |  | $(650929) |
|  **Short position contracts:** |  |  |  |  |
|  FTSE 100 Index | (21) | 03/20/26 | (2813995) | (41285) |
|  S&P Toronto Stock Exchange 60 Index | (11) | 03/19/26 | (2984358) | (14392) |
| Total |  |  |  | $(55677) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(706606) |

---

&nbsp;&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 MODERATE ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Purchased:** | **Protection Purchased:** |  |  |  |  |  |  |
|  CDX.NA.HY Index 44 | (5.000)% | 3.168% | 12/20/30 | $5130 | $(397031) | $(375886) | $(21145) |

---

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

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

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund<sup>(a)</sup>** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  SXDR Index | 12MEURO+0.470% | JPMorgan Securities, Inc. | 02/03/26 | EUR | 654 | $(4201) |
|  SXDR Index | 12MEURO+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR | 1475 | (9507) |
|  SXDR Index | 12MEURO+0.495 | MS & Co. Int. PLC | 02/03/26 | EUR | 657 | (4260) |
| TOTAL |  |  |  |  |  | $(17968) |

---

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

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

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number<br>of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums<br>Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| XLV Index | BofA Securities LLC | $135.000 | 06/18/2026 | 8073 | $108985500 | $185871 | $88226 | $97645 |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| XLV Index | BofA Securities LLC | 146.000 | 06/18/2026 | (16146) | (235731600) | (222500) | (87512) | (134988) |
| TOTAL |  |  |  | (8073) | $(126746100) | $(36629) | $714 | $(37343) |

---

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call CHF/Put NOK | MS & Co. Int. PLC | $14.810 | 03/18/2026 | 710000 | $710000 | $44 | $11958 | $(11914) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.888 | 03/18/2026 | 748000 | 748000 | 35 | 14724 | (14689) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 1921000 | 1921000 | 8532 | 36252 | (27720) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.297 | 09/16/2026 | 2691000 | 2691000 | 26394 | 46084 | (19690) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.658 | 12/16/2026 | 2626000 | 2626000 | 32184 | 42196 | (10012) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 14.076 | 03/18/2026 | 819000 | 819000 | 1 | 13517 | (13516) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.954 | 03/18/2026 | 856000 | 856000 | 1 | 13237 | (13236) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 2182000 | 2182000 | 2201 | 40803 | (38602) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.045 | 09/16/2026 | 3088000 | 3088000 | 14612 | 46284 | (31672) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 12.920 | 12/16/2026 | 2994000 | 2994000 | 30254 | 46788 | (16534) |
| Call EUR/Put GBP | MS & Co. Int. PLC | 0.886 | 06/11/2026 | 1000000 | 1000000 | 10344 | 14894 | (4550) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.554 | 03/18/2026 | 82317000 | 82317000 | 136 | 8379 | (8243) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.967 | 03/18/2026 | 81755000 | 81755000 | 29 | 9779 | (9750) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 167485000 | 167485000 | 1296 | 17114 | (15818) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.589 | 09/16/2026 | 247647000 | 247647000 | 7626 | 22528 | (14902) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.715 | 12/16/2026 | 253495000 | 253495000 | 11158 | 21668 | (10510) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.474 | 03/18/2026 | 2586000 | 2586000 | 109 | 22527 | (22418) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.508 | 03/18/2026 | 2596000 | 2596000 | 13 | 25711 | (25698) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 6042000 | 6042000 | 13135 | 39998 | (26863) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.429 | 09/16/2026 | 8647000 | 8647000 | 31518 | 56413 | (24895) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.431 | 12/16/2026 | 8126000 | 8126000 | 41337 | 50552 | (9215) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1166.190 | 03/18/2026 | 881000 | 881000 | 8 | 16876 | (16868) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1173.249 | 03/18/2026 | 944000 | 944000 | 6 | 17226 | (17220) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 1987000 | 1987000 | 2766 | 34292 | (31526) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1092.440 | 09/16/2026 | 2742000 | 2742000 | 10219 | 47352 | (37133) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1040.580 | 12/16/2026 | 3400000 | 3400000 | 35717 | 49548 | (13831) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1526.850 | 03/18/2026 | 627000 | 627000 | 837 | 8765 | (7928) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1589.310 | 03/18/2026 | 586000 | 586000 | 93 | 8673 | (8580) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 1382000 | 1382000 | 11198 | 17911 | (6713) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1479.730 | 09/16/2026 | 2095000 | 2095000 | 30028 | 21620 | 8408 |
| Call USD/Put KRW | MS & Co. Int. PLC | 1581.730 | 12/16/2026 | 2013000 | 2013000 | 11595 | 20372 | (8777) |
| Call USD/Put MXN | MS & Co. Int. PLC | 26.302 | 03/18/2026 | 398000 | 398000 |  | 7874 | (7874) |
| Call USD/Put MXN | MS & Co. Int. PLC | 25.536 | 03/18/2026 | 448000 | 448000 |  | 8413 | (8413) |
| Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 1094000 | 1094000 | 1127 | 16553 | (15426) |
| Call USD/Put MXN | MS & Co. Int. PLC | 21.614 | 09/15/2026 | 1473000 | 1473000 | 7938 | 21666 | (13728) |
| Call USD/Put NOK | MS & Co. Int. PLC | 12.700 | 03/18/2026 | 261000 | 261000 |  | 4307 | (4307) |
| Call USD/Put NOK | MS & Co. Int. PLC | 12.959 | 03/18/2026 | 265000 | 265000 |  | 4505 | (4505) |
| Call USD/Put SEK | MS & Co. Int. PLC | 12.199 | 03/18/2026 | 789000 | 789000 | 1 | 12308 | (12307) |
| Call USD/Put SEK | MS & Co. Int. PLC | 12.275 | 03/18/2026 | 797000 | 797000 | 1 | 13064 | (13063) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 1276000 | 1276000 | 1084 | 19178 | (18094) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.074 | 09/16/2026 | 1782000 | 1782000 | 9821 | 22976 | (13155) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.040 | 12/16/2026 | 1828000 | 1828000 | 16033 | 21013 | (4980) |
|  |  |  |  | 907399000 | $907399000 | $369431 | $995898 | $(626467) |
|  **Puts** |  |  |  |  |  |  |  |  |
| Put AUD/Call JPY | MS & Co. Int. PLC | 84.720 | 03/18/2026 | 2057000 | 2057000 | 150 | 25265 | (25115) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 82.000 | 03/18/2026 | 2222000 | 2222000 | 62 | 27670 | (27608) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 4629000 | 4629000 | 2765 | 51453 | (48688) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 86.090 | 09/16/2026 | 6660000 | 6660000 | 18814 | 67287 | (48473) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 90.000 | 12/16/2026 | 6149000 | 6149000 | 45418 | 64247 | (18829) |

---

&nbsp;&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 MODERATE ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put AUD/Call USD | MS & Co. Int. PLC | $0.588 | 03/18/2026 | 830000 | $830000 | $82 | $8440 | $(8358) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.571 | 03/18/2026 | 878000 | 878000 | 22 | 8583 | (8561) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 1927000 | 1927000 | 2833 | 17762 | (14929) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.613 | 09/16/2026 | 2723000 | 2723000 | 13984 | 23100 | (9116) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.607 | 12/16/2026 | 2455000 | 2455000 | 16818 | 21030 | (4212) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 96.150 | 03/18/2026 | 1068000 | 1068000 | 28 | 14136 | (14108) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 93.500 | 03/18/2026 | 1126000 | 1126000 | 8 | 14238 | (14230) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 2336000 | 2336000 | 822 | 25872 | (25050) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 95.680 | 09/16/2026 | 3454000 | 3454000 | 5426 | 33531 | (28105) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 102.300 | 12/16/2026 | 3429000 | 3429000 | 23824 | 30886 | (7062) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 77.160 | 03/18/2026 | 1087000 | 1087000 | 220 | 11823 | (11603) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.130 | 03/18/2026 | 1177000 | 1177000 | 112 | 12790 | (12678) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 2417000 | 2417000 | 2836 | 24506 | (21670) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 77.260 | 09/16/2026 | 3551000 | 3551000 | 11492 | 30931 | (19439) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 79.800 | 12/16/2026 | 3540000 | 3540000 | 26021 | 31941 | (5920) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.535 | 03/18/2026 | 450000 | 450000 | 272 | 4165 | (3893) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.522 | 03/18/2026 | 483000 | 483000 | 116 | 4292 | (4176) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 1047000 | 1047000 | 5639 | 9041 | (3402) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.550 | 09/16/2026 | 1505000 | 1505000 | 11004 | 11162 | (158) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 12/16/2026 | 2790000 | 2790000 | 19297 | 21016 | (1719) |
| Put USD/Call INR | MS & Co. Int. PLC | 88.745 | 01/02/2026 | 1930000 | 1930000 | 2 | 8299 | (8297) |
|  |  |  |  | 61920000 | $61920000 | $208067 | $603466 | $(395399) |
| Total purchased option contracts | Total purchased option contracts |  |  | 969319000 | $969319000 | $577498 | $1599364 | $(1021866) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| Call EUR/Put GBP |  | 0.908 | 06/11/2026 | (1000000) | (1000000) | (4193) | (5904) | 1711 |
| TOTAL | TOTAL |  |  | 968319000 | $968319000 | $573305 | $1593460 | $(1020155) |

---

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $7020.000 | 01/02/2026 | (8) | $(5616000) | $(60) | $(602) | $542 |
|  S&P 500 Index | 7015.000 | 01/05/2026 | (8) | (5612000) | (40) | (1491) | 1451 |
|  S&P 500 Index | 6990.000 | 01/07/2026 | (8) | (5592000) | (480) | (2030) | 1550 |
|  S&P 500 Index | 7125.000 | 01/07/2026 | (6) | (4275000) | (30) | (5659) | 5629 |
|  S&P 500 Index | 7050.000 | 01/14/2026 | (6) | (4230000) | (1515) | (6011) | 4496 |
|  S&P 500 Index | 7125.000 | 01/21/2026 | (6) | (4275000) | (1380) | (4628) | 3248 |
|  S&P 500 Index | 7150.000 | 01/28/2026 | (6) | (4290000) | (2910) | (4642) | 1732 |
|  |  |  | (48) | $(33890000) | $(6415) | $(25063) | $18648 |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6845.000 | 01/02/2026 | (16) | (10952000) | (24320) | (14993) | (9327) |
|  S&P 500 Index | 6845.000 | 01/05/2026 | (16) | (10952000) | (35760) | (20371) | (15389) |

---

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid**<br> (Received)<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  S&P 500 Index | $6575.000 | 01/07/2026 | (12) | $(7890000) | $(1200) | $(43238) | $42038 |
|  S&P 500 Index | 6805.000 | 01/07/2026 | (16) | (10888000) | (28560) | (19553) | (9007) |
|  S&P 500 Index | 6525.000 | 01/14/2026 | (12) | (7830000) | (7260) | (42012) | 34752 |
|  S&P 500 Index | 6690.000 | 01/21/2026 | (12) | (8028000) | (34320) | (26622) | (7698) |
|  S&P 500 Index | 6675.000 | 01/28/2026 | (12) | (8010000) | (44940) | (38142) | (6798) |
|  |  |  | (96) | $(64550000) | $(176360) | $(204931) | $28571 |
| Total written option contracts | Total written option contracts |  | (144) | $(98440000) | $(182775) | $(229994) | $47219 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums**<br> **Paid (Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.250 | 03/13/2026 | 112 | $280000 | $67200 | $140260 | $(73060) |
|  3 Month SOFR | 96.625 | 03/13/2026 | 92 | 230000 | 9200 | 137063 | (127863) |
|  3 Month SOFR | 96.750 | 03/13/2026 | 37 | 92500 | 2544 | 60211 | (57667) |
|  3 Month SOFR | 97.000 | 03/13/2026 | 147 | 367500 | 5513 | 64634 | (59121) |
|  3 Month SOFR | 97.500 | 03/13/2026 | 140 | 350000 | 2625 | 45774 | (43149) |
|  3 Month SOFR | 96.250 | 06/12/2026 | 101 | 252500 | 112363 | 143604 | (31241) |
|  3 Month SOFR | 96.500 | 06/12/2026 | 158 | 395000 | 95788 | 164235 | (68447) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 87 | 217500 | 39150 | 137227 | (98077) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 38 | 95000 | 12350 | 58988 | (46638) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 88 | 220000 | 15950 | 58472 | (42522) |
|  3 Month SOFR | 97.125 | 06/12/2026 | 74 | 185000 | 10175 | 38070 | (27895) |
|  3 Month SOFR | 97.250 | 06/12/2026 | 72 | 180000 | 8100 | 34341 | (26241) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 101 | 252500 | 125619 | 145422 | (19803) |
|  3 Month SOFR | 96.500 | 09/11/2026 | 311 | 777500 | 312944 | 348710 | (35766) |
|  3 Month SOFR | 96.625 | 09/11/2026 | 83 | 207500 | 66400 | 138180 | (71780) |
|  3 Month SOFR | 97.000 | 09/11/2026 | 123 | 307500 | 49200 | 95566 | (46366) |
|  3 Month SOFR | 97.250 | 09/11/2026 | 56 | 140000 | 14700 | 36510 | (21810) |
|  3 Month SOFR | 96.000 | 12/11/2026 | 177 | 442500 | 400463 | 356559 | 43904 |
|  3 Month SOFR | 96.375 | 12/11/2026 | 96 | 240000 | 136200 | 149023 | (12823) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 393 | 982500 | 466688 | 503608 | (36920) |
|  3 Month SOFR | 96.000 | 03/12/2027 | 172 | 430000 | 397750 | 361537 | 36213 |
|  3 Month SOFR | 96.250 | 03/12/2027 | 63 | 157500 | 111431 | 126123 | (14692) |
|  3 Month SOFR | 96.500 | 03/12/2027 | 315 | 787500 | 409500 | 411905 | (2405) |
|  3 Month SOFR | 97.250 | 03/12/2027 | 269 | 672500 | 127775 | 126652 | 1123 |
|  3 Month SOFR | 96.000 | 06/11/2027 | 153 | 382500 | 356681 | 329250 | 27431 |
|  3 Month SOFR | 96.250 | 06/11/2027 | 63 | 157500 | 114581 | 129273 | (14692) |
|  3 Month SOFR | 96.500 | 06/11/2027 | 285 | 712500 | 391875 | 397796 | (5921) |
|  3 Month SOFR | 96.250 | 09/10/2027 | 64 | 160000 | 117200 | 129725 | (12525) |
|  3 Month SOFR | 96.500 | 09/10/2027 | 152 | 380000 | 214700 | 222598 | (7898) |
|  3 Month SOFR | 96.500 | 12/10/2027 | 188 | 470000 | 265550 | 282368 | (16818) |
|  3 Month SOFR | 96.375 | 03/10/2028 | 166 | 415000 | 261450 | 280450 | (19000) |
| TOTAL | TOTAL |  | 4376 | $10940000 | $4721665 | $5654134 | $(932469) |

---

&nbsp;&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 MODERATE ALLOCATION FUND

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

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

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 44 | —CDX North America High Yield Index 44 |
| EURO | —Euro Offered Rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |

---

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

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

---

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

---

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Statements of Assets and Liabilities *December 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Dynamic**<br> **Global Equity<br>Fund** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $523,911,227 and $319,432,734, respectively) | $577753897 | $415387398 |
|  Investments in unaffiliated issuers, at value (cost $10,905,422 and $7,748,789, respectively) | 11425071 | 7961230 |
|  Purchased options, at value (premium paid $3,530,050 and $3,719,039, respectively) | 2485806 | 2591554 |
|  Cash | 9094007 | 6594891 |
|  Foreign currencies, at value (cost $307,188 and $252,859, respectively) | 313358 | 253232 |
|  Unrealized gain on forward foreign currency exchange contracts | 106113 | 43451 |
|  Variation margin on swaps contracts | 2385 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 8549703 | 9439602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1012766 | 32716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 370538 | 4183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment | 186660 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 38834 | 43234 |
|  Other assets | 71930 | 74086 |
|  **Total assets** | 611411068 | 442425577 |
| Liabilities: |  |  |
|  Variation margin on futures contracts | 304949 | 454264 |
|  Written option contracts, at value (premium received $192,606 and $154,302, respectively) | 242556 | 123673 |
|  Unrealized loss on forward foreign currency exchange contracts | 193842 | 64168 |
|  Unrealized loss on swap contracts | 10364 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 744582 | 32717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemned | 318600 | 86262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 44809 | 33447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 27700 | 40763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions | 2889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 270000 |
|  Accrued printing and mailing fees | 55296 | 69507 |
|  Accrued expenses | 124826 | 126629 |
|  **Total liabilities** | 2070413 | 1301430 |
| Net Assets: |  |  |
|  Paid-in capital | 558997545 | 340450867 |
|  Total distributable earnings | 50343110 | 100673280 |
|  **NET ASSETS** | $609340655 | $441124147 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $81856020 | $178289439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 2558098 | 7508491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 451826210 | 20397823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 289774 | 216644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2404368 | 8738236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2808482 | 1608020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 11375510 | 6293837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 56222193 | 218071657 |
|  Total Net Assets | $609340655 | $441124147 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6462380 | 7872007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 201336 | 347810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 35687800 | 881577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 22511 | 9572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 190877 | 394699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 221677 | 69231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 903199 | 282185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 4438705 | 9414499 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 12.67 | 22.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12.71 | 21.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 12.66 | 23.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 12.87 | 22.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 12.60 | 22.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12.67 | 23.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 12.59 | 22.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 12.67 | 23.16 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** | **Options** |
|  Conservative Allocation Fund | $2415072 | $155280 | $740000 | $5239351 |
|  Dynamic Global Equity Fund | 3394278 | 220000 |  | 5825324 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Conservative Allocation and Dynamic Global Equity Funds is $13.41 and $23.97, 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.** | **27** |

---

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Statements of Assets and Liabilities (continued) *December 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Growth Allocation Fund** | **Moderate Allocation Fund** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $823,745,648 and $850,322,556, respectively) | $1047480502 | $1010397758 |
|  Investments in unaffiliated issuers, at value (cost $17,322,548 and $18,738,179, respectively) | 18253153 | 19537624 |
|  Purchased options, at value (premium paid $8,145,953 and $7,341,724, respectively) | 6046888 | 5485034 |
|  Cash | 16687312 | 15931388 |
|  Foreign currencies, at value (cost $450,165 and $433,356, respectively) | 434985 | 419606 |
|  Unrealized gain on forward foreign currency exchange contracts | 197949 | 187075 |
|  Variation margin on swaps contracts | 4383 | 4209 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 15441064 | 13544999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 11085500 | 64367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2700367 | 830024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 732935 | 1097061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment | 333387 | 323615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser |  | 33140 |
|  Other assets | 76470 | 75708 |
|  **Total assets** | 1119474895 | 1067931608 |
| Liabilities: |  |  |
|  Variation margin on futures contracts | 487329 | 549673 |
|  Written option contracts, at value (premium received $401,771 and $323,410, respectively) | 474816 | 409468 |
|  Unrealized loss on forward foreign currency exchange contracts | 353921 | 332912 |
|  Unrealized loss on swap contracts | 18511 | 17968 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemned | 474977 | 149987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 335665 | 924567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 310000 | 290000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 83733 | 61374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 73269 | 69639 |
|  Accrued expenses | 196285 | 172383 |
|  **Total liabilities** | 2808506 | 2977971 |
| Net Assets: |  |  |
|  Paid-in capital | 882144701 | 899125674 |
|  Total distributable earnings | 234521688 | 165827963 |
|  **NET ASSETS** | $1116666389 | $1064953637 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $362343270 | $251630762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 12056322 | 5213063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 321699969 | 480236382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 1934777 | 1960801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10058118 | 11769919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11522059 | 6032441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8574032 | 4655726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 388477842 | 303454543 |
|  Total Net Assets | $1116666389 | $1064953637 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 17907671 | 15327465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 576142 | 329193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 15902204 | 29132202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 95903 | 119817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 506860 | 721874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 569307 | 366153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 442129 | 286869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 19191928 | 18423272 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 20.23 | 16.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 20.93 | 15.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 20.23 | 16.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 20.17 | 16.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 19.84 | 16.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 20.24 | 16.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 19.39 | 16.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 20.24 | 16.47 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** | **Options** |
|  Growth Allocation Fund | $2859534 | $284946 | $1190000 | $11106584 |
|  Moderate Allocation Fund | 3695305 | 273740 | 1110000 | 8465954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the Growth Allocation and Moderate Allocation Funds is $21.41 and $17.38, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

---

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

---

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Dynamic**<br> **Global Equity**<br> **Fund** |
| Investment Income: |  |  |
|  Dividends — affiliated issuers | $15653034  | $6052293 |
|  Dividends — unaffiliated issuers | 135221  | 110836 |
|  Interest | 81427  | 107791 |
|  **Total investment income** | 15869682  | 6270920 |
| Expenses: |  |  |
|  Management fees | 848220  | 610086 |
|  Transfer Agency fees<sup>(a)</sup> | 327293  | 352399 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 274677  | 507224 |
|  Custody, accounting and administrative services | 176037  | 164682 |
|  Registration fees | 118954  | 125950 |
|  Professional fees | 118183  | 121596 |
|  Printing and mailing costs | 79296  | 96279 |
|  Trustee fees | 28055  | 27733 |
|  Service fees — Class C | 6103  | 16349 |
|  Shareholder Administration fees —Service Class | 695  | 524 |
|  Other | 20256  | 18016 |
|  **Total expenses** | 1997769  | 2040838 |
|  Less — expense reductions | (518144) | (539818) |
|  **Net expenses** | 1479625  | 1501020 |
|  **NET INVESTMENT INCOME** | 14390057  | 4769900 |
| Realized and unrealized gain (loss): |  |  |
|  Capital Gains Distributions | 7500512  | 13416087 |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | —  | (20818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (3297565) | 35852514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (1966121) | (1973493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1711244  | 3472134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 1693561  | 2038109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (187494) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1852381) | (764148) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 28142  | (173) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 45063352  | 21353547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 560960  | 146077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 636515  | 514828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 558064  | 1209823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 5438  | 144352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (28010) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1125738) | (121658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 9131  | (14112) |
|  **Net realized and unrealized gain** | 49309610  | 75253069 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $63699667  | $80022969 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Conservative Allocation Fund | $204707 | $18309 | $695 | $50966 | $122824 | $3662 | $165284 | $111 | $3599 | $626 | $15290 | $15897 |
|  Dynamic Global Equity Fund | 424769 | 49048 | 524 | 32883 | 254861 | 9810 | 7278 | 84 | 11140 | 614 | 9865 | 58747 |

---

&nbsp;&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 FUND OF FUNDS

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

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

Statements of Operations (continued) *For the Fiscal Year Ended December 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Growth Allocation Fund** | **Moderate Allocation Fund** |
| Investment Income: |  |  |
|  Dividends — affiliated issuers | $20128308 | $22636221 |
|  Dividends — unaffiliated issuers | 218503 | 232470 |
|  Interest | 92954 | 114981 |
|  **Total investment income** | 20439765 | 22983672 |
| Expenses: |  |  |
|  Management fees | 1522121 | 1472959 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 1003653 | 676255 |
|  Transfer Agency fees<sup>(a)</sup> | 785593 | 656841 |
|  Custody, accounting and administrative services | 195499 | 202504 |
|  Registration fees | 136249 | 126772 |
|  Professional fees | 118183 | 118214 |
|  Printing and mailing costs | 112151 | 98182 |
|  Service fees — Class C | 30687 | 12407 |
|  Trustee fees | 28942 | 28881 |
|  Shareholder Administration fees —Service Class | 4884 | 4798 |
|  Other | 23774 | 70036 |
|  **Total expenses** | 3961736 | 3467849 |
|  Less — expense reductions | (577692) | (606000) |
|  **Net expenses** | 3384044 | 2861849 |
|  **NET INVESTMENT INCOME** | 17055721 | 20121823 |
| Realized and unrealized gain (loss): |  |  |
|  Capital Gains Distributions | 26869522 | 19625645 |
|  Net realized gain (loss) from: |  |  |
|  Investments — unaffiliated issuers | (18372) | 72 |
|  Investments — affiliated issuers | 6658963 | (3140495) |
|  Purchased options | (3853042) | (3290547) |
|  Futures contracts | 234829 | 3316589 |
|  Written options | 3981549 | 2944715 |
|  Swap contracts | (313626) | (314791) |
|  Forward foreign currency exchange contracts | (2878668) | (2801011) |
|  Foreign currency transactions | 35821 | 21559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 127706701 | 106771556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 984147 | 876396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 1280676 | 1019052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 979040 | 827045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 86149 | 17537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (39742) | (43273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1788257) | (1651497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 19436 | 15376 |
|  **Net realized and unrealized gain** | 159945126 | 124193928 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $177000847 | $144315751 |

---

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Growth Allocation Fund | $867885 | $92059 | $4884 | $38825 | $520731 | $18412 | $112672 | $782 | $15216 | $3206 | $11647 | $102927 |
|  Moderate Allocation Fund | 612010 | 37223 | 4798 | 22224 | 367206 | 7445 | 172902 | 768 | 17222 | 892 | 6667 | 83739 |

---

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

---

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

---

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $14390057 | $17026521 | $4769900 | $5197134 |
|  Net realized gain | 3629898 | 33651854 | 52020212 | 25350333 |
|  Net change in unrealized gain (loss) | 45679712 | (6678737) | 23232857 | 26070395 |
|  **Net increase in net assets resulting from operations** | 63699667 | 43999638 | 80022969 | 56617862 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (4687220) | (3097514) | (23261726) | (13830894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (126309) | (73179) | (947271) | (507496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (25822466) | (15871821) | (2635364) | (1449576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (15895) | (9623) | (28402) | (22037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (145444) | (114172) | (1166046) | (515083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (152088) | (81974) | (203257) | (320861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (603965) | (330573) | (812623) | (525970) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (3323767) | (2050871) | (28461946) | (14588753) |
|  **Total distributions to shareholders** | (34877154) | (21629727) | (57516635) | (31760670) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 128319346 | 112974795 | 35661830 | 35787441 |
|  Reinvestment of distributions | 34604828 | 21451876 | 55882235 | 30814633 |
|  Cost of shares redeemed | (136857661) | (143120438) | (50207520) | (42258961) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 26066513 | (8693767) | 41336545 | 24343113 |
|  **TOTAL INCREASE** | 54889026 | 13676144 | 63842879 | 49200305 |
| Net assets: |  |  |  |  |
|  Beginning of year | 554451629 | 540775485 | 377281268 | 328080963 |
|  End of year | $609340655 | $554451629 | $441124147 | $377281268 |

---

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

---

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

---

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **For the Fiscal**<br> **Year Ended<br>December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $17055721 | $15816888 | $20121823 | $21424112 |
|  Net realized gain | 30716976 | 101355083 | 16361736 | 78121611 |
|  Net change in unrealized gain (loss) | 129228150 | 4635907 | 107832192 | (4744044) |
|  **Net increase in net assets resulting from operations** | 177000847 | 121807878 | 144315751 | 94801679 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (38563650) | (24432505) | (20394019) | (15280178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1205902) | (791160) | (397428) | (297459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (32975231) | (20416437) | (38738397) | (25234032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (214448) | (139339) | (160003) | (120291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1143978) | (733133) | (1004811) | (582259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1175183) | (748409) | (432387) | (169737) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (922815) | (527750) | (364174) | (271651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (41917016) | (23479850) | (25020769) | (16974710) |
|  **Total distributions to shareholders** | (118118223) | (71268583) | (86511988) | (58930317) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 148639351 | 130500565 | 171747875 | 139264309 |
|  Reinvestment of distributions | 115194297 | 69362432 | 85201912 | 57915430 |
|  Cost of shares redeemed | (177426852) | (127921939) | (179602133) | (144370201) |
|  **Net increase in net assets resulting from share transactions** | 86406796 | 71941058 | 77347654 | 52809538 |
|  **TOTAL INCREASE** | 145289420 | 122480353 | 135151417 | 88680900 |
| Net assets: |  |  |  |  |
|  Beginning of year | 971376969 | 848896616 | 929802220 | 841121320 |
|  End of year | $1116666389 | $971376969 | $1064953637 | $929802220 |

---

&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 CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.04 | $11.54 | $10.49 | $12.82 | $12.64 |
|  Net investment income<sup>(a)(b)</sup> | 0.28 | 0.34 | 0.23 | 0.22 | 0.24 |
|  Net realized and unrealized gain (loss) | 1.08 | 0.60 | 1.02 | (2.02) | 0.71 |
|  Total from investment operations | 1.36 | 0.94 | 1.25 | (1.80) | 0.95 |
|  Distributions to shareholders from net investment income | (0.33) | (0.44) | (0.20) | (0.39) | (0.34) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.73) | (0.44) | (0.20) | (0.53) | (0.77) |
|  Net asset value, end of year | $12.67 | $12.04 | $11.54 | $10.49 | $12.82 |
|  **Total return<sup>(c)</sup>** | 11.48% | 8.22% | 12.07% | (14.09)% | 7.53% |
|  Net assets, end of year (in 000s) | $81856 | $83765 | $88066 | $88939 | $113820 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.55% | 0.55% | 0.56% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.65% | 0.63% | 0.63% | 0.63% | 0.61% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 2.23% | 2.84% | 2.12% | 1.91% | 1.84% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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.** | **33** |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.07 | $11.57 | $10.51 | $12.83 | $12.67 |
|  Net investment income<sup>(a)(b)</sup> | 0.19 | 0.25 | 0.14 | 0.11 | 0.12 |
|  Net realized and unrealized gain (loss) | 1.09 | 0.60 | 1.03 | (1.99) | 0.73 |
|  Total from investment operations | 1.28 | 0.85 | 1.17 | (1.88) | 0.85 |
|  Distributions to shareholders from net investment income | (0.24) | (0.35) | (0.11) | (0.30) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.64) | (0.35) | (0.11) | (0.44) | (0.69) |
|  Net asset value, end of year | $12.71 | $12.07 | $11.57 | $10.51 | $12.83 |
|  **Total return<sup>(c)</sup>** | 10.71% | 7.36% | 11.24% | (14.70)% | 6.73% |
|  Net assets, end of year (in 000s) | $2558 | $2529 | $2801 | $3740 | $6678 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 1.30% | 1.30% | 1.31% | 1.31% | 1.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 1.40% | 1.38% | 1.38% | 1.38% | 1.36% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.49% | 2.04% | 1.31% | 0.98% | 0.91% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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;

---

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

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.03 | $11.54 | $10.49 | $12.81 | $12.63 |
|  Net investment income<sup>(a)(b)</sup> | 0.33 | 0.38 | 0.27 | 0.27 | 0.29 |
|  Net realized and unrealized gain (loss) | 1.08 | 0.60 | 1.02 | (2.02) | 0.71 |
|  Total from investment operations | 1.41 | 0.98 | 1.29 | (1.75) | 1.00 |
|  Distributions to shareholders from net investment income | (0.38) | (0.49) | (0.24) | (0.43) | (0.39) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.78) | (0.49) | (0.24) | (0.57) | (0.82) |
|  Net asset value, end of year | $12.66 | $12.03 | $11.54 | $10.49 | $12.81 |
|  **Total return<sup>(c)</sup>** | 11.89% | 8.52% | 12.48% | (13.69)% | 7.93% |
|  Net assets, end of year (in 000s) | $451826 | $403771 | $381220 | $355310 | $426392 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.29% | 0.27% | 0.27% | 0.27% | 0.25% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 2.62% | 3.18% | 2.49% | 2.31% | 2.23% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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.** | **35** |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.22 | $11.71 | $10.64 | $12.99 | $12.79 |
|  Net investment income<sup>(a)(b)</sup> | 0.27 | 0.31 | 0.22 | 0.21 | 0.22 |
|  Net realized and unrealized gain (loss) | 1.10 | 0.62 | 1.04 | (2.05) | 0.73 |
|  Total from investment operations | 1.37 | 0.93 | 1.26 | (1.84) | 0.95 |
|  Distributions to shareholders from net investment income | (0.32) | (0.42) | (0.19) | (0.37) | (0.32) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.72) | (0.42) | (0.19) | (0.51) | (0.75) |
|  Net asset value, end of year | $12.87 | $12.22 | $11.71 | $10.64 | $12.99 |
|  **Total return<sup>(c)</sup>** | 11.32% | 8.00% | 11.94% | (14.18)% | 7.44% |
|  Net assets, end of year (in 000s) | $290 | $268 | $351 | $319 | $388 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.79% | 0.77% | 0.77% | 0.77% | 0.75% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 2.11% | 2.59% | 2.00% | 1.82% | 1.67% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

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

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

---

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

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.98 | $11.48 | $10.44 | $12.76 | $12.58 |
|  Net investment income<sup>(a)(b)</sup> | 0.31 | 0.36 | 0.26 | 0.23 | 0.28 |
|  Net realized and unrealized gain (loss) | 1.07 | 0.62 | 1.01 | (1.99) | 0.70 |
|  Total from investment operations | 1.38 | 0.98 | 1.27 | (1.76) | 0.98 |
|  Distributions to shareholders from net investment income | (0.36) | (0.48) | (0.23) | (0.42) | (0.37) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.76) | (0.48) | (0.23) | (0.56) | (0.80) |
|  Net asset value, end of year | $12.60 | $11.98 | $11.48 | $10.44 | $12.76 |
|  **Total return<sup>(c)</sup>** | 11.83% | 8.44% | 12.32% | (13.79)% | 7.75% |
|  Net assets, end of year (in 000s) | $2404 | $2788 | $2967 | $3110 | $5430 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.30% | 0.30% | 0.31% | 0.31% | 0.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.40% | 0.38% | 0.38% | 0.38% | 0.36% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 2.48% | 3.00% | 2.36% | 2.01% | 2.13% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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.** | **37** |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.04 | $11.54 | $10.50 | $12.82 | $12.63 |
|  Net investment income<sup>(a)(b)</sup> | 0.34 | 0.39 | 0.27 | 0.37 | 0.21 |
|  Net realized and unrealized gain (loss) | 1.07 | 0.60 | 1.02 | (2.12) | 0.79 |
|  Total from investment operations | 1.41 | 0.99 | 1.29 | (1.75) | 1.00 |
|  Distributions to shareholders from net investment income | (0.38) | (0.49) | (0.25) | (0.43) | (0.38) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.78) | (0.49) | (0.25) | (0.57) | (0.81) |
|  Net asset value, end of year | $12.67 | $12.04 | $11.54 | $10.50 | $12.82 |
|  **Total return<sup>(c)</sup>** | 11.89% | 8.61% | 12.38% | (13.66)% | 8.00% |
|  Net assets, end of year (in 000s) | $2808 | $2034 | $2217 | $2061 | $277 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.27% | 0.26% | 0.26% | 0.26% | 0.24% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 2.70% | 3.21% | 2.50% | 3.28% | 1.64% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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;

---

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

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.98 | $11.48 | $10.44 | $12.76 | $12.58 |
|  Net investment income<sup>(a)(b)</sup> | 0.25 | 0.30 | 0.21 | 0.19 | 0.22 |
|  Net realized and unrealized gain (loss) | 1.06 | 0.61 | 1.01 | (2.01) | 0.70 |
|  Total from investment operations | 1.31 | 0.91 | 1.22 | (1.82) | 0.92 |
|  Distributions to shareholders from net investment income | (0.30) | (0.41) | (0.18) | (0.36) | (0.31) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.70) | (0.41) | (0.18) | (0.50) | (0.74) |
|  Net asset value, end of year | $12.59 | $11.98 | $11.48 | $10.44 | $12.76 |
|  **Total return<sup>(c)</sup>** | 11.12% | 7.97% | 11.77% | (14.30)% | 7.32% |
|  Net assets, end of year (in 000s) | $11376 | $9452 | $10544 | $8693 | $10837 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.80% | 0.80% | 0.81% | 0.81% | 0.81% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.90% | 0.88% | 0.88% | 0.88% | 0.86% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 2.03% | 2.54% | 1.90% | 1.67% | 1.65% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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.** | **39** |

---

------

GOLDMAN SACHS CONSERVATIVE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.04 | $11.54 | $10.49 | $12.82 | $12.64 |
|  Net investment income<sup>(a)(b)</sup> | 0.33 | 0.39 | 0.27 | 0.28 | 0.29 |
|  Net realized and unrealized gain (loss) | 1.08 | 0.60 | 1.03 | (2.04) | 0.71 |
|  Total from investment operations | 1.41 | 0.99 | 1.30 | (1.76) | 1.00 |
|  Distributions to shareholders from net investment income | (0.38) | (0.49) | (0.25) | (0.43) | (0.39) |
|  Distributions to shareholders from net realized gains | (0.40) |  |  | (0.14) | (0.43) |
|  Total distributions | (0.78) | (0.49) | (0.25) | (0.57) | (0.82) |
|  Net asset value, end of year | $12.67 | $12.04 | $11.54 | $10.49 | $12.82 |
|  **Total return<sup>(c)</sup>** | 11.89% | 8.62% | 12.49% | (13.75)% | 7.94% |
|  Net assets, end of year (in 000s) | $56222 | $49844 | $52609 | $59472 | $53299 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.28% | 0.26% | 0.26% | 0.26% | 0.24% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 2.62% | 3.26% | 2.50% | 2.46% | 2.24% |
|  Portfolio turnover rate<sup>(e)</sup> | 24% | 29% | 40% | 30% | 9% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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;

---

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

---

------

GOLDMAN SACHS DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.39 | $19.79 | $17.31 | $22.80 | $21.36 |
|  Net investment income<sup>(a)(b)</sup> | 0.22 | 0.28 | 0.31 | 0.28 | 0.31 |
|  Net realized and unrealized gain (loss) | 4.31 | 3.21 | 3.16 | (4.67) | 3.96 |
|  Total from investment operations | 4.53 | 3.49 | 3.47 | (4.39) | 4.27 |
|  Distributions to shareholders from net investment income | (0.51) | (0.64) | (0.31) | (0.52) | (1.01) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (3.27) | (1.89) | (0.99) | (1.10) | (2.83) |
|  Net asset value, end of year | $22.65 | $21.39 | $19.79 | $17.31 | $22.80 |
|  **Total return<sup>(c)</sup>** | 21.24% | 17.35% | 20.22% | (19.31)% | 20.07% |
|  Net assets, end of year (in 000s) | $178289 | $165333 | $155912 | $140666 | $185213 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.55% | 0.55% | 0.56% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.69% | 0.67% | 0.70% | 0.70% | 0.60% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 0.97% | 1.27% | 1.62% | 1.42% | 1.29% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $20.56 | $19.09 | $16.72 | $22.04 | $20.71 |
|  Net investment income<sup>(a)(b)</sup> | 0.02 | 0.12 | 0.15 | 0.11 | 0.10 |
|  Net realized and unrealized gain (loss) | 4.15 | 3.07 | 3.06 | (4.49) | 3.86 |
|  Total from investment operations | 4.17 | 3.19 | 3.21 | (4.38) | 3.96 |
|  Distributions to shareholders from net investment income | (0.38) | (0.47) | (0.16) | (0.37) | (0.81) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Distributions to shareholders from return of capital |  |  |  | (0.02) |  |
|  Total distributions | (3.14) | (1.72) | (0.84) | (0.94) | (2.63) |
|  Net asset value, end of year | $21.59 | $20.56 | $19.09 | $16.72 | $22.04 |
|  **Total return<sup>(c)</sup>** | 20.33% | 16.43% | 19.37% | (19.91)% | 19.19% |
|  Net assets, end of year (in 000s) | $7508 | $6317 | $6436 | $6659 | $10309 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 1.30% | 1.30% | 1.31% | 1.31% | 1.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 1.44% | 1.42% | 1.45% | 1.45% | 1.35% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 0.11% | 0.55% | 0.81% | 0.59% | 0.45% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.78 | $20.12 | $17.58 | $23.13 | $21.63 |
|  Net investment income<sup>(a)(b)</sup> | 0.32 | 0.36 | 0.38 | 0.35 | 0.39 |
|  Net realized and unrealized gain (loss) | 4.39 | 3.27 | 3.22 | (4.73) | 4.03 |
|  Total from investment operations | 4.71 | 3.63 | 3.60 | (4.38) | 4.42 |
|  Distributions to shareholders from net investment income | (0.59) | (0.72) | (0.38) | (0.58) | (1.10) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |
|  Total distributions | (3.35) | (1.97) | (1.06) | (1.17) | (2.92) |
|  Net asset value, end of year | $23.14 | $21.78 | $20.12 | $17.58 | $23.13 |
|  **Total return<sup>(c)</sup>** | 21.69% | 17.75% | 20.65% | (18.98)% | 20.50% |
|  Net assets, end of year (in 000s) | $20398 | $16971 | $16692 | $14970 | $19052 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.19% | 0.19% | 0.20% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.33% | 0.31% | 0.33% | 0.33% | 0.24% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.37% | 1.60% | 1.99% | 1.80% | 1.62% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.38 | $19.79 | $17.30 | $22.78 | $21.35 |
|  Net investment income<sup>(a)(b)</sup> | 0.19 | 0.24 | 0.27 | 0.25 | 0.29 |
|  Net realized and unrealized gain (loss) | 4.30 | 3.21 | 3.18 | (4.66) | 3.94 |
|  Total from investment operations | 4.49 | 3.45 | 3.45 | (4.41) | 4.23 |
|  Distributions to shareholders from net investment income | (0.48) | (0.61) | (0.28) | (0.52) | (0.98) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Total distributions | (3.24) | (1.86) | (0.96) | (1.07) | (2.80) |
|  Net asset value, end of year | $22.63 | $21.38 | $19.79 | $17.30 | $22.78 |
|  **Total return<sup>(c)</sup>** | 21.05% | 17.14% | 20.09% | (19.39)% | 19.90% |
|  Net assets, end of year (in 000s) | $217 | $266 | $252 | $244 | $310 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.69% | 0.69% | 0.70% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.83% | 0.81% | 0.83% | 0.83% | 0.74% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 0.81% | 1.12% | 1.45% | 1.30% | 1.21% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $20.96 | $19.43 | $17.01 | $22.43 | $21.05 |
|  Net investment income<sup>(a)(b)</sup> | 0.30 | 0.31 | 0.35 | 0.33 | 0.38 |
|  Net realized and unrealized gain (loss) | 4.21 | 3.16 | 3.11 | (4.60) | 3.89 |
|  Total from investment operations | 4.51 | 3.47 | 3.46 | (4.27) | 4.27 |
|  Distributions to shareholders from net investment income | (0.57) | (0.69) | (0.36) | (0.56) | (1.07) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |
|  Total distributions | (3.33) | (1.94) | (1.04) | (1.15) | (2.89) |
|  Net asset value, end of year | $22.14 | $20.96 | $19.43 | $17.01 | $22.43 |
|  **Total return<sup>(c)</sup>** | 21.52% | 17.63% | 20.52% | (19.08)% | 20.36% |
|  Net assets, end of year (in 000s) | $8738 | $5931 | $5682 | $4888 | $5797 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.30% | 0.30% | 0.31% | 0.31% | 0.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.44% | 0.42% | 0.45% | 0.45% | 0.35% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.31% | 1.45% | 1.90% | 1.72% | 1.61% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.85 | $20.18 | $17.63 | $23.14 | $21.63 |
|  Net investment income<sup>(a)(b)</sup> | 0.24 | 0.35 | 0.39 | 0.01 | 0.40 |
|  Net realized and unrealized gain (loss) | 4.49 | 3.29 | 3.22 | (4.39) | 4.03 |
|  Total from investment operations | 4.73 | 3.64 | 3.61 | (4.38) | 4.43 |
|  Distributions to shareholders from net investment income | (0.59) | (0.72) | (0.38) | (0.54) | (1.10) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |
|  Total distributions | (3.35) | (1.97) | (1.06) | (1.13) | (2.92) |
|  Net asset value, end of year | $23.23 | $21.85 | $20.18 | $17.63 | $23.14 |
|  **Total return<sup>(c)</sup>** | 21.71% | 17.76% | 20.66% | (18.99)% | 20.55% |
|  Net assets, end of year (in 000s) | $1608 | $3808 | $4139 | $2980 | $544796 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.19% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.32% | 0.30% | 0.32% | 0.23% | 0.23% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.05% | 1.59% | 2.00% | 0.04% | 1.66% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.10 | $19.56 | $17.12 | $22.56 | $21.17 |
|  Net investment income<sup>(a)(b)</sup> | 0.15 | 0.22 | 0.26 | 0.23 | 0.23 |
|  Net realized and unrealized gain (loss) | 4.26 | 3.16 | 3.13 | (4.61) | 3.94 |
|  Total from investment operations | 4.41 | 3.38 | 3.39 | (4.38) | 4.17 |
|  Distributions to shareholders from net investment income | (0.45) | (0.59) | (0.27) | (0.48) | (0.96) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (3.21) | (1.84) | (0.95) | (1.06) | (2.78) |
|  Net asset value, end of year | $22.30 | $21.10 | $19.56 | $17.12 | $22.56 |
|  **Total return<sup>(c)</sup>** | 20.93% | 16.99% | 19.95% | (19.49)% | 19.76% |
|  Net assets, end of year (in 000s) | $6294 | $6436 | $5887 | $5292 | $6611 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.80% | 0.80% | 0.81% | 0.81% | 0.81% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.94% | 0.92% | 0.95% | 0.95% | 0.85% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 0.66% | 1.02% | 1.38% | 1.19% | 0.97% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 DYNAMIC GLOBAL EQUITY FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $21.80 | $20.14 | $17.59 | $23.15 | $21.64 |
|  Net investment income<sup>(a)(b)</sup> | 0.33 | 0.37 | 0.39 | 0.35 | 0.40 |
|  Net realized and unrealized gain (loss) | 4.38 | 3.26 | 3.22 | (4.74) | 4.03 |
|  Total from investment operations | 4.71 | 3.63 | 3.61 | (4.39) | 4.43 |
|  Distributions to shareholders from net investment income | (0.59) | (0.72) | (0.38) | (0.58) | (1.10) |
|  Distributions to shareholders from net realized gains | (2.76) | (1.25) | (0.68) | (0.55) | (1.82) |
|  Distributions to shareholders from return of capital |  |  |  | (0.04) |  |
|  Total distributions | (3.35) | (1.97) | (1.06) | (1.17) | (2.92) |
|  Net asset value, end of year | $23.16 | $21.80 | $20.14 | $17.59 | $23.15 |
|  **Total return<sup>(c)</sup>** | 21.67% | 17.75% | 20.71% | (19.00)% | 20.54% |
|  Net assets, end of year (in 000s) | $218072 | $172219 | $133081 | $117502 | $160360 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.19% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.32% | 0.30% | 0.32% | 0.32% | 0.23% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.38% | 1.67% | 2.01% | 1.78% | 1.64% |
|  Portfolio turnover rate<sup>(e)</sup> | 36% | 11% | 37% | 12% | 4% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.99 | $17.87 | $15.44 | $19.62 | $17.88 |
|  Net investment income<sup>(a)(b)</sup> | 0.29 | 0.29 | 0.26 | 0.32 | 0.47 |
|  Net realized and unrealized gain (loss) | 3.28 | 2.26 | 2.42 | (3.68) | 2.49 |
|  Total from investment operations | 3.57 | 2.55 | 2.68 | (3.36) | 2.96 |
|  Distributions to shareholders from net investment income | (0.54) | (0.62) | (0.25) | (0.56) | (0.70) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.33) | (1.43) | (0.25) | (0.82) | (1.22) |
|  Net asset value, end of year | $20.23 | $18.99 | $17.87 | $15.44 | $19.62 |
|  **Total return<sup>(c)</sup>** | 18.83% | 14.11% | 17.33% | (17.14)% | 16.54% |
|  Net assets, end of year (in 000s) | $362343 | $338759 | $325376 | $297896 | $387436 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.55% | 0.55% | 0.56% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.61% | 0.60% | 0.61% | 0.61% | 0.60% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.44% | 1.47% | 1.54% | 1.87% | 2.40% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $19.58 | $18.38 | $15.85 | $20.09 | $18.27 |
|  Net investment income<sup>(a)(b)</sup> | 0.13 | 0.15 | 0.12 | 0.18 | 0.29 |
|  Net realized and unrealized gain (loss) | 3.38 | 2.32 | 2.49 | (3.74) | 2.57 |
|  Total from investment operations | 3.51 | 2.47 | 2.61 | (3.56) | 2.86 |
|  Distributions to shareholders from net investment income | (0.37) | (0.46) | (0.08) | (0.42) | (0.52) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.16) | (1.27) | (0.08) | (0.68) | (1.04) |
|  Net asset value, end of year | $20.93 | $19.58 | $18.38 | $15.85 | $20.09 |
|  **Total return<sup>(c)</sup>** | 17.97% | 13.27% | 16.47% | (17.76)% | 15.67% |
|  Net assets, end of year (in 000s) | $12056 | $12621 | $12068 | $13496 | $19334 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 1.30% | 1.30% | 1.31% | 1.31% | 1.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 1.36% | 1.35% | 1.36% | 1.36% | 1.35% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 0.64% | 0.74% | 0.71% | 1.03% | 1.44% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.98 | $17.86 | $15.42 | $19.61 | $17.86 |
|  Net investment income<sup>(a)(b)</sup> | 0.37 | 0.37 | 0.32 | 0.38 | 0.57 |
|  Net realized and unrealized gain (loss) | 3.28 | 2.25 | 2.43 | (3.68) | 2.47 |
|  Total from investment operations | 3.65 | 2.62 | 2.75 | (3.30) | 3.04 |
|  Distributions to shareholders from net investment income | (0.61) | (0.69) | (0.31) | (0.63) | (0.77) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.40) | (1.50) | (0.31) | (0.89) | (1.29) |
|  Net asset value, end of year | $20.23 | $18.98 | $17.86 | $15.42 | $19.61 |
|  **Total return<sup>(c)</sup>** | 19.27% | 14.52% | 17.83% | (16.87)% | 17.03% |
|  Net assets, end of year (in 000s) | $321700 | $278471 | $211831 | $195963 | $249377 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.19% | 0.19% | 0.20% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.25% | 0.24% | 0.25% | 0.24% | 0.23% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.84% | 1.89% | 1.91% | 2.24% | 2.88% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.94 | $17.82 | $15.39 | $19.56 | $17.83 |
|  Net investment income<sup>(a)(b)</sup> | 0.26 | 0.24 | 0.23 | 0.29 | 0.46 |
|  Net realized and unrealized gain (loss) | 3.27 | 2.27 | 2.42 | (3.66) | 2.46 |
|  Total from investment operations | 3.53 | 2.51 | 2.65 | (3.37) | 2.92 |
|  Distributions to shareholders from net investment income | (0.51) | (0.58) | (0.22) | (0.54) | (0.67) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.30) | (1.39) | (0.22) | (0.80) | (1.19) |
|  Net asset value, end of year | $20.17 | $18.94 | $17.82 | $15.39 | $19.56 |
|  **Total return<sup>(c)</sup>** | 18.66% | 13.92% | 17.23% | (17.27)% | 16.41% |
|  Net assets, end of year (in 000s) | $1935 | $1923 | $2277 | $1764 | $2413 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.69% | 0.69% | 0.70% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.75% | 0.74% | 0.75% | 0.74% | 0.73% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.28% | 1.27% | 1.41% | 1.70% | 2.36% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.66 | $17.58 | $15.18 | $19.29 | $17.60 |
|  Net investment income<sup>(a)(b)</sup> | 0.34 | 0.31 | 0.28 | 0.34 | 0.75 |
|  Net realized and unrealized gain (loss) | 3.22 | 2.25 | 2.40 | (3.60) | 2.21 |
|  Total from investment operations | 3.56 | 2.56 | 2.68 | (3.26) | 2.96 |
|  Distributions to shareholders from net investment income | (0.59) | (0.67) | (0.28) | (0.59) | (0.75) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.38) | (1.48) | (0.28) | (0.85) | (1.27) |
|  Net asset value, end of year | $19.84 | $18.66 | $17.58 | $15.18 | $19.29 |
|  **Total return<sup>(c)</sup>** | 19.10% | 14.40% | 17.67% | (16.92)% | 16.86% |
|  Net assets, end of year (in 000s) | $10058 | $9643 | $12556 | $10006 | $13836 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.30% | 0.30% | 0.31% | 0.31% | 0.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.36% | 0.35% | 0.36% | 0.36% | 0.35% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.69% | 1.65% | 1.73% | 2.02% | 3.83% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.98 | $17.87 | $15.43 | $19.62 | $17.87 |
|  Net investment income<sup>(a)(b)</sup> | 0.37 | 0.37 | 0.32 | 0.42 | 0.55 |
|  Net realized and unrealized gain (loss) | 3.29 | 2.25 | 2.43 | (3.72) | 2.49 |
|  Total from investment operations | 3.66 | 2.62 | 2.75 | (3.30) | 3.04 |
|  Distributions to shareholders from net investment income | (0.61) | (0.70) | (0.31) | (0.63) | (0.77) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.40) | (1.51) | (0.31) | (0.89) | (1.29) |
|  Net asset value, end of year | $20.24 | $18.98 | $17.87 | $15.43 | $19.62 |
|  **Total return<sup>(c)</sup>** | 19.27% | 14.59% | 17.76% | (16.85)% | 17.02% |
|  Net assets, end of year (in 000s) | $11522 | $10009 | $8211 | $7255 | $6263 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.19% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.24% | 0.23% | 0.24% | 0.24% | 0.22% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.82% | 1.87% | 1.92% | 2.48% | 2.79% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.30 | $17.27 | $14.93 | $19.01 | $17.36 |
|  Net investment income<sup>(a)(b)</sup> | 0.24 | 0.24 | 0.21 | 0.26 | 0.44 |
|  Net realized and unrealized gain (loss) | 3.14 | 2.18 | 2.34 | (3.56) | 2.39 |
|  Total from investment operations | 3.38 | 2.42 | 2.55 | (3.30) | 2.83 |
|  Distributions to shareholders from net investment income | (0.50) | (0.58) | (0.21) | (0.52) | (0.66) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.29) | (1.39) | (0.21) | (0.78) | (1.18) |
|  Net asset value, end of year | $19.39 | $18.30 | $17.27 | $14.93 | $19.01 |
|  **Total return<sup>(c)</sup>** | 18.51% | 13.85% | 17.07% | (17.38)% | 16.31% |
|  Net assets, end of year (in 000s) | $8574 | $7202 | $6350 | $5492 | $7788 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.80% | 0.80% | 0.81% | 0.81% | 0.81% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.86% | 0.85% | 0.86% | 0.86% | 0.85% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.22% | 1.26% | 1.31% | 1.58% | 2.31% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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.** | **55** |

---

------

GOLDMAN SACHS GROWTH ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $18.99 | $17.87 | $15.43 | $19.62 | $17.87 |
|  Net investment income<sup>(a)(b)</sup> | 0.37 | 0.36 | 0.32 | 0.39 | 0.59 |
|  Net realized and unrealized gain (loss) | 3.28 | 2.27 | 2.43 | (3.69) | 2.45 |
|  Total from investment operations | 3.65 | 2.63 | 2.75 | (3.30) | 3.04 |
|  Distributions to shareholders from net investment income | (0.61) | (0.70) | (0.31) | (0.63) | (0.77) |
|  Distributions to shareholders from net realized gains | (1.79) | (0.81) |  | (0.26) | (0.52) |
|  Total distributions | (2.40) | (1.51) | (0.31) | (0.89) | (1.29) |
|  Net asset value, end of year | $20.24 | $18.99 | $17.87 | $15.43 | $19.62 |
|  **Total return<sup>(c)</sup>** | 19.27% | 14.52% | 17.83% | (16.85)% | 17.03% |
|  Net assets, end of year (in 000s) | $388478 | $312750 | $270227 | $230411 | $277169 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.19% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.24% | 0.23% | 0.24% | 0.23% | 0.22% |
|  Ratio of net investment income to average net assets<sup>(b)</sup> | 1.84% | 1.86% | 1.93% | 2.26% | 2.98% |
|  Portfolio turnover rate<sup>(e)</sup> | 20% | 35% | 67% | 27% | 5% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.43 | $14.77 | $13.10 | $16.35 | $15.51 |
|  Net investment income<sup>(a)(b)</sup> | 0.28 | 0.34 | 0.26 | 0.28 | 0.36 |
|  Net realized and unrealized gain (loss) | 2.10 | 1.32 | 1.65 | (2.80) | 1.53 |
|  Total from investment operations | 2.38 | 1.66 | 1.91 | (2.52) | 1.89 |
|  Distributions to shareholders from net investment income | (0.41) | (0.54) | (0.24) | (0.50) | (0.53) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.39) | (1.00) | (0.24) | (0.73) | (1.05) |
|  Net asset value, end of year | $16.42 | $15.43 | $14.77 | $13.10 | $16.35 |
|  **Total return<sup>(c)</sup>** | 15.59% | 11.14% | 14.70% | (15.50)% | 12.27% |
|  Net assets, end of year (in 000s) | $251631 | $242783 | $242239 | $228850 | $297996 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.55% | 0.55% | 0.56% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.62% | 0.60% | 0.61% | 0.61% | 0.59% |
|  Ratio of net investment income to average net assets | 1.75% | 2.17% | 1.85% | 1.94% | 2.15% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.93 | $14.32 | $12.70 | $15.88 | $15.12 |
|  Net investment income<sup>(a)(b)</sup> | 0.16 | 0.22 | 0.14 | 0.15 | 0.20 |
|  Net realized and unrealized gain (loss) | 2.02 | 1.27 | 1.61 | (2.71) | 1.53 |
|  Total from investment operations | 2.18 | 1.49 | 1.75 | (2.56) | 1.73 |
|  Distributions to shareholders from net investment income | (0.29) | (0.42) | (0.13) | (0.39) | (0.45) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.27) | (0.88) | (0.13) | (0.62) | (0.97) |
|  Net asset value, end of year | $15.84 | $14.93 | $14.32 | $12.70 | $15.88 |
|  **Total return<sup>(c)</sup>** | 14.73% | 10.31% | 13.88% | (16.16)% | 11.44% |
|  Net assets, end of year (in 000s) | $5213 | $5168 | $5857 | $6766 | $10130 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 1.30% | 1.30% | 1.31% | 1.31% | 1.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 1.37% | 1.35% | 1.36% | 1.36% | 1.34% |
|  Ratio of net investment income to average net assets | 0.99% | 1.43% | 1.04% | 1.08% | 1.23% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.49 | $14.82 | $13.14 | $16.40 | $15.56 |
|  Net investment income<sup>(a)(b)</sup> | 0.36 | 0.40 | 0.31 | 0.33 | 0.44 |
|  Net realized and unrealized gain (loss) | 2.07 | 1.32 | 1.66 | (2.81) | 1.52 |
|  Total from investment operations | 2.43 | 1.72 | 1.97 | (2.48) | 1.96 |
|  Distributions to shareholders from net investment income | (0.46) | (0.59) | (0.29) | (0.55) | (0.60) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.44) | (1.05) | (0.29) | (0.78) | (1.12) |
|  Net asset value, end of year | $16.48 | $15.49 | $14.82 | $13.14 | $16.40 |
|  **Total return<sup>(c)</sup>** | 16.00% | 11.56% | 15.14% | (15.19)% | 12.64% |
|  Net assets, end of year (in 000s) | $480236 | $403567 | $333697 | $331731 | $443099 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.19% | 0.19% | 0.20% | 0.19% | 0.19% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.26% | 0.24% | 0.24% | 0.24% | 0.23% |
|  Ratio of net investment income to average net assets | 2.18% | 2.51% | 2.20% | 2.29% | 2.65% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.39 | $14.73 | $13.06 | $16.30 | $15.48 |
|  Net investment income<sup>(a)(b)</sup> | 0.26 | 0.32 | 0.23 | 0.25 | 0.34 |
|  Net realized and unrealized gain (loss) | 2.07 | 1.32 | 1.66 | (2.78) | 1.51 |
|  Total from investment operations | 2.33 | 1.64 | 1.89 | (2.53) | 1.85 |
|  Distributions to shareholders from net investment income | (0.38) | (0.52) | (0.22) | (0.48) | (0.51) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.36) | (0.98) | (0.22) | (0.71) | (1.03) |
|  Net asset value, end of year | $16.36 | $15.39 | $14.73 | $13.06 | $16.30 |
|  **Total return<sup>(c)</sup>** | 15.40% | 11.02% | 14.58% | (15.61)% | 12.03% |
|  Net assets, end of year (in 000s) | $1961 | $1896 | $1723 | $1851 | $2755 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.69% | 0.69% | 0.70% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.76% | 0.74% | 0.74% | 0.74% | 0.73% |
|  Ratio of net investment income to average net assets | 1.61% | 2.05% | 1.69% | 1.75% | 2.07% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.33 | $14.68 | $13.02 | $16.26 | $15.44 |
|  Net investment income<sup>(a)(b)</sup> | 0.33 | 0.35 | 0.32 | 0.32 | 0.41 |
|  Net realized and unrealized gain (loss) | 2.07 | 1.33 | 1.62 | (2.80) | 1.51 |
|  Total from investment operations | 2.40 | 1.68 | 1.94 | (2.48) | 1.92 |
|  Distributions to shareholders from net investment income | (0.45) | (0.57) | (0.28) | (0.53) | (0.58) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.43) | (1.03) | (0.28) | (0.76) | (1.10) |
|  Net asset value, end of year | $16.30 | $15.33 | $14.68 | $13.02 | $16.26 |
|  **Total return<sup>(c)</sup>** | 15.84% | 11.40% | 15.01% | (15.30)% | 12.48% |
|  Net assets, end of year (in 000s) | $11770 | $8412 | $13017 | $7459 | $8948 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.30% | 0.30% | 0.31% | 0.31% | 0.31% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.37% | 0.35% | 0.36% | 0.36% | 0.34% |
|  Ratio of net investment income to average net assets | 2.02% | 2.25% | 2.28% | 2.24% | 2.50% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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 MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.48 | $14.81 | $13.14 | $16.40 | $15.55 |
|  Net investment income<sup>(a)(b)</sup> | 0.40 | 0.42 | 0.31 | 0.43 | 0.32 |
|  Net realized and unrealized gain (loss) | 2.05 | 1.31 | 1.65 | (2.91) | 1.64 |
|  Total from investment operations | 2.45 | 1.73 | 1.96 | (2.48) | 1.96 |
|  Distributions to shareholders from net investment income | (0.47) | (0.60) | (0.29) | (0.55) | (0.59) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.45) | (1.06) | (0.29) | (0.78) | (1.11) |
|  Net asset value, end of year | $16.48 | $15.48 | $14.81 | $13.14 | $16.40 |
|  **Total return<sup>(c)</sup>** | 16.02% | 11.58% | 15.08% | (15.17)% | 12.69% |
|  Net assets, end of year (in 000s) | $6032 | $2645 | $2201 | $2162 | $923 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.19% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.25% | 0.23% | 0.23% | 0.23% | 0.22% |
|  Ratio of net investment income to average net assets | 2.46% | 2.69% | 2.23% | 3.02% | 1.94% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.27 | $14.62 | $12.97 | $16.20 | $15.39 |
|  Net investment income<sup>(a)(b)</sup> | 0.24 | 0.30 | 0.21 | 0.25 | 0.31 |
|  Net realized and unrealized gain (loss) | 2.07 | 1.31 | 1.64 | (2.79) | 1.52 |
|  Total from investment operations | 2.31 | 1.61 | 1.85 | (2.54) | 1.83 |
|  Distributions to shareholders from net investment income | (0.37) | (0.50) | (0.20) | (0.46) | (0.50) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.35) | (0.96) | (0.20) | (0.69) | (1.02) |
|  Net asset value, end of year | $16.23 | $15.27 | $14.62 | $12.97 | $16.20 |
|  **Total return<sup>(c)</sup>** | 15.28% | 10.92% | 14.39% | (15.73)% | 11.94% |
|  Net assets, end of year (in 000s) | $4656 | $4259 | $4230 | $4346 | $5579 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.80% | 0.80% | 0.81% | 0.81% | 0.81% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.87% | 0.85% | 0.86% | 0.86% | 0.84% |
|  Ratio of net investment income to average net assets | 1.51% | 1.92% | 1.57% | 1.75% | 1.87% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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.** | **63** |

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------

GOLDMAN SACHS MODERATE ALLOCATION FUND

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.48 | $14.81 | $13.13 | $16.39 | $15.55 |
|  Net investment income<sup>(a)(b)</sup> | 0.35 | 0.41 | 0.31 | 0.34 | 0.44 |
|  Net realized and unrealized gain (loss) | 2.09 | 1.32 | 1.66 | (2.82) | 1.52 |
|  Total from investment operations | 2.44 | 1.73 | 1.97 | (2.48) | 1.96 |
|  Distributions to shareholders from net investment income | (0.47) | (0.60) | (0.29) | (0.55) | (0.60) |
|  Distributions to shareholders from net realized gains | (0.98) | (0.46) |  | (0.23) | (0.52) |
|  Total distributions | (1.45) | (1.06) | (0.29) | (0.78) | (1.12) |
|  Net asset value, end of year | $16.47 | $15.48 | $14.81 | $13.13 | $16.39 |
|  **Total return<sup>(c)</sup>** | 15.95% | 11.58% | 15.17% | (15.19)% | 12.66% |
|  Net assets, end of year (in 000s) | $303455 | $261073 | $238157 | $218480 | $260202 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.18% | 0.18% | 0.19% | 0.18% | 0.18% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.25% | 0.23% | 0.23% | 0.23% | 0.22% |
|  Ratio of net investment income to average net assets | 2.14% | 2.57% | 2.23% | 2.38% | 2.62% |
|  Portfolio turnover rate<sup>(e)</sup> | 19% | 32% | 48% | 29% | 8% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the 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) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&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;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements *December 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** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Funds | A, C, Institutional, Service, Investor, R6, R, P | Diversified |

---

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

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

The Goldman Sachs Conservative Allocation Fund, Goldman Sachs Growth Allocation Fund and Goldman Sachs Moderate Allocation Fund are expected to invest primarily in a combination of domestic and international equity, fixed income and alternative asset underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds ("ETFs") (collectively, the "Underlying Funds"). The Dynamic Global Equity Fund is expected to invest in a diversified portfolio of global equity asset classes. Such investments may include Underlying Funds, futures, forwards, options, swaps and other instruments with similar economic exposures.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The valuation policy of the Funds and Underlying Funds is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

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

**65**

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GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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)

&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.

Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Funds may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Fund will vary.

&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** |
| Conservative Allocation Fund | Quarterly | Annually |
| Dynamic Global Equity Fund | Annually | Annually |
| Growth Allocation Fund | Annually | Annually |
| Moderate Allocation Fund | Quarterly | Annually |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;F. In-Kind Transactions — The Funds may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor's shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund's NAV, in accordance with each Fund's valuation procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Fund's prospectus.

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

**66**

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GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Funds, 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 the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the fund 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:

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

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

**67**

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GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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)

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty

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

**68**

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GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

&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)

("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A *total return swap* is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the 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 the Funds' 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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)

&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 December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **CONSERVATIVE ALLOCATION FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $581551358 | $— | $— |
|  Investment Company | 7627610 |  |  |
|  **Total** | $589178968 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $106113 | $— |
|  Futures Contracts<sup>(a)</sup> | 33486 |  |  |
|  Purchased Option Contracts | 2048488 | 437318 |  |
|  **Total** | $2081974 | $543431 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(193842) | $— |
|  Futures Contracts<sup>(a)</sup> | (426043) |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (11992) |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | (10364) |  |
|  Written Option Contracts | (110822) | (131734) |  |
|  **Total** | $(536865) | $(347932) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) as of fiscal year-end.

---

| | | | |
|:---|:---|:---|:---|
| **DYNAMIC GLOBAL EQUITY FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $413095069 | $— | $— |
|  Investment Company | 10253559 |  |  |
|  **Total** | $423348628 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $43451 | $— |
|  Futures Contracts<sup>(a)</sup> | 46598 |  |  |
|  Purchased Option Contracts | 2220476 | 371078 |  |
|  **Total** | $2267074 | $414529 | $— |

---

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

**70**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **DYNAMIC GLOBAL EQUITY FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(64168) | $— |
|  Futures Contracts<sup>(a)</sup> | (564059) |  |  |
|  Written Option Contracts | (123673) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687732) | $(64168) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) as of fiscal year-end.

---

| | | | |
|:---|:---|:---|:---|
| **GROWTH ALLOCATION FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $1047225549 | $— | $— |
|  Investment Company | 18508106 |  |  |
|  **Total** | $1065733655 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $197949 | $— |
|  Futures Contracts<sup>(a)</sup> | 54030 |  |  |
|  Purchased Option Contracts | 5234513 | 812375 |  |
|  **Total** | $5288543 | $1010324 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(353921) | $— |
|  Futures Contracts<sup>(a)</sup> | (631002) |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (22012) |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | (18511) |  |
|  Written Option Contracts | (241878) | (232938) |  |
|  **Total** | $(872880) | $(627382) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) as of fiscal year-end.

---

| | | | |
|:---|:---|:---|:---|
| **MODERATE ALLOCATION FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $1012204735 | $— | $— |
|  Investment Company | 17730647 |  |  |
|  **Total** | $1029935382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |

---

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

**71**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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)

---

| | | | |
|:---|:---|:---|:---|
| **MODERATE ALLOCATION FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $187075 | $— |
|  Futures Contracts<sup>(a)</sup> | 54921 |  |  |
|  Purchased Option Contracts | 4721665 | 763369 |  |
|  **Total** | $4776586 | $950444 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(332912) | $— |
|  Futures Contracts<sup>(a)</sup> | (761527) |  |  |
|  Credit Default Swap Contracts<sup>(a)</sup> |  | (21145) |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | (17968) |  |
|  Written Option Contracts | (182775) | (226693) |  |
|  **Total** | $(944302) | $(598718) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) as of 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 December 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Conservative Allocation Fund** | **Conservative Allocation Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Variation margin on swap contracts | $(11992)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value | 435380 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (196232) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 141537 <sup>(b)</sup> | Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value | (676573)<sup>(b)</sup> |
| Interest rate | Purchased options, at value | 2048488 |  |  |
|  **Total** |  | $2625405 |  | $(884797) |

---

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

**72**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | $414529 | Payable for unrealized loss on forward foreign currency exchange contracts | $(64168) |
| Equity | Variation margin on futures contracts | 46598 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (687732)<sup>(a)</sup> |
| Interest rate | Purchased options, at value | 2220476 |  |  |
|  **Total** |  | $2681603 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751900) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Allocation Fund** | **Growth Allocation Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Variation margin on swaps contracts | $(22012)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value | 819411 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (358324) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 244943 <sup>(b)</sup> | Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value | (1119926)<sup>(b)</sup> |
| Interest rate | Purchased options, at value | 5234513 |  |  |
|  **Total** |  | $6298867 |  | $(1500262) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Moderate Allocation Fund** | **Moderate Allocation Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit |  | $— | Variation margin on swap contracts | $(21145)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value | 764573 | Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value | (337105) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 240792 <sup>(b)</sup> | Payable for unrealized loss swap contracts; Variation margin on futures contracts; Written options, at value | (1184770)<sup>(b)</sup> |
| Interest rate | Purchased options, at value | 4721665 |  |  |
|  **Total** |  | $5727030 |  | $(1543020) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Aggregate of amounts include $10,364, $18,511 and $17,968 for the Conservative Allocation, Growth Allocation and Moderate Allocation Funds', respectively, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, a Fund's performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which a Fund is entitled to a full return.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of December 31, 2025 is reported within the Statements of Assets and Liabilities.

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

**73**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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 (continued)

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 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:

---

| | | | |
|:---|:---|:---|:---|
| **Conservative Allocation Fund** | **Conservative Allocation Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(240555) | $(11992) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options | (2451569) | (1824885) |
| Equity | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | 4139586 | 425761 |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (2048653) | 1457385 |
|  **Total** |  | $(601191) | $46269 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts and purchased options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and purchased options | $(1570022) | $(592238) |
| Equity | Net realized gain (loss) from futures contracts and written option contracts/Net change in unrealized gain (loss) on futures contracts and written option contracts | 5738182 | 1354175 |
| Interest rate | Net realized gain (loss) from purchased options/Net change in unrealized gain (loss) on purchased options | (1395558) | 985408 |
|  **Total** |  | $2772602 | $1747345 |

---

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

**74**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Growth Allocation Fund** | **Growth Allocation Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in**<br> **Unrealized<br>Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(394765) | $(22012) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options | (3969642) | (3031060) |
| Equity | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | 5388062 | 853451 |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (3852613) | 2717487 |
|  **Total** |  | $(2828958) | $517866 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Moderate Allocation Fund** | **Moderate Allocation Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $(401601) | $(21145) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts, purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options, written options and swap contracts | (3815276) | (2864179) |
| Equity | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, Purchased options, written options and swap contracts | 7702737 | 634295 |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options, written options and swap contracts/Net change in unrealized gain (loss) on futures contracts, purchased options, written options and swap contracts | (3630905) | 2419893 |
|  **Total** |  | $(145045) | $168864 |

---

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

**75**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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 (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup>** | |
| **Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** | **Purchased<br>Swaptions** | **Written<br>Options** | **Written<br>Swaptions** |
|  Conservative Allocation Fund | 257 | $44101875 | $7307868 | 70731726 | $4470782 | 336652 | $6315029 |
|  Dynamic Global Equity Fund | 233 | 17187270 |  | 65891495 |  | 10242 |  |
|  Growth Allocation Fund | 424 | 75357394 | 12750642 | 131347431 | 7357894 | 606994 | 10642169 |
|  Moderate Allocation Fund | 442 | 70128291 | 12423993 | 124212956 | 7377768 | 582396 | 10472566 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent the average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of the volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended December 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 average daily net assets of 0.15% for each of the Funds.

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

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

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

**76**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

&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;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 December 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End**<br>**Sales Charge**  | **Contingent Deferred**<br>**Sales Charge**  |
| **Fund** | **Class A** | **Class C** |
|  Conservative Allocation Fund | $5077 | $287 |
|  Dynamic Global Equity Fund | 4337 | 719 |
|  Growth Allocation Fund | 9103 | 677 |
|  Moderate Allocation Fund | 10772 | 618 |

---

&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.

&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% for each Fund. These Other Expense limitations will remain in place through at least April 30, 2026 and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Transfer Agency**<br> **Waivers/Credits** | **Other**<br> **Expense**<br> **Reimbursements** | **Total**<br> **Expense**<br> **Reductions** |
|  Conservative Allocation Fund | $1039 | $517105 | $518144 |
|  Dynamic Global Equity Fund | 2125 | 537693 | 539818 |
|  Growth Allocation Fund | 5222 | 572470 | 577692 |
|  Moderate Allocation Fund | 2352 | 603648 | 606000 |

---

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

**77**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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 December 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 December 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 Funds invest primarily in Class R6 Shares of the Underlying Funds (except certain Underlying Funds that are ETFs). These Underlying Funds are considered to be affiliated with the Funds. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended December 31, 2025 (in thousands):

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservative Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized<br>Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market**<br> **Value as of<br>December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $81153 | $28360 | $(45897) | $(3117) | $3559 | $64058 | 1385 | $2460 | $— |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 2107 |  | (563) | 83 | 417 | 2044 | 49 | 47 |  |
|  Goldman Sachs ActiveBeta International Equity ETF | 4497 | 1085 | (1943) | 240 | 1156 | 5035 | 117 | 168 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 7889 |  | (621) | 384 | 752 | 8404 | 63 | 87 |  |
|  Goldman Sachs Emerging Markets Debt Fund — Class R6 | 6942 | 4828 | (1300) | (52) | 563 | 10981 | 1059 | 427 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 11989 | 2593 | (3700) | 313 | 3065 | 14260 | 1278 | 293 |  |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 | 306 | 30 |  |  | (14) | 322 | 25 | 12 | 19 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 5875 | 154481 | (152728) |  |  | 7628 | 7628 | 412 |  |
|  Goldman Sachs Global Core Fixed Income Fund — Class R6 | 190791 | 66614 | (30700) | (4016) | 8868 | 231557 | 20170 | 7465 |  |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | 5134 | 372 |  |  | 429 | 5935 | 460 | 126 | 245 |

---

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

**78**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

## &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> 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conservative Allocation Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized<br>Gain (Loss)** | **Change In**<br> **Unrealized<br>Gain (Loss)** | **Market**<br> **Value as of<br>December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend<br>Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | $6382 | $— | $(6594) | $239 | $(27) | $— |  | $— | $— |
|  Goldman Sachs High Yield Floating Rate Fund — Class R6 | 4275 | 2309 |  |  | (168) | 6416 | 747 | 409 |  |
|  Goldman Sachs High Yield Fund — Class R6 | 5527 | 2375 |  |  | 96 | 7998 | 1398 | 375 |  |
|  Goldman Sachs Inflation Protected Securities Fund — Class R6 | 16739 | 1370 |  |  | 406 | 18515 | 1929 | 770 |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 29233 | 5812 | (10380) | 695 | 7397 | 32757 | 1805 | 556 | 1756 |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 4289 | 387 | (900) | 207 | 1123 | 5106 | 315 | 159 | 229 |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 33955 | 6054 | (6700) | (202) | 3027 | 36134 | 989 |  | 2454 |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 | 32876 | 3603 | (2500) | (350) | 2679 | 36308 | 1466 | 457 | 2145 |
|  Goldman Sachs Managed Futures Strategy Fund — Class R6 | 8299 |  | (2200) | (552) | 334 | 5881 | 626 |  |  |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 9461 |  | (1676) | 291 | 2495 | 10571 | 188 | 267 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 21997 | 2827 | (4954) | 648 | 5494 | 26012 | 375 | 720 |  |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 34753 | 3864 | (9146) | 1891 | 3130 | 34492 | 365 | 389 |  |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 6351 | 707 |  |  | 282 | 7340 | 252 | 54 | 653 |
|  **Total** | $530820 | $287671 | $(282502) | $(3298) | $45063 | $577754 |  | $15653 | $7501 |

---

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

**79**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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> 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynamic Global Equity Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized<br>Gain (Loss)** | **Change In**<br> **Unrealized**<br> **Gain (Loss)** | **Ending**<br> **Value as of<br>December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $8961 | $1396 | $(6657) | $423 | $598 | $4721 | 113 | $109 | $— |
|  Goldman Sachs ActiveBeta International Equity ETF | 19391 | 2519 | (15422) | 3454 | (1240) | 8702 | 203 | 227 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 60842 | 2093 | (48526) | 29057 | (25517) | 17949 | 136 | 182 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 9994 | 15119 | (3270) | 87 | 6488 | 28418 | 2546 | 619 |  |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 14131 | 113669 | (117547) |  |  | 10253 | 10254 | 550 |  |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | 5373 | 1418 | (500) | 30 | 404 | 6725 | 521 | 142 | 277 |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 6015 |  | (6217) | 151 | 51 |  |  |  |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 23729 | 25365 | (7600) | 277 | 10955 | 52726 | 2905 | 894 | 2965 |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 2830 | 821 | (500) | 135 | 946 | 4232 | 261 | 132 | 189 |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 38720 | 41288 | (11100) | (285) | 4162 | 72785 | 1992 |  | 5088 |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 | 36714 | 35940 | (2700) | (146) | 3752 | 73560 | 2970 | 895 | 4345 |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 17933 |  | (963) | (102) | 5106 | 21974 | 390 | 556 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 38719 | 6457 | (18868) | 734 | 7365 | 34407 | 496 | 957 |  |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 70083 | 6469 | (13959) | 2038 | 8106 | 72737 | 771 | 743 |  |

---

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

**80**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

## &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> 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynamic Global Equity Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized<br>Gain (Loss)** | **Change In**<br> **Unrealized**<br> **Gain (Loss)** | **Ending**<br> **Value as of<br>December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 | $3823 | $2197 | $— | $— | $178 | $6198 | 213 | $46 | $552 |
|  **Total** | $357258 | $254751 | $(253829) | $35853 | $21354 | $415387 |  | $6052 | $13416 |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market**<br> **Value as of**<br> **December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $81510 | $10039 | $(43288) | $(1216) | $2369 | $49414 | 1068 | $2579 | $— |
|  Goldman Sachs Access U.S. Aggregate Bond ETF |  | 45195 |  |  | 484 | 45679 | 1100 | 1232 |  |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 6296 |  |  |  | 1914 | 8210 | 197 | 189 |  |
|  Goldman Sachs ActiveBeta International Equity ETF | 20472 | 3048 | (3076) | 210 | 5293 | 25947 | 604 | 645 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 37881 | 3348 | (3520) | 1138 | 4705 | 43552 | 329 | 441 |  |
|  Goldman Sachs Emerging Markets Debt Fund — Class R6 | 34361 | 4430 | (3000) | (169) | 2864 | 38486 | 3711 | 2090 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 40315 | 9424 | (9500) | 102 | 11201 | 51542 | 4618 | 1124 |  |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 | 307 | 30 |  |  | (14) | 323 | 25 | 12 | 19 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 14284 | 255071 | (250847) |  |  | 18508 | 18508 | 695 |  |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | 9634 | 3968 | (5800) | (195) | 1098 | 8705 | 674 | 208 | 359 |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 11566 |  | (11949) | 181 | 202 |  |  |  |  |

---

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

**81**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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> 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Growth Allocation Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market**<br> **Value as of**<br> **December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs High Yield Floating Rate Fund — Class R6 | $6871 | $4652 | $— | $— | $(265) | $11258 | 1311 | $652 | $— |
|  Goldman Sachs High Yield Fund — Class R6 | 9731 | 658 |  |  | 170 | 10559 | 1846 | 658 |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 104186 | 26483 | (47500) | 3687 | 25470 | 112326 | 6189 | 2058 | 6822 |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | 8544 | 846 | (1000) | 245 | 2492 | 11127 | 686 | 347 | 498 |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 121073 | 25525 | (18400) | (1504) | 10990 | 137684 | 3769 |  | 9624 |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 | 119209 | 11743 | (3000) | (488) | 8955 | 136419 | 5507 | 1686 | 8058 |
|  Goldman Sachs Managed Futures Strategy Fund — Class R6 | 14184 |  | (3900) | (1002) | 613 | 9895 | 1054 |  |  |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 32185 |  | (6036) | 1198 | 7857 | 35204 | 625 | 890 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 81559 | 4599 | (15169) | 1552 | 19450 | 91991 | 1327 | 2591 |  |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 167271 | 16928 | (24418) | 2920 | 21212 | 183913 | 1948 | 1908 |  |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 12979 | 3113 |  |  | 647 | 16739 | 574 | 123 | 1490 |
|  **Total** | $934418 | $429100 | $(450403) | $6659 | $127707 | $1047481 |  | $20128 | $26870 |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderate Allocation Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market**<br> **Value as of**<br> **December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs Access Investment Grade Corporate Bond ETF | $80873 | $23033 | $(62810) | $(5705) | $5810 | $41201 | 891 | $1750 | $— |

---

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

**82**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

## &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> 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moderate Allocation Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market**<br> **Value as of**<br> **December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $4180 | $— | $— | $— | $1270 | $5450 | 131 | $126 | $— |
|  Goldman Sachs ActiveBeta International Equity ETF | 14560 |  | (3805) | 481 | 3447 | 14683 | 342 | 450 |  |
|  Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 25699 |  |  |  | 3836 | 29535 | 223 | 295 |  |
|  Goldman Sachs Emerging Markets Debt Fund — Class R6 | 23491 | 6840 | (3500) | (18) | 2077 | 28890 | 2786 | 1540 |  |
|  Goldman Sachs Emerging Markets Equity Insights Fund — Class R6 | 29549 | 3762 | (6700) | 296 | 8061 | 34968 | 3133 | 762 |  |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 | 355 | 35 |  |  | (16) | 374 | 29 | 14 | 22 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 12675 | 194953 | (189897) |  |  | 17731 | 17731 | 603 |  |
|  Goldman Sachs Global Core Fixed Income Fund — Class R6 | 170685 | 88773 | (20600) | (2583) | 7459 | 243734 | 21231 | 7432 |  |
|  Goldman Sachs Global Infrastructure Fund — Class R6 | 8709 | 630 |  |  | 728 | 10067 | 780 | 214 | 415 |
|  Goldman Sachs Global Real Estate Securities Fund — Class R6 | 11087 |  | (11455) | 190 | 178 |  |  |  |  |
|  Goldman Sachs High Yield Floating Rate Fund — Class R6 | 6847 | 3439 |  |  | (262) | 10024 | 1167 | 639 |  |
|  Goldman Sachs High Yield Fund — Class R6 | 9002 | 2414 |  |  | 160 | 11576 | 2024 | 614 |  |
|  Goldman Sachs Inflation Protected Securities Fund — Class R6 | 26527 | 2782 |  |  | 693 | 30002 | 3125 | 1282 |  |
|  Goldman Sachs International Equity Insights Fund — Class R6 | 77689 | 8556 | (23150) | 1356 | 20445 | 84896 | 4677 | 1499 | 5055 |

---

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

**83**

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GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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> 5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **December 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Market**<br> **Value as of**<br> **December 31, 2025** | **Shares as of**<br> **December 31, 2025** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  Goldman Sachs International Small Cap Insights Fund — Class R6 | $6145 | $585 | $(1000) | $272 | $1698 | $7700 | 474 | $240 | $345 |
|  Goldman Sachs Large Cap Growth Insights Fund — Class R6 | 89052 | 21063 | (16800) | (232) | 7667 | 100750 | 2758 |  | 6863 |
|  Goldman Sachs Large Cap Value Insights Fund — Class R6 | 88718 | 8174 | (2900) | (409) | 6713 | 100296 | 4049 | 1250 | 5924 |
|  Goldman Sachs Managed Futures Strategy Fund — Class R6 | 13756 |  | (3800) | (1003) | 623 | 9576 | 1020 |  |  |
|  Goldman Sachs MarketBeta Emerging Markets Equity ETF | 23489 |  | (3570) | 918 | 6064 | 26901 | 478 | 680 |  |
|  Goldman Sachs MarketBeta International Equity ETF | 58545 | 4762 | (6978) | 687 | 15306 | 72322 | 1043 | 1894 |  |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 107418 | 7877 | (13820) | 2610 | 14383 | 118468 | 1255 | 1269 |  |
|  Goldman Sachs Small Cap Equity Insights Fund — Class R6 | 9738 | 1084 |  |  | 432 | 11254 | 386 | 83 | 1002 |
|  **Total** | $898789 | $378762 | $(370785) | $(3140) | $106772 | $1010398 |  | $22636 | $19626 |

---

 <br> 6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Conservative Allocation Fund | $144416691 | $129771528 |
|  Dynamic Global Equity Fund | 149745588 | 138172081 |
|  Growth Allocation Fund | 189530295 | 202297624 |
|  Moderate Allocation Fund | 200863916 | 180888007 |

---

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**84**

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GOLDMAN SACHS FUND OF FUNDS

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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;

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative<br>Allocation** | **Dynamic<br>Global Equity** | **Growth<br>Allocation** | **Moderate<br>Allocation** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $19102871 | $14766494 | $36698019 | $29899281 |
|  Net long-term capital gains | 15774283 | 42750141 | 81420204 | 56612707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $34877154 | $57516635 | $118118223 | $86511988 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative<br>Allocation** | **Dynamic<br>Global Equity** | **Growth<br>Allocation** | **Moderate<br>Allocation** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $21629727 | $14952294 | $33411659 | $34531407 |
|  Net long-term capital gains |  | 16808376 | 37856924 | 24398910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $21629727 | $31760670 | $71268583 | $58930317 |

---

As of December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative<br>Allocation** | **Dynamic<br>Global Equity** | **Growth<br>Allocation** | **Moderate<br>Allocation** |
|  Undistributed ordinary income — net | $619773 | $1819034 | $144163 | $3507026 |
|  Undistributed long-term capital gains | 3010600 | 6370459 | 14961126 | 9583143 |
|  Total Undistributed Earnings | $3630373 | $8189493 | $15105289 | $13090169 |
|  Timing differences (Qualified Late Year Loss Deferral, Dividends Payable as of Current FYE and Straddles) | $(334144) | $(322803) | $(601037) | $(533398) |
|  Unrealized gains (loss) — net | 47046881 | 92806590 | 220017436 | 153271192 |
|  Total accumulated earnings (loss) net | $50343110 | $100673280 | $234521688 | $165827963 |

---

As of December 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative<br>Allocation** | **Dynamic<br>Global Equity** | **Growth<br>Allocation** | **Moderate<br>Allocation** |
|  Tax Cost | $544089753 | $332626416 | $850927162 | $881182781 |
|  Gross unrealized gain | 52373552 | 94073857 | 223199184 | 156444102 |
|  Gross unrealized loss | (5326671) | (1267267) | (3181748) | (3172910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized gain | $47046881 | $92806590 | $220017436 | $153271192 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions.

GSAM has reviewed the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

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GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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;

8. OTHER RISKS

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

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

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively, referred to in this paragraph as ("derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Expenses Risk — By investing in the Underlying Funds indirectly through the Fund, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also the expenses of the Fund.

Investments in the Underlying Funds Risk — The investments of a Fund may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Funds' investment performance is directly related to the investment performance of the Underlying Funds it holds. The Funds are subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If a Fund has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk — A Fund or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund or an Underlying Fund to sell fund securities at times when it would not otherwise do so, which may negatively impact a Fund's or an Underlying Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's or an Underlying Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's or the Underlying Fund's expense ratio. Similarly, large Fund or Underlying Fund share purchases may adversely affect a Fund's or an Underlying Fund's performance to the extent that the Fund or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market and Credit Risks — In the normal course of business, a Fund and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Fund and/or an Underlying 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

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

**86**

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GOLDMAN SACHS FUND OF FUNDS

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

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

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

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

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

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

8. OTHER RISKS (continued)

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/or an Underlying Fund and their investments. Additionally, a Fund and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund and the Underlying Fund have unsettled or open transactions defaults.

Temporary Investments Risk — Although the Funds normally seek to remain substantially invested in the Underlying Funds, the Funds may invest a portion of their assets in high-quality, short-term debt obligations to maintain liquidity, to meet shareholder redemptions and for other short-term cash needs. For temporary defensive purposes during abnormal market or economic conditions, the Funds may invest without limitation in short-term obligations. When the Funds' assets are invested in such investments, the Funds may not be achieving their investment objective.

9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the 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.

10. OTHER MATTERS

At a meeting held on December 9-10, 2025, the Trustees approved changes to the names, principal investment strategies and blended benchmark index names of the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio. Effective after the close of business on February 13, 2026, the Goldman Sachs Balanced Strategy Portfolio's name changed to the "Goldman Sachs Conservative Allocation Fund," the Goldman Sachs Growth and Income Strategy Portfolio's name changed to the "Goldman Sachs Moderate Allocation Fund," and the Goldman Sachs Growth Strategy Portfolio's name changed to the "Goldman Sachs Growth Allocation Fund." Each Fund's investment objective has remained the same.

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;

**87**

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GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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> 12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 317900 | $3961847 | 370417 | $4436865 |
|  Reinvestment of distributions | 353571 | 4445168 | 243154 | 2937842 |
|  Shares redeemed | (1167521) | (14486525) | (1285708) | (15379646) |
|  | (496050) | (6079510) | (672137) | (8004939) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 29209 | 370512 | 30125 | 361821 |
|  Reinvestment of distributions | 9999 | 126217 | 6037 | 73103 |
|  Shares redeemed | (47315) | (589899) | (68810) | (826108) |
|  | (8107) | (93170) | (32648) | (391184) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 8981762 | 112355314 | 7966091 | 95860019 |
|  Reinvestment of distributions | 2052373 | 25810561 | 1312982 | 15864105 |
|  Shares redeemed | (8904264) | (111260607) | (8767996) | (104947898) |
|  | 2129871 | 26905268 | 511077 | 6776226 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 524 | 6901 | 820 | 10037 |
|  Reinvestment of distributions | 59 | 757 | 20 | 246 |
|  Shares redeemed | (6) | (69) | (8855) | (106621) |
|  | 577 | 7589 | (8015) | (96338) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 47836 | 606207 | 61366 | 723674 |
|  Reinvestment of distributions | 11638 | 145443 | 9494 | 114172 |
|  Shares redeemed | (101392) | (1242684) | (96411) | (1158340) |
|  | (41918) | (491034) | (25551) | (320494) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 80344 | 1039987 | 5603 | 69439 |
|  Reinvestment of distributions | 11814 | 148950 | 6695 | 80965 |
|  Shares redeemed | (39425) | (488063) | (35413) | (418935) |
|  | 52733 | 700874 | (23115) | (268531) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 112713 | 1424626 | 78888 | 958497 |
|  Reinvestment of distributions | 48218 | 603965 | 27508 | 330573 |
|  Shares redeemed | (46974) | (591679) | (235506) | (2812548) |
|  | 113957 | 1436912 | (129110) | (1523478) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 694545 | 8553952 | 862926 | 10554443 |
|  Reinvestment of distributions | 264151 | 3323767 | 169691 | 2050870 |
|  Shares redeemed | (660825) | (8198135) | (1450526) | (17470342) |
|  | 297871 | 3679584 | (417909) | (4865029) |
|  **NET INCREASE (DECREASE)** | 2048934 | $26066513 | (797408) | $(8693767) |

---

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

**88**

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GOLDMAN SACHS FUND OF FUNDS

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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;

 <br> 12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** | **Dynamic Global Equity Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 340780 | $7736489 | 265828 | $5861215 |
|  Reinvestment of distributions | 943385 | 21694957 | 575228 | 12922400 |
|  Shares redeemed | (1142153) | (26124580) | (987571) | (21642491) |
|  | 142012 | 3306866 | (146515) | (2858876) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 50269 | 1124724 | 24923 | 520706 |
|  Reinvestment of distributions | 43352 | 947271 | 23492 | 507497 |
|  Shares redeemed | (53119) | (1150112) | (78276) | (1654335) |
|  | 40502 | 921883 | (29861) | (626132) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 79352 | 1870510 | 94781 | 2059848 |
|  Reinvestment of distributions | 110039 | 2589990 | 62176 | 1422127 |
|  Shares redeemed | (87046) | (2008608) | (207298) | (4721754) |
|  | 102345 | 2451892 | (50341) | (1239779) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 40 | 956 | 52 | 1139 |
|  Reinvestment of distributions | 969 | 22253 | 794 | 17828 |
|  Shares redeemed | (3894) | (83922) | (1149) | (25098) |
|  | (2885) | (60713) | (303) | (6131) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 155931 | 3309100 | 93901 | 2056980 |
|  Reinvestment of distributions | 51754 | 1166046 | 23385 | 515083 |
|  Shares redeemed | (95873) | (2155511) | (126858) | (2904701) |
|  | 111812 | 2319635 | (9572) | (332638) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 29117 | 682243 | 25913 | 589596 |
|  Reinvestment of distributions | 7921 | 187149 | 13733 | 314975 |
|  Shares redeemed | (142133) | (3151916) | (70429) | (1565599) |
|  | (105095) | (2282524) | (30783) | (661028) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 30954 | 699865 | 21841 | 471412 |
|  Reinvestment of distributions | 35940 | 812623 | 23727 | 525970 |
|  Shares redeemed | (89705) | (2124300) | (41594) | (875423) |
|  | (22811) | (611812) | 3974 | 121959 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 877109 | 20237943 | 1065835 | 24226545 |
|  Reinvestment of distributions | 1207674 | 28461946 | 637474 | 14588753 |
|  Shares redeemed | (570383) | (13408571) | (411095) | (8869560) |
|  | 1514400 | 35291318 | 1292214 | 29945738 |
|  **NET INCREASE** | 1780280 | $41336545 | 1028813 | $24343113 |

---

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

**89**

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GOLDMAN SACHS FUND OF FUNDS

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

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

Notes to Financial Statements (continued) *December 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> 12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** | **Growth Allocation Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 721680 | $14421226 | 678978 | $13243307 |
|  Reinvestment of distributions | 1745220 | 35930768 | 1149640 | 22723233 |
|  Shares redeemed | (2398191) | (48312866) | (2194936) | (42722417) |
|  | 68709 | 2039128 | (366318) | (6755877) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 62070 | 1295780 | 108520 | 2084900 |
|  Reinvestment of distributions | 56448 | 1195104 | 38530 | 785085 |
|  Shares redeemed | (187069) | (3872026) | (158922) | (3199813) |
|  | (68551) | (1381142) | (11872) | (329828) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 4001612 | 82781363 | 4222214 | 82565108 |
|  Reinvestment of distributions | 1595508 | 32897107 | 1031657 | 20369560 |
|  Shares redeemed | (4367827) | (87872808) | (2440927) | (47806279) |
|  | 1229293 | 27805662 | 2812944 | 55128389 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 6326 | 125274 | 6194 | 119121 |
|  Reinvestment of distributions | 3159 | 64796 | 2013 | 39688 |
|  Shares redeemed | (15122) | (300631) | (34464) | (677664) |
|  | (5637) | (110561) | (26257) | (518855) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 241518 | 4611657 | 156984 | 3016100 |
|  Reinvestment of distributions | 56564 | 1143978 | 37749 | 733133 |
|  Shares redeemed | (308108) | (6139562) | (392148) | (7350981) |
|  | (10026) | (383927) | (197415) | (3601748) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 301265 | 6178910 | 114151 | 2234079 |
|  Reinvestment of distributions | 54440 | 1122712 | 35645 | 704133 |
|  Shares redeemed | (313626) | (6505561) | (82159) | (1618354) |
|  | 42079 | 796061 | 67637 | 1319858 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 47293 | 909717 | 79579 | 1488146 |
|  Reinvestment of distributions | 46798 | 922815 | 27700 | 527750 |
|  Shares redeemed | (45600) | (861868) | (81315) | (1497477) |
|  | 48491 | 970664 | 25964 | 518419 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1868318 | 38315424 | 1339721 | 25749804 |
|  Reinvestment of distributions | 2031661 | 41917017 | 1188228 | 23479850 |
|  Shares redeemed | (1178716) | (23561530) | (1180033) | (23048954) |
|  | 2721263 | 56670911 | 1347916 | 26180700 |
|  **NET INCREASE** | 4025621 | $86406796 | 3652599 | $71941058 |

---

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

**90**

------

GOLDMAN SACHS FUND OF FUNDS

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

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

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

&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> 12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 500375 | $8111734 | 592197 | $9412665 |
|  Reinvestment of distributions | 1172820 | 19243759 | 903407 | 14389115 |
|  Shares redeemed | (2079513) | (33585910) | (2165413) | (34066796) |
|  | (406318) | (6230417) | (669809) | (10265016) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 44831 | 704568 | 48939 | 753496 |
|  Reinvestment of distributions | 25094 | 397428 | 19283 | 297382 |
|  Shares redeemed | (86893) | (1336297) | (131168) | (1992787) |
|  | (16968) | (234301) | (62946) | (941909) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 7945147 | 130292577 | 6746801 | 106349827 |
|  Reinvestment of distributions | 2349046 | 38713793 | 1578144 | 25212765 |
|  Shares redeemed | (7219101) | (117017367) | (4787782) | (75767782) |
|  | 3075092 | 51989003 | 3537163 | 55794810 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 14679 | 232632 | 12159 | 188311 |
|  Reinvestment of distributions | 1518 | 24843 | 1144 | 18168 |
|  Shares redeemed | (19584) | (310151) | (7084) | (111607) |
|  | (3387) | (52676) | 6219 | 94872 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 503246 | 7840431 | 95410 | 1488988 |
|  Reinvestment of distributions | 61655 | 1004811 | 36819 | 582259 |
|  Shares redeemed | (391599) | (6294794) | (470472) | (7313923) |
|  | 173302 | 2550448 | (338243) | (5242676) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 250784 | 4327828 | 62472 | 998759 |
|  Reinvestment of distributions | 26162 | 432335 | 10599 | 169380 |
|  Shares redeemed | (81649) | (1331882) | (50847) | (784486) |
|  | 195297 | 3428281 | 22224 | 383653 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 23681 | 376162 | 31905 | 497141 |
|  Reinvestment of distributions | 22438 | 364174 | 17231 | 271651 |
|  Shares redeemed | (38146) | (622979) | (59461) | (917112) |
|  | 7973 | 117357 | (10325) | (148320) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1223257 | 19861943 | 1235441 | 19575122 |
|  Reinvestment of distributions | 1519015 | 25020769 | 1062772 | 16974710 |
|  Shares redeemed | (1188277) | (19102753) | (1512445) | (23415708) |
|  | 1553995 | 25779959 | 785768 | 13134124 |
|  **NET INCREASE** | 4578986 | $77347654 | 3270051 | $52809538 |

---

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

**91**

------

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

&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 Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Growth Allocation Fund and Goldman Sachs Moderate Allocation Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Growth Allocation Fund and Goldman Sachs Moderate Allocation Fund (four of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 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 December 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 December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 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 December 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

February 24, 2026

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;

**92**

------

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

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

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

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

#### Goldman Sachs Fund of Funds – Tax Information (unaudited)
For the year ended December 31, 2025, 6.51%, 14.94%, 10.91% and 15.17% of the dividends paid from net investment company taxable income by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund, respectively, qualified for the dividends received deduction available to corporations.

For the year ended December 31, 2025, each Fund has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund from sources within foreign countries and possessions of the United States was $0.0580, $0.2372, $0.1149 and $0.1884 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund during the year from foreign sources was 12.59%, 24.27%, 20.21% and 24.31%, respectively. The total amount of taxes paid by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund to such countries was $0.0052, $0.0221, $0.0100 and $0.0165 per share, respectively.

For the year ended December 31, 2025, 16.40%, 35.74%, 27.99%, and 30.97% of the dividends paid from net investment company taxable income by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund, respectively, qualified for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended December 31, 2025, the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund designated 58.78%, 3.35%, 41.37% and 19.35%, respectively, of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.

For the year ended December 31, 2025, 0.45%, 0.59%, 0.50% and 0.37% of the dividends paid from net investment company taxable income by the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund, respectively, qualify as section 199A dividends.

During the year ended December 31, 2025, the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund designate $1,976,257,$4,266,148, $1,962,094, and $5,393,737, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, the Goldman Sachs Conservative Allocation Fund, Goldman Sachs Dynamic Global Equity Fund, Goldman Sachs Moderate Allocation Fund, and Goldman Sachs Growth Allocation Fund designate $15,774,283, $42,750,141, $56,612,707 and $81,420,204, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended December 31, 2025.

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

**93**

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![LOGO](g45629dsp096.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 2026 Goldman Sachs. All rights reserved. FFAR-26

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![LOGO](g54970dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Alternative Funds II Goldman Sachs Absolute Return Tracker Fund Goldman Sachs Commodity Strategy Fund

------

## Goldman Sachs Alternative Funds II

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
|  **[Consolidated Schedules of Investments](#af254970_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Absolute Return Tracker Fund](#af254970_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Commodity Strategy Fund](#af254970_3) | 43 |
|  **[Consolidated Financial Statements](#af254970_4)** | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities](#af254970_5) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations](#af254970_6) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#af254970_7) | 48 |
|  **[Consolidated Financial Highlights](#af254970_8)** | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Absolute Return Tracker Fund](#af254970_9) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Commodity Strategy Fund](#af254970_10) | 56 |
|  **[Consolidated Notes to Financial Statements](#af254970_11)** | 63 |
|  **[Report of Independent Registered Public Accounting Firm](#af254970_12)** | 83 |
|  **[Other Information](#af254970_13)** | 84 |

---

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments
*December 31, 2025* 

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 44.2% | Common Stocks – 44.2% | Common Stocks – 44.2% |
| **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** | **Aerospace & Defense – 1.0%** |
| 272 | AAR Corp.\* | $22519 |
| 486 | AeroVironment, Inc.\* | 117558 |
| 9907 | AerSale Corp.\* | 70439 |
| 31 | AIRO Group Holdings, Inc.\* | 254 |
| 8254 | Archer Aviation, Inc. Class A\* | 62070 |
| 2170 | Astronics Corp.\* | 117701 |
| 1062 | ATI, Inc.\* | 121875 |
| 1878 | Axon Enterprise, Inc.\* | 1066572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15818 | Boeing Co.\* | 3434404 |
| 1619 | BWX Technologies, Inc. | 279828 |
| 4628 | Byrna Technologies, Inc.\* | 77704 |
| 1261 | Cadre Holdings, Inc. | 51499 |
| 619 | Carpenter Technology Corp. | 194886 |
| 765 | Curtiss-Wright Corp. | 421722 |
| 1893 | Ducommun, Inc.\* | 180081 |
| 8625 | Eve Holding, Inc.\*<sup>(a)</sup> | 34414 |
| 17671 | General Dynamics Corp. | 5949119 |
| 28525 | General Electric Co. | 8786556 |
| 11062 | HEICO Corp. | 3579553 |
| 1866 | HEICO Corp. Class A | 471034 |
| 910 | Hexcel Corp. | 67249 |
| 10538 | Howmet Aerospace, Inc. | 2160501 |
| 762 | Huntington Ingalls Industries, Inc. | 259133 |
| 8980 | Innovative Solutions & Support, Inc.\* | 170081 |
| 39 | Intuitive Machines, Inc.\* | 633 |
| 877 | Karman Holdings, Inc.\* | 64170 |
| 3098 | Kratos Defense & Security Solutions, Inc.\* | 235169 |
| 19721 | L3Harris Technologies, Inc. | 5789494 |
| 1785 | Leonardo DRS, Inc. | 60851 |
| 242 | Loar Holdings, Inc.\* | 16456 |
| 4867 | Lockheed Martin Corp. | 2354022 |
| 1334 | Mercury Systems, Inc.\* | 97395 |
| 375 | Moog, Inc. Class A | 91331 |
| 1787 | National Presto Industries, Inc. | 190780 |
| 3023 | Northrop Grumman Corp. | 1723745 |
| 10379 | Park Aerospace Corp. | 221488 |
| 2060 | Red Cat Holdings, Inc.\*<sup>(a)</sup> | 16336 |
| 311 | Redwire Corp.\*<sup>(a)</sup> | 2364 |
| 5900 | Rocket Lab Corp.\* | 411584 |
| 76317 | RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13996538 |
| 18323 | Satellogic, Inc. Class A\* | 34264 |
| 456 | StandardAero, Inc.\* | 13078 |
| 2302 | Textron, Inc. | 200665 |
| 1126 | TransDigm Group, Inc. | 1497411 |
| 1260 | V2X, Inc.\* | 68733 |
| 9291 | Virgin Galactic Holdings, Inc.\*<sup>(a)</sup> | 29824 |
| 3669 | Voyager Technologies, Inc. Class A\* | 95908 |
| 551 | VSE Corp. | 95196 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Aerospace & Defense – (continued)** | **Aerospace & Defense – (continued)** | **Aerospace & Defense – (continued)** | **Aerospace & Defense – (continued)** |
| 1116 | Woodward, Inc. | $| 337389 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;55341576 |
| **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** | **Air Freight & Logistics – 0.1%** |
| 4 | Arrive AI, Inc.\* |  | 11 |
| 3128 | CH Robinson Worldwide, Inc. |  | 502857 |
| 2698 | Expeditors International of Washington, Inc. |  | 402029 |
| 3983 | FedEx Corp. |  | 1150529 |
| 49 | Forward Air Corp.\* |  | 1225 |
| 1199 | GXO Logistics, Inc.\* |  | 63115 |
| 140 | Hub Group, Inc. Class A |  | 5966 |
| 31806 | International Distribution Services PLC<sup>(b)</sup> |  | 158630 |
| 23122 | Radiant Logistics, Inc.\* |  | 146362 |
| 12398 | United Parcel Service, Inc. Class B |  | 1229758 |
|  |  |  | 3660482 |
| **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** | **Automobile Components – 0.0%** |
| 3233 | Adient PLC\* |  | 61977 |
| 3642 | Aptiv PLC\* |  | 277120 |
| 1507 | Autoliv, Inc. |  | 178881 |
| 6436 | BorgWarner, Inc. |  | 290006 |
| 1012 | Cooper-Standard Holdings, Inc.\* |  | 33224 |
| 2603 | Dana, Inc. |  | 61847 |
| 1152 | Dorman Products, Inc.\* |  | 141915 |
| 176 | Fox Factory Holding Corp.\* |  | 3011 |
| 9711 | Garrett Motion, Inc. |  | 169263 |
| 3501 | Gentex Corp. |  | 81468 |
| 1060 | Gentherm, Inc.\* |  | 38552 |
| 2042 | Goodyear Tire & Rubber Co.\* |  | 17888 |
| 446 | LCI Industries |  | 54118 |
| 1033 | Lear Corp. |  | 118382 |
| 16173 | Luminar Technologies, Inc.\*<sup>(a)</sup> |  | 1294 |
| 9233 | Motorcar Parts of America, Inc.\* |  | 113935 |
| 1117 | Patrick Industries, Inc. |  | 121116 |
| 934 | Phinia, Inc. |  | 58552 |
| 3204 | QuantumScape Corp.\* |  | 33386 |
| 10148 | Solid Power, Inc.\* |  | 43129 |
| 1855 | Standard Motor Products, Inc. |  | 68357 |
| 1660 | Strattec Security Corp.\* |  | 126392 |
| 998 | Visteon Corp. |  | 94910 |
| 1187 | XPEL, Inc.\* |  | 59243 |
|  |  |  | 2247966 |
| **Automobiles – 0.8%** | **Automobiles – 0.8%** | **Automobiles – 0.8%** | **Automobiles – 0.8%** |
| 85783 | Ford Motor Co. |  | 1125473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103998 | General Motors Co. |  | 8457117 |
| 3257 | Harley-Davidson, Inc. |  | 66736 |
| 228 | Livewire Group, Inc.\* |  | 1008 |
| 76083 | Tesla, Inc.\* |  | 34216047 |

---

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

#### The accompanying notes are an integral part of these financial statements. 1

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Automobiles – (continued)** | **Automobiles – (continued)** | **Automobiles – (continued)** |
| 1079 | Thor Industries, Inc. | $110781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43977162 |
| **Banks – 2.2%** | **Banks – 2.2%** | **Banks – 2.2%** |
| 1338 | 1st Source Corp. | 83612 |
| 2678 | ACNB Corp. | 129481 |
| 1833 | Amalgamated Financial Corp. | 58711 |
| 2293 | Amerant Bancorp, Inc. | 44736 |
| 1357 | Ameris Bancorp | 100784 |
| 3866 | Arrow Financial Corp. | 121392 |
| 1444 | Associated Banc-Corp. | 37197 |
| 282 | Atlantic Union Bankshares Corp. | 9955 |
| 1579 | Axos Financial, Inc.\* | 136047 |
| 2281 | Banc of California, Inc. | 44000 |
| 831 | BancFirst Corp. | 88103 |
| 498 | Bancorp, Inc.\* | 33625 |
| 1370 | Bank First Corp. | 166893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378259 | Bank of America Corp. | 20804245 |
| 1307 | Bank of Hawaii Corp. | 89360 |
| 5280 | Bank of Marin Bancorp | 137333 |
| 4733 | Bank of NT Butterfield & Son Ltd. | 235798 |
| 3724 | Bank OZK | 171378 |
| 2763 | Bank7 Corp. | 113228 |
| 1489 | BankUnited, Inc. | 66365 |
| 4143 | Bankwell Financial Group, Inc. | 189832 |
| 1118 | Banner Corp. | 70054 |
| 2678 | Bar Harbor Bankshares | 83152 |
| 5940 | BayCom Corp. | 174636 |
| 13881 | BCB Bancorp, Inc. | 112020 |
| 2762 | Beacon Financial Corp. | 72834 |
| 20886 | Blue Foundry Bancorp\* | 259613 |
| 35991 | Blue Ridge Bankshares, Inc. | 153682 |
| 689 | BOK Financial Corp. | 81619 |
| 8214 | Bridgewater Bancshares, Inc.\* | 143991 |
| 1224 | Burke & Herbert Financial Services Corp. | 76267 |
| 2842 | Business First Bancshares, Inc. | 74290 |
| 2199 | Byline Bancorp, Inc. | 64101 |
| 1293 | C&F Financial Corp. | 93859 |
| 3845 | Cadence Bank | 164720 |
| 7994 | California BanCorp | 149248 |
| 2197 | Camden National Corp. | 95306 |
| 4495 | Capital Bancorp, Inc. | 126624 |
| 3435 | Capital City Bank Group, Inc. | 146228 |
| 15202 | Capitol Federal Financial, Inc. | 103526 |
| 7405 | Carter Bankshares, Inc.\* | 145582 |
| 1684 | Cathay General Bancorp | 81489 |
| 2741 | Central Pacific Financial Corp. | 85410 |
| 3147 | Chemung Financial Corp. | 175603 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 5238 | ChoiceOne Financial Services, Inc. | $154626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41205 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808211 |
| 8166 | Citizens & Northern Corp. | 164708 |
| 8614 | Citizens Financial Group, Inc. | 503144 |
| 986 | Citizens Financial Services, Inc. | 56222 |
| 1126 | City Holding Co. | 134219 |
| 5754 | Civista Bancshares, Inc. | 127854 |
| 3729 | CNB Financial Corp. | 97588 |
| 1107 | Coastal Financial Corp.\* | 126851 |
| 3 | CoastalSouth Bancshares, Inc.\* | 70 |
| 8669 | Colony Bankcorp, Inc. | 154482 |
| 3541 | Columbia Banking System, Inc. | 98971 |
| 4805 | Columbia Financial, Inc.\* | 74670 |
| 3345 | Comerica, Inc. | 290781 |
| 3116 | Commerce Bancshares, Inc. | 163110 |
| 640 | Community Financial System, Inc. | 36762 |
| 1844 | Community Trust Bancorp, Inc. | 104186 |
| 7574 | Community West Bancshares | 170415 |
| 1801 | ConnectOne Bancorp, Inc. | 47222 |
| 1425 | Cullen/Frost Bankers, Inc. | 180448 |
| 971 | Customers Bancorp, Inc.\* | 71000 |
| 3183 | CVB Financial Corp. | 59204 |
| 1324 | Dime Community Bancshares, Inc. | 39839 |
| 1084 | Eagle Bancorp, Inc. | 23219 |
| 1 | Eagle Financial Services, Inc. | 40 |
| 3106 | East West Bancorp, Inc. | 349083 |
| 2222 | Eastern Bankshares, Inc. | 40951 |
| 1531 | Enterprise Financial Services Corp. | 82674 |
| 2453 | Equity Bancshares, Inc. Class A | 109526 |
| 2222 | Esquire Financial Holdings, Inc. | 226800 |
| 2658 | Farmers & Merchants Bancorp, Inc. | 65706 |
| 7555 | Farmers National Banc Corp. | 100633 |
| 20487 | FB Bancorp, Inc.\* | 263258 |
| 726 | FB Financial Corp. | 40511 |
| 1550 | Fidelity D&D Bancorp, Inc. | 67472 |
| 14119 | Fifth Third Bancorp | 660910 |
| 4650 | Financial Institutions, Inc. | 144941 |
| 9209 | Finwise Bancorp\* | 165209 |
| 3842 | First BanCorp | 79645 |
| 5118 | First Bancorp, Inc. | 135320 |
| 1703 | First Bancorp/Southern Pines NC | 86495 |
| 9106 | First Bank | 149885 |
| 1743 | First Busey Corp. | 41466 |

---

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

#### 2 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 2369 | First Business Financial Services, Inc. | $128637 |
| 177 | First Citizens BancShares, Inc. Class A | 379874 |
| 3748 | First Commonwealth Financial Corp. | 63191 |
| 2610 | First Community Bankshares, Inc. | 88035 |
| 11 | First Community Corp. | 326 |
| 2331 | First Financial Bancorp | 58322 |
| 3021 | First Financial Bankshares, Inc. | 90237 |
| 2320 | First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140174 |
| 4112 | First Foundation, Inc.\* | 25330 |
| 3150 | First Hawaiian, Inc. | 79695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11918 | First Horizon Corp. | 284840 |
| 832 | First Internet Bancorp | 17364 |
| 1293 | First Interstate BancSystem, Inc. Class A | 44738 |
| 1745 | First Merchants Corp. | 65403 |
| 2073 | First Mid Bancshares, Inc. | 80847 |
| 3 | First National Corp. | 76 |
| 18 | First Western Financial, Inc.\* | 483 |
| 1981 | Firstsun Capital Bancorp\* | 74555 |
| 4457 | Five Star Bancorp | 159471 |
| 1359 | Flagstar Bank NA | 17110 |
| 5554 | Flushing Financial Corp. | 84254 |
| 6861 | FNB Corp. | 117323 |
| 3037 | FS Bancorp, Inc. | 125033 |
| 3209 | Fulton Financial Corp. | 62030 |
| 2845 | GBank Financial Holdings, Inc.\* | 96417 |
| 2705 | German American Bancorp, Inc. | 105982 |
| 1200 | Glacier Bancorp, Inc. | 52860 |
| 1546 | Great Southern Bancorp, Inc. | 95172 |
| 3154 | Greene County Bancorp, Inc. | 70113 |
| 1953 | Hancock Whitney Corp. | 124367 |
| 4104 | Hanmi Financial Corp. | 110931 |
| 2 | Hanover Bancorp, Inc. | 46 |
| 3803 | HBT Financial, Inc. | 98308 |
| 10984 | Heritage Commerce Corp. | 131918 |
| 3299 | Heritage Financial Corp. | 78021 |
| 2389 | Hilltop Holdings, Inc. | 81083 |
| 234 | Hingham Institution For Savings<sup>(a)</sup> | 66447 |
| 2616 | Home Bancorp, Inc. | 151205 |
| 3417 | Home BancShares, Inc. | 94924 |
| 3076 | HomeTrust Bancshares, Inc. | 132083 |
| 3885 | Hope Bancorp, Inc. | 42580 |
| 4544 | Horizon Bancorp, Inc. | 77066 |
| 36265 | Huntington Bancshares, Inc. | 629198 |
| 3518 | Independent Bank Corp. | 127781 |
| 1791 | International Bancshares Corp. | 118994 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 5465 | John Marshall Bancorp, Inc. | $109245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134296 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;43272857 |
| 8808 | Kearny Financial Corp. | 65267 |
| 12047 | KeyCorp | 248650 |
| 1508 | Lakeland Financial Corp. | 86046 |
| 20079 | LINKBANCORP, Inc. | 165853 |
| 95 | Live Oak Bancshares, Inc. | 3263 |
| 3472 | M&T Bank Corp. | 699539 |
| 2 | MainStreet Bancshares, Inc. | 41 |
| 1457 | Mercantile Bank Corp. | 70082 |
| 10 | Meridian Corp. | 176 |
| 3536 | Metrocity Bankshares, Inc. | 93845 |
| 1279 | Metropolitan Bank Holding Corp. | 97664 |
| 3774 | Mid Penn Bancorp, Inc. | 117069 |
| 2332 | Middlefield Banc Corp. | 80547 |
| 4658 | Midland States Bancorp, Inc. | 98610 |
| 4541 | MidWestOne Financial Group, Inc. | 174829 |
| 4314 | MVB Financial Corp. | 111431 |
| 1392 | National Bank Holdings Corp. Class A | 52910 |
| 17364 | NB Bancorp, Inc. | 344146 |
| 1246 | NBT Bancorp, Inc. | 51734 |
| 1040 | Nicolet Bankshares, Inc. | 126152 |
| 1220 | Northeast Bank | 126795 |
| 5740 | Northeast Community Bancorp, Inc. | 129781 |
| 5005 | Northfield Bancorp, Inc. | 57207 |
| 5487 | Northpointe Bancshares, Inc. | 92072 |
| 5183 | Northrim BanCorp, Inc. | 137920 |
| 5609 | Northwest Bancshares, Inc. | 67308 |
| 5581 | Norwood Financial Corp. | 156547 |
| 21025 | NU Holdings Ltd. Class A\* | 351958 |
| 2496 | OceanFirst Financial Corp. | 44803 |
| 1440 | OFG Bancorp | 59011 |
| 6212 | Old National Bancorp | 138590 |
| 5926 | Old Second Bancorp, Inc. | 115557 |
| 6 | OP Bancorp | 85 |
| 2153 | Orange County Bancorp, Inc. | 61468 |
| 2152 | Origin Bancorp, Inc. | 80937 |
| 3654 | Orrstown Financial Services, Inc. | 129425 |
| 280 | Park National Corp. | 42610 |
| 8596 | Parke Bancorp, Inc. | 215244 |
| 1598 | Pathward Financial, Inc. | 113458 |
| 32759 | Patriot National Bancorp, Inc.\*<sup>(a)</sup> | 59621 |
| 7692 | PCB Bancorp | 166532 |
| 1752 | Peapack-Gladstone Financial Corp. | 48793 |
| 2549 | Peoples Bancorp, Inc. | 76546 |
| 1663 | Peoples Financial Services Corp. | 81005 |

---

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

#### The accompanying notes are an integral part of these financial statements. 3

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 931 | Pinnacle Financial Partners, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88827 |
| 16759 | Pioneer Bancorp, Inc.\* | 225911 |
| 3284 | Plumas Bancorp | 146762 |
| 8390 | PNC Financial Services Group, Inc. | 1751245 |
| 13890 | Ponce Financial Group, Inc.\* | 227102 |
| 45324 | Popular, Inc. | 5643744 |
| 1261 | Preferred Bank | 119076 |
| 11302 | Primis Financial Corp. | 157211 |
| 4 | Princeton Bancorp, Inc. | 139 |
| 1706 | Prosperity Bancshares, Inc. | 117902 |
| 3117 | Provident Financial Services, Inc. | 61561 |
| 1074 | QCR Holdings, Inc. | 89464 |
| 5934 | RBB Bancorp | 122478 |
| 2659 | Red River Bancshares, Inc. | 189932 |
| 20042 | Regions Financial Corp. | 543138 |
| 527 | Renasant Corp. | 18561 |
| 1143 | Republic Bancorp, Inc. Class A | 78856 |
| 5 | Richmond Mutual BanCorp, Inc. | 70 |
| 1495 | S&T Bancorp, Inc. | 58828 |
| 1454 | Seacoast Banking Corp. of Florida | 45685 |
| 969 | ServisFirst Bancshares, Inc. | 69565 |
| 6715 | Shore Bancshares, Inc. | 118721 |
| 2750 | Sierra Bancorp | 89870 |
| 2692 | Simmons First National Corp. Class A | 50744 |
| 3575 | SmartFinancial, Inc. | 132239 |
| 2650 | South Plains Financial, Inc. | 102820 |
| 2714 | Southern First Bancshares, Inc.\* | 139825 |
| 1694 | Southern Missouri Bancorp, Inc. | 100149 |
| 3185 | Southside Bancshares, Inc. | 96792 |
| 1310 | Southstate Bank Corp. | 123284 |
| 2516 | Stellar Bancorp, Inc. | 77845 |
| 23246 | Sterling Bancorp, Inc.\*<sup>(b)</sup> |  |
| 1601 | Stock Yards Bancorp, Inc. | 103985 |
| 2968 | Synovus Financial Corp. | 148548 |
| 955 | Texas Capital Bancshares, Inc.\* | 86466 |
| 6961 | TFS Financial Corp. | 93138 |
| 3706 | Third Coast Bancshares, Inc.\* | 140865 |
| 4234 | Timberland Bancorp, Inc. | 151577 |
| 627 | Tompkins Financial Corp. | 45470 |
| 2094 | Towne Bank | 69877 |
| 1643 | TriCo Bancshares | 77829 |
| 64 | Triumph Financial, Inc.\* | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26888 | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323158 |
| 2925 | TrustCo Bank Corp. | 120890 |
| 2852 | Trustmark Corp. | 111085 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
| 32515 | U.S. Bancorp | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735000 |
| 1159 | UMB Financial Corp. |  | 133331 |
| 21 | Union Bankshares, Inc. |  | 498 |
| 2370 | United Bankshares, Inc. |  | 91008 |
| 1566 | United Community Banks, Inc. |  | 48891 |
| 2962 | Unity Bancorp, Inc. |  | 153195 |
| 2593 | Univest Financial Corp. |  | 84895 |
| 5752 | USCB Financial Holdings, Inc. |  | 105952 |
| 16297 | Valley National Bancorp |  | 190349 |
| 1679 | WaFd, Inc. |  | 53778 |
| 3223 | Washington Trust Bancorp, Inc. |  | 95240 |
| 3798 | Webster Financial Corp. |  | 239046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189326 | Wells Fargo & Co. |  | 17645183 |
| 1088 | WesBanco, Inc. |  | 36165 |
| 6672 | West BanCorp, Inc. |  | 148052 |
| 2380 | Westamerica BanCorp |  | 113835 |
| 1677 | Western Alliance Bancorp |  | 140985 |
| 1514 | Wintrust Financial Corp. |  | 211687 |
| 1126 | WSFS Financial Corp. |  | 62200 |
| 3456 | Zions Bancorp NA |  | 202314 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;124147175 |
| **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** | **Beverages – 0.3%** |
| 784 | Boston Beer Co., Inc. Class A\* |  | 152982 |
| 3510 | Brown-Forman Corp. Class B |  | 91471 |
| 1747 | Brown-Forman Corp. Class A |  | 45964 |
| 3751 | Celsius Holdings, Inc.\* |  | 171571 |
| 93932 | Coca-Cola Co. |  | 6566786 |
| 1555 | Coca-Cola Consolidated, Inc. |  | 238381 |
| 2810 | Constellation Brands, Inc. Class A |  | 387668 |
| 26256 | Keurig Dr. Pepper, Inc. |  | 735430 |
| 422 | MGP Ingredients, Inc. |  | 10255 |
| 4936 | Molson Coors Beverage Co. Class B |  | 230412 |
| 22077 | Monster Beverage Corp.\* |  | 1692644 |
| 5989 | National Beverage Corp.\* |  | 190989 |
| 30088 | PepsiCo, Inc. |  | 4318230 |
| 10109 | Primo Brands Corp. |  | 165282 |
| 4856 | Vita Coco Co., Inc.\* |  | 257416 |
| 211 | Zevia PBC Class A\* |  | 489 |
|  |  |  | 15255970 |
| **Biotechnology – 0.8%** | **Biotechnology – 0.8%** | **Biotechnology – 0.8%** | **Biotechnology – 0.8%** |
| 269 | 89bio, Inc.\*<sup>(b)</sup> |  | 91 |
| 48584 | AbbVie, Inc. |  | 11100958 |
| 13652 | Abeona Therapeutics, Inc.\* |  | 71946 |
| 5824 | Absci Corp.\*<sup>(a)</sup> |  | 20326 |
| 9035 | ACADIA Pharmaceuticals, Inc.\* |  | 241325 |
| 38 | Actuate Therapeutics, Inc.\* |  | 233 |

---

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

#### 4 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37390 | Acumen Pharmaceuticals, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78893 |
| 450 | ADC Therapeutics SA\* | 1589 |
| 5382 | ADMA Biologics, Inc.\* | 98168 |
| 16373 | Adverum Biotechnologies, Inc.\* | 13098 |
| 13300 | Agenus, Inc.\* | 41762 |
| 45612 | Akebia Therapeutics, Inc.\* | 73435 |
| 2353 | Akero Therapeutics, Inc.\* | 1529 |
| 5637 | Aldeyra Therapeutics, Inc.\* | 29200 |
| 2957 | Alector, Inc.\* | 4613 |
| 6474 | Alkermes PLC\* | 181143 |
| 14492 | Allogene Therapeutics, Inc.\* | 19854 |
| 3661 | Alnylam Pharmaceuticals, Inc.\* | 1455797 |
| 3830 | Altimmune, Inc.\* | 13826 |
| 13725 | Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492330 |
| 14973 | Amicus Therapeutics, Inc.\* | 213216 |
| 121 | AnaptysBio, Inc.\* | 5866 |
| 9307 | Anavex Life Sciences Corp.\*<sup>(a)</sup> | 33133 |
| 6218 | Anika Therapeutics, Inc.\* | 59755 |
| 15857 | Annexon, Inc.\* | 79602 |
| 678 | Apellis Pharmaceuticals, Inc.\* | 17031 |
| 204 | Apogee Therapeutics, Inc.\* | 15398 |
| 63647 | Applied Therapeutics, Inc.\* | 6365 |
| 19698 | Arbutus Biopharma Corp.\* | 94747 |
| 213 | Arcellx, Inc.\* | 13888 |
| 61 | Arcturus Therapeutics Holdings, Inc.\* | 374 |
| 315 | Arcus Biosciences, Inc.\* | 7506 |
| 7568 | Arcutis Biotherapeutics, Inc.\* | 219775 |
| 1467 | Ardelyx, Inc.\* | 8553 |
| 1377 | ArriVent Biopharma, Inc.\* | 27705 |
| 750 | Arrowhead Pharmaceuticals, Inc.\* | 49792 |
| 6813 | ARS Pharmaceuticals, Inc.\* | 79371 |
| 8474 | Artiva Biotherapeutics, Inc.\*<sup>(a)</sup> | 36353 |
| 3714 | Astria Therapeutics, Inc.\* | 48616 |
| 18302 | aTyr Pharma, Inc.\* | 14332 |
| 9035 | Aura Biosciences, Inc.\* | 49241 |
| 724 | Aurinia Pharmaceuticals, Inc.\* | 11548 |
| 1104 | Avidity Biosciences, Inc.\* | 79632 |
| 23641 | Avita Medical, Inc.\* | 81561 |
| 594 | Beam Therapeutics, Inc.\* | 16466 |
| 6169 | Benitec Biopharma, Inc.\* | 83096 |
| 13 | Bicara Therapeutics, Inc.\* | 219 |
| 16079 | BioCryst Pharmaceuticals, Inc.\* | 125416 |
| 2872 | Biogen, Inc.\* | 505443 |
| 562 | Biohaven Ltd.\* | 6345 |
| 3582 | BioMarin Pharmaceutical, Inc.\* | 212878 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 18635 | Biomea Fusion, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23107 |
| 495 | Black Diamond Therapeutics, Inc.\* | 1203 |
| 835 | Blueprint Medicines Corp.\*<sup>(b)</sup> | 384 |
| 2694 | Bridgebio Pharma, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206064 |
| 29 | Bright Minds Biosciences, Inc.\* | 2263 |
| 6802 | C4 Therapeutics, Inc.\* | 12992 |
| 13823 | Cabaletta Bio, Inc.\* | 30272 |
| 7343 | Candel Therapeutics, Inc.\*<sup>(a)</sup> | 41488 |
| 11413 | Capricor Therapeutics, Inc.\*<sup>(a)</sup> | 329379 |
| 31820 | Cardiff Oncology, Inc.\*<sup>(a)</sup> | 89414 |
| 2594 | CareDx, Inc.\* | 48871 |
| 7231 | Cargo Therapeutics, Inc.\*<sup>(b)</sup> |  |
| 28974 | Caribou Biosciences, Inc.\* | 46069 |
| 3646 | Caris Life Sciences, Inc.\*<sup>(a)</sup> | 98369 |
| 4343 | Cartesian Therapeutics, Inc.\* | 31313 |
| 6583 | Catalyst Pharmaceuticals, Inc.\* | 153647 |
| 1697 | Celcuity, Inc.\* | 169259 |
| 347 | CG oncology, Inc.\* | 14407 |
| 20041 | Cibus, Inc.\* | 34871 |
| 944 | Cidara Therapeutics, Inc.\* | 208520 |
| 14308 | Climb Bio, Inc.\* | 57232 |
| 814 | Cogent Biosciences, Inc.\* | 28913 |
| 29759 | Coherus Oncology, Inc.\* | 42258 |
| 15778 | Compass Therapeutics, Inc.\* | 84728 |
| 3334 | Corbus Pharmaceuticals Holdings, Inc.\* | 27139 |
| 7042 | Corvus Pharmaceuticals, Inc.\* | 54223 |
| 5359 | Cullinan Therapeutics, Inc.\* | 55466 |
| 81 | Cytokinetics, Inc.\* | 5147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29858 | CytomX Therapeutics, Inc.\* | 127195 |
| 206 | Day One Biopharmaceuticals, Inc.\* | 1920 |
| 48 | Denali Therapeutics, Inc.\* | 792 |
| 5025 | Design Therapeutics, Inc.\* | 47135 |
| 14276 | DiaMedica Therapeutics, Inc.\* | 113637 |
| 9 | Dianthus Therapeutics, Inc.\* | 371 |
| 213 | Disc Medicine, Inc.\* | 16914 |
| 8595 | Dynavax Technologies Corp.\* | 132191 |
| 218 | Dyne Therapeutics, Inc.\* | 4264 |
| 8453 | Editas Medicine, Inc.\* | 17329 |
| 37731 | Eledon Pharmaceuticals, Inc.\* | 56974 |
| 1152 | Emergent BioSolutions, Inc.\* | 14239 |
| 4730 | Enanta Pharmaceuticals, Inc.\* | 74592 |
| 8802 | Entrada Therapeutics, Inc.\* | 90485 |
| 3174 | Erasca, Inc.\* | 11807 |
| 2842 | Exact Sciences Corp.\* | 288634 |
| 11762 | Exelixis, Inc.\* | 515528 |
| 26264 | Fate Therapeutics, Inc.\* | 25807 |
| 39 | Fennec Pharmaceuticals, Inc.\* | 300 |
| 5468 | Foghorn Therapeutics, Inc.\* | 29527 |
| 19823 | Galectin Therapeutics, Inc.\*<sup>(a)</sup> | 82464 |

---

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

#### The accompanying notes are an integral part of these financial statements. 5

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28889 | Genelux Corp.\*<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125956 |
| 3396 | Geron Corp.\* | 4483 |
| 30306 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719758 |
| 31447 | Gossamer Bio, Inc.\* | 97486 |
| 481 | GRAIL, Inc.\* | 41169 |
| 10112 | Greenwich Lifesciences, Inc.\*<sup>(a)</sup> | 212453 |
| 7480 | Gyre Therapeutics, Inc.\*<sup>(a)</sup> | 52809 |
| 3609 | Halozyme Therapeutics, Inc.\* | 242886 |
| 79232 | Heron Therapeutics, Inc.\* | 103002 |
| 23907 | HilleVax, Inc.\*<sup>(b)</sup> | 3347 |
| 14556 | Humacyte, Inc.\*<sup>(a)</sup> | 13981 |
| 2897 | Immatics NV\* | 30419 |
| 1179 | ImmunityBio, Inc.\*<sup>(a)</sup> | 2334 |
| 480 | Immunome, Inc.\* | 10310 |
| 425 | Immunovant, Inc.\* | 10804 |
| 5894 | Incyte Corp.\* | 582150 |
| 32 | Inhibikase Therapeutics, Inc.\* | 66 |
| 3227 | Inhibrx Biosciences, Inc.\* | 254933 |
| 130 | Inmune Bio, Inc.\* | 203 |
| 14146 | Inovio Pharmaceuticals, Inc.\*<sup>(a)</sup> | 24614 |
| 4271 | Insmed, Inc.\* | 743325 |
| 27498 | Invivyd, Inc.\* | 67920 |
| 973 | Ionis Pharmaceuticals, Inc.\* | 76974 |
| 915 | Ironwood Pharmaceuticals, Inc.\* | 3084 |
| 2729 | iTeos Therapeutics, Inc.\*<sup>(b)</sup> | 281 |
| 10425 | Jade Biosciences, Inc. | 160858 |
| 79 | Janux Therapeutics, Inc.\* | 1090 |
| 8954 | Kalaris Therapeutics, Inc.\* | 75572 |
| 2262 | KalVista Pharmaceuticals, Inc.\* | 36531 |
| 1733 | Keros Therapeutics, Inc.\* | 35284 |
| 6883 | Kodiak Sciences, Inc.\* | 192449 |
| 169 | Korro Bio, Inc.\* | 1354 |
| 307 | Krystal Biotech, Inc.\* | 75688 |
| 314 | Kymera Therapeutics, Inc.\* | 24432 |
| 8718 | Kyverna Therapeutics, Inc.\* | 81949 |
| 3524 | Larimar Therapeutics, Inc.\* | 13426 |
| 1158 | Lexeo Therapeutics, Inc.\* | 11499 |
| 58040 | Lineage Cell Therapeutics, Inc.\* | 96927 |
| 10869 | Lunai Bioworks, Inc.\* | 9583 |
| 1103 | Lyell Immunopharma, Inc.\* | 33950 |
| 14817 | MacroGenics, Inc.\* | 23855 |
| 492 | Madrigal Pharmaceuticals, Inc.\* | 286511 |
| 1882 | MannKind Corp.\* | 10671 |
| 12640 | MeiraGTx Holdings PLC\* | 100488 |
| 230 | Metsera, Inc.\*<sup>(b)</sup> | 1127 |
| 20620 | MiMedx Group, Inc.\* | 139597 |
| 243 | Mineralys Therapeutics, Inc.\* | 8818 |
| 2707 | Mirum Pharmaceuticals, Inc.\* | 213826 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 2322 | Monopar Therapeutics, Inc.\*<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151627 |
| 730 | Monte Rosa Therapeutics, Inc.\* | 11446 |
| 123 | MoonLake Immunotherapeutics\* | 1621 |
| 6605 | Myriad Genetics, Inc.\* | 40621 |
| 3527 | Natera, Inc.\* | 808000 |
| 1971 | Neurocrine Biosciences, Inc.\* | 279547 |
| 16227 | Nkarta, Inc.\* | 30020 |
| 766 | Novavax, Inc.\*<sup>(a)</sup> | 5148 |
| 241 | Nurix Therapeutics, Inc.\* | 4572 |
| 287 | Nuvalent, Inc. Class A\* | 28869 |
| 80 | Nuvectis Pharma, Inc.\* | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44859 | Ocugen, Inc.\*<sup>(a)</sup> | 60560 |
| 937 | Olema Pharmaceuticals, Inc.\* | 23425 |
| 14112 | Organogenesis Holdings, Inc.\* | 73100 |
| 102 | ORIC Pharmaceuticals, Inc.\* | 834 |
| 45492 | Outlook Therapeutics, Inc.\*<sup>(a)</sup> | 71877 |
| 1885 | Palvella Therapeutics, Inc.\* | 197303 |
| 2424 | Perspective Therapeutics, Inc.\* | 6666 |
| 77637 | PMV Pharmaceuticals, Inc.\* | 97046 |
| 10 | Praxis Precision Medicines, Inc.\* | 2947 |
| 7343 | Precigen, Inc.\* | 30694 |
| 3542 | Prime Medicine, Inc.\* | 12291 |
| 1679 | ProKidney Corp.\*<sup>(a)</sup> | 3761 |
| 1528 | Protagonist Therapeutics, Inc.\* | 133456 |
| 74338 | Protalix BioTherapeutics, Inc.\* | 133808 |
| 373 | Prothena Corp. PLC\* | 3562 |
| 5015 | PTC Therapeutics, Inc.\* | 380939 |
| 30093 | Puma Biotechnology, Inc.\* | 179053 |
| 1415 | RAPT Therapeutics, Inc.\* | 47926 |
| 2280 | Recursion Pharmaceuticals, Inc. Class A\*<sup>(a)</sup> | 9325 |
| 1924 | Regeneron Pharmaceuticals, Inc. | 1485078 |
| 92 | Regulus Therapeutics, Inc.\*<sup>(b)</sup> | 107 |
| 343 | Revolution Medicines, Inc.\* | 27320 |
| 6643 | Rezolute, Inc.\* | 15677 |
| 1818 | Rhythm Pharmaceuticals, Inc.\* | 194599 |
| 3549 | Rigel Pharmaceuticals, Inc.\* | 152004 |
| 80 | Rocket Pharmaceuticals, Inc.\* | 281 |
| 3738 | Sage Therapeutics, Inc.\*<sup>(b)</sup> | 673 |
| 93 | Sana Biotechnology, Inc.\* | 379 |
| 44456 | Sangamo Therapeutics, Inc.\* | 18672 |
| 2466 | Sarepta Therapeutics, Inc.\* | 53068 |
| 3519 | Savara, Inc.\* | 21220 |
| 2650 | Scholar Rock Holding Corp.\* | 116732 |

---

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

#### 6 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** | **Biotechnology – (continued)** |
| 626 | SELLAS Life Sciences Group, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 |
| 23744 | Sera Prognostics, Inc. Class A\* |  | 70045 |
| 2532 | Seres Therapeutics, Inc.\* |  | 37676 |
| 77 | Sionna Therapeutics, Inc.\* |  | 3168 |
| 9712 | Skye Bioscience, Inc.\* |  | 7281 |
| 1460 | Soleno Therapeutics, Inc.\* |  | 67598 |
| 1334 | Solid Biosciences, Inc.\* |  | 7524 |
| 208 | Spyre Therapeutics, Inc.\* |  | 6814 |
| 279 | Stoke Therapeutics, Inc.\* |  | 8855 |
| 3217 | Summit Therapeutics, Inc.\* |  | 56265 |
| 2589 | Sutro Biopharma, Inc.\* |  | 29955 |
| 494 | Syndax Pharmaceuticals, Inc.\* |  | 10379 |
| 8104 | Taysha Gene Therapies, Inc.\* |  | 44572 |
| 2018 | Tectonic Therapeutic, Inc.\*<sup>(a)</sup> |  | 42095 |
| 13441 | Tenaya Therapeutics, Inc.\* |  | 9563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130978 | Tevogen Bio Holdings, Inc.\* |  | 43367 |
| 4465 | TG Therapeutics, Inc.\* |  | 133102 |
| 80755 | Tiziana Life Sciences Ltd.\*<sup>(a)</sup> |  | 120325 |
| 2765 | Tonix Pharmaceuticals Holding Corp.\*<sup>(a)</sup> |  | 43189 |
| 5762 | Travere Therapeutics, Inc.\* |  | 220166 |
| 25561 | TriSalus Life Sciences, Inc.\* |  | 178416 |
| 20243 | TScan Therapeutics, Inc.\* |  | 20243 |
| 160 | TuHURA Biosciences, Inc.\* |  | 121 |
| 368 | Twist Bioscience Corp.\* |  | 11673 |
| 565 | Ultragenyx Pharmaceutical, Inc.\* |  | 12995 |
| 849 | United Therapeutics Corp.\* |  | 413675 |
| 2612 | UroGen Pharma Ltd.\* |  | 61173 |
| 29258 | Vanda Pharmaceuticals, Inc.\* |  | 258056 |
| 320 | Vera Therapeutics, Inc.\* |  | 16205 |
| 487 | Veracyte, Inc.\* |  | 20503 |
| 8155 | Verastem, Inc.\* |  | 62957 |
| 1865 | Vericel Corp.\* |  | 67159 |
| 6904 | Vertex Pharmaceuticals, Inc.\* |  | 3129997 |
| 2973 | Vigil Neuroscience, Inc.\*<sup>(b)</sup> |  | 149 |
| 54 | Viking Therapeutics, Inc.\* |  | 1900 |
| 601 | Viridian Therapeutics, Inc.\* |  | 18703 |
| 1876 | Vor BioPharma, Inc.\* |  | 24538 |
| 8113 | Voyager Therapeutics, Inc.\* |  | 31884 |
| 16831 | XBiotech, Inc.\* |  | 40226 |
| 472 | Xenon Pharmaceuticals, Inc.\* |  | 21155 |
| 2095 | XOMA Royalty Corp.\* |  | 55706 |
| 14011 | Zentalis Pharmaceuticals, Inc.\* |  | 18915 |
| 14324 | Zura Bio Ltd.\* |  | 75058 |
| 4529 | Zymeworks, Inc.\* |  | 119249 |
|  |  |  | 42294087 |
| **Broadline Retail – 2.1%** | **Broadline Retail – 2.1%** | **Broadline Retail – 2.1%** | **Broadline Retail – 2.1%** |
| 48412 | 1stdibs.com, Inc.\* |  | 289988 |
| 492963 | Amazon.com, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;113785720 |
| 34785 | Coupang, Inc.\* |  | 820578 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Broadline Retail – (continued)** | **Broadline Retail – (continued)** | **Broadline Retail – (continued)** | **Broadline Retail – (continued)** |
| 392 | Dillard's, Inc. Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237685 |
| 11302 | eBay, Inc. |  | 984404 |
| 2928 | Etsy, Inc.\* |  | 162328 |
| 4832 | Groupon, Inc.\* |  | 85092 |
| 3967 | Kohl's Corp. |  | 80967 |
| 10504 | Macy's, Inc. |  | 231613 |
| 1690 | Ollie's Bargain Outlet Holdings, Inc.\* |  | 185241 |
| 6935 | Savers Value Village, Inc.\* |  | 64773 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;116928389 |
| **Building Products – 0.1%** | **Building Products – 0.1%** | **Building Products – 0.1%** | **Building Products – 0.1%** |
| 2419 | A.O. Smith Corp. |  | 161783 |
| 422 | AAON, Inc. |  | 32177 |
| 361 | Advanced Drainage Systems, Inc. |  | 52284 |
| 2213 | Allegion PLC |  | 352354 |
| 42 | Apogee Enterprises, Inc. |  | 1529 |
| 1550 | Armstrong World Industries, Inc. |  | 296205 |
| 1309 | AZZ, Inc. |  | 140299 |
| 1777 | Builders FirstSource, Inc.\* |  | 182836 |
| 602 | Carlisle Cos., Inc. |  | 192556 |
| 13217 | Carrier Global Corp. |  | 698386 |
| 154 | CSW Industrials, Inc. |  | 45204 |
| 827 | Fortune Brands Innovations, Inc. |  | 41367 |
| 253 | Gibraltar Industries, Inc.\* |  | 12508 |
| 996 | Griffon Corp. |  | 73355 |
| 2750 | Hayward Holdings, Inc.\* |  | 42487 |
| 1967 | Insteel Industries, Inc. |  | 62295 |
| 2637 | Janus International Group, Inc.\* |  | 17246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13644 | Johnson Controls International PLC |  | 1633869 |
| 802 | Lennox International, Inc. |  | 389435 |
| 3387 | Masco Corp. |  | 214939 |
| 2877 | Masterbrand, Inc.\* |  | 31762 |
| 422 | Modine Manufacturing Co.\* |  | 56341 |
| 1159 | Owens Corning |  | 129704 |
| 5386 | Resideo Technologies, Inc.\* |  | 189156 |
| 792 | Simpson Manufacturing Co., Inc. |  | 127884 |
| 677 | Tecnoglass, Inc. |  | 34067 |
| 6109 | Trane Technologies PLC |  | 2377623 |
| 514 | Trex Co., Inc.\* |  | 18031 |
| 747 | UFP Industries, Inc. |  | 68014 |
| 4728 | Zurn Elkay Water Solutions Corp. |  | 219805 |
|  |  |  | 7895501 |
| **Capital Markets – 1.7%** | **Capital Markets – 1.7%** | **Capital Markets – 1.7%** | **Capital Markets – 1.7%** |
| 4421 | Acadian Asset Management, Inc. |  | 207787 |

---

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

#### The accompanying notes are an integral part of these financial statements. 7

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** |
| 839 | Affiliated Managers Group, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241867 |
| 12587 | AlTi Global, Inc.\* | 58404 |
| 2692 | Ameriprise Financial, Inc. | 1319995 |
| 4823 | ARES Management Corp. Class A | 779541 |
| 3359 | Artisan Partners Asset Management, Inc. Class A | 136846 |
| 15769 | B Riley Financial, Inc.\*<sup>(a)</sup> | 73641 |
| 15 | Bakkt Holdings, Inc.\* | 151 |
| 17005 | Bank of New York Mellon Corp. | 1974110 |
| 6270 | BGC Group, Inc. Class A | 55991 |
| 3259 | Blackrock, Inc. | 3488238 |
| 19371 | Blackstone, Inc. | 2985846 |
| 5760 | Blue Owl Capital, Inc. | 86054 |
| 829 | Brookfield Asset Management Ltd. Class A | 43431 |
| 67943 | Carlyle Group, Inc. | 4016111 |
| 2774 | Cboe Global Markets, Inc. | 696274 |
| 114288 | Charles Schwab Corp. | 11418514 |
| 24911 | CME Group, Inc. | 6802696 |
| 1822 | Cohen & Steers, Inc. | 114385 |
| 3819 | Coinbase Global, Inc. Class A\* | 863629 |
| 1318 | Diamond Hill Investment Group, Inc. | 223401 |
| 372 | Donnelley Financial Solutions, Inc.\* | 17369 |
| 368 | Evercore, Inc. Class A | 125212 |
| 747 | FactSet Research Systems, Inc. | 216772 |
| 5432 | Federated Hermes, Inc. | 282844 |
| 2637 | Forge Global Holdings, Inc.\* | 117505 |
| 7693 | Franklin Resources, Inc. | 183786 |
| 95 | Freedom Holding Corp.\* | 11560 |
| 11096 | GCM Grosvenor, Inc. Class A | 125607 |
| 614 | Hamilton Lane, Inc. Class A | 82466 |
| 12404 | Houlihan Lokey, Inc. | 2160653 |
| 1542 | Innventure, Inc.\*<sup>(a)</sup> | 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68839 | Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427036 |
| 12239 | Intercontinental Exchange, Inc. | 1982228 |
| 10612 | Invesco Ltd. | 278777 |
| 2444 | Janus Henderson Group PLC | 116261 |
| 1971 | Jefferies Financial Group, Inc. | 122143 |
| 13812 | KKR & Co., Inc. | 1760754 |
| 790 | Lazard, Inc. | 38362 |
| 2353 | LPL Financial Holdings, Inc. | 840421 |
| 230 | Marex Group PLC | 8823 |
| 960 | MarketAxess Holdings, Inc. | 174000 |
| 1509 | Moelis & Co. Class A | 103729 |
| 14661 | Moody's Corp. | 7489572 |
| 71341 | Morgan Stanley | 12665168 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** | **Capital Markets – (continued)** |
| 692 | Morningstar, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150378 |
| 1345 | MSCI, Inc. |  | 771667 |
| 46879 | Nasdaq, Inc. |  | 4553357 |
| 5040 | Northern Trust Corp. |  | 688414 |
| 7074 | Open Lending Corp.\* |  | 10965 |
| 2257 | Oppenheimer Holdings, Inc. Class A |  | 163158 |
| 7831 | P10, Inc. Class A |  | 76822 |
| 9419 | Patria Investments Ltd. Class A |  | 149668 |
| 673 | Perella Weinberg Partners |  | 11643 |
| 314 | Piper Sandler Cos. |  | 106669 |
| 1186 | PJT Partners, Inc. Class A |  | 198299 |
| 4622 | Raymond James Financial, Inc. |  | 742247 |
| 13809 | Robinhood Markets, Inc. Class A\* |  | 1561798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20822 | S&P Global, Inc. |  | 10881369 |
| 3241 | SEI Investments Co. |  | 265827 |
| 9 | Siebert Financial Corp.\* |  | 32 |
| 7206 | State Street Corp. |  | 929646 |
| 434 | StepStone Group, Inc. Class A |  | 27850 |
| 2098 | Stifel Financial Corp. |  | 262712 |
| 2182 | StoneX Group, Inc.\* |  | 207574 |
| 3290 | T. Rowe Price Group, Inc. |  | 336830 |
| 1676 | TPG, Inc. |  | 106996 |
| 2199 | Tradeweb Markets, Inc. Class A |  | 236480 |
| 3428 | Value Line, Inc. |  | 131738 |
| 1110 | Victory Capital Holdings, Inc. Class A |  | 70030 |
| 4864 | Virtu Financial, Inc. Class A |  | 162068 |
| 296 | Virtus Investment Partners, Inc. |  | 48292 |
| 10180 | WisdomTree, Inc. |  | 124094 |
| 225 | XP, Inc. Class A |  | 3683 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;91904712 |
| **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** | **Chemicals – 0.5%** |
| 1775 | AdvanSix, Inc. |  | 30708 |
| 4032 | Air Products & Chemicals, Inc. |  | 995985 |
| 27674 | Alto Ingredients, Inc.\* |  | 79701 |
| 5306 | American Vanguard Corp.\* |  | 20269 |
| 8841 | Arq, Inc.\* |  | 28910 |
| 211 | Ashland, Inc. |  | 12379 |
| 3437 | ASP Isotopes, Inc.\* |  | 18388 |
| 39 | Avient Corp. |  | 1218 |
| 2250 | Axalta Coating Systems Ltd.\* |  | 72697 |
| 953 | Balchem Corp. |  | 146152 |
| 853 | Cabot Corp. |  | 56537 |
| 2345 | Celanese Corp. |  | 99147 |
| 4134 | CF Industries Holdings, Inc. |  | 319724 |
| 937 | Chemours Co. |  | 11047 |
| 15462 | Corteva, Inc. |  | 1036418 |

---

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

#### 8 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 3106 | Dow, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72618 |
| 5631 | DuPont de Nemours, Inc. |  | 226366 |
| 391 | Eastman Chemical Co. |  | 24958 |
| 5707 | Ecolab, Inc. |  | 1498202 |
| 6579 | Ecovyst, Inc.\* |  | 64014 |
| 779 | Element Solutions, Inc. |  | 19467 |
| 6032 | Flotek Industries, Inc.\* |  | 103931 |
| 811 | Hawkins, Inc. |  | 115211 |
| 366 | HB Fuller Co. |  | 21762 |
| 757 | Ingevity Corp.\* |  | 44799 |
| 807 | Innospec, Inc. |  | 61768 |
| 2455 | International Flavors & Fragrances, Inc. |  | 165442 |
| 2778 | Intrepid Potash, Inc.\* |  | 77034 |
| 932 | Koppers Holdings, Inc. |  | 25239 |
| 3079 | Kronos Worldwide, Inc. |  | 13609 |
| 32004 | Linde PLC |  | 13646186 |
| 4849 | LSB Industries, Inc.\* |  | 41216 |
| 1123 | LyondellBasell Industries NV Class A |  | 48626 |
| 184 | Minerals Technologies, Inc. |  | 11215 |
| 5796 | Mosaic Co. |  | 139626 |
| 312 | NewMarket Corp. |  | 214425 |
| 1636 | Olin Corp. |  | 34078 |
| 52844 | Origin Materials, Inc.\* |  | 11187 |
| 1915 | Orion SA |  | 10111 |
| 3307 | Perimeter Solutions, Inc.\* |  | 91042 |
| 3420 | PPG Industries, Inc. |  | 350413 |
| 1962 | PureCycle Technologies, Inc.\*<sup>(a)</sup> |  | 16854 |
| 1653 | Rayonier Advanced Materials, Inc.\* |  | 9736 |
| 2200 | Resonac Holdings Corp. |  | 91730 |
| 2634 | RPM International, Inc. |  | 273936 |
| 440 | Scotts Miracle-Gro Co. |  | 25674 |
| 2180 | Sensient Technologies Corp. |  | 204811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23635 | Sherwin-Williams Co. |  | 7658449 |
| 117 | Solesence, Inc.\* |  | 187 |
| 3230 | Solstice Advanced Materials, Inc.\* |  | 156913 |
| 993 | Stepan Co. |  | 47028 |
| 18542 | Trinseo PLC |  | 9215 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28556358 |
| **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** | **Commercial Services & Supplies – 0.4%** |
| 1114 | ABM Industries, Inc. |  | 47122 |
| 8047 | ACCO Brands Corp. |  | 30015 |
| 1044 | ACV Auctions, Inc. Class A\* |  | 8373 |
| 1925 | Brady Corp. Class A |  | 150862 |
| 2262 | BrightView Holdings, Inc.\* |  | 28660 |
| 919 | Brink's Co. |  | 107275 |
| 1447 | Casella Waste Systems, Inc. Class A\* |  | 141719 |
| 938 | Cimpress PLC\* |  | 62461 |
| 9599 | Cintas Corp. |  | 1805284 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| 5137 | Civeo Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117483 |
| 904 | Clean Harbors, Inc.\* |  | 211970 |
| 2947 | CompX International, Inc. |  | 68577 |
| 100622 | Copart, Inc.\* |  | 3939351 |
| 9839 | CoreCivic, Inc.\* |  | 188023 |
| 2681 | Deluxe Corp. |  | 59867 |
| 12313 | Ennis, Inc. |  | 221757 |
| 7911 | GEO Group, Inc.\* |  | 127525 |
| 8520 | Healthcare Services Group, Inc.\* |  | 162902 |
| 3433 | HNI Corp. |  | 144323 |
| 5463 | Interface, Inc. |  | 152527 |
| 1321 | LanzaTech Global, Inc.\* |  | 18177 |
| 2138 | Liquidity Services, Inc.\* |  | 64803 |
| 476 | MillerKnoll, Inc. |  | 8701 |
| 961 | MSA Safety, Inc. |  | 153895 |
| 10591 | NL Industries, Inc. |  | 57933 |
| 6887 | OPENLANE, Inc.\* |  | 205095 |
| 17 | Perma-Fix Environmental Services, Inc.\* |  | 214 |
| 9962 | Pitney Bowes, Inc. |  | 105298 |
| 14904 | Quad/Graphics, Inc. |  | 93448 |
| 71 | RB Global, Inc. |  | 7304 |
| 24039 | Republic Services, Inc. |  | 5094585 |
| 10122 | Rollins, Inc. |  | 607523 |
| 3516 | Tetra Tech, Inc. |  | 117927 |
| 401 | UniFirst Corp. |  | 77353 |
| 5951 | Veralto Corp. |  | 593791 |
| 8795 | Virco Mfg. Corp. |  | 56200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34707 | Waste Management, Inc. |  | 7625475 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22663798 |
| **Communications Equipment – 0.5%** | **Communications Equipment – 0.5%** | **Communications Equipment – 0.5%** | **Communications Equipment – 0.5%** |
| 6365 | ADTRAN Holdings, Inc.\* |  | 55312 |
| 269 | Applied Optoelectronics, Inc.\* |  | 9377 |
| 27087 | Arista Networks, Inc.\* |  | 3549210 |
| 1535 | Aviat Networks, Inc.\* |  | 32818 |
| 19 | BK Technologies Corp.\* |  | 1417 |
| 2633 | Calix, Inc.\* |  | 139365 |
| 2325 | Ciena Corp.\* |  | 543748 |
| 215690 | Cisco Systems, Inc. |  | 16614601 |
| 1575 | Clearfield, Inc.\* |  | 45911 |
| 6778 | CommScope Holding Co., Inc.\* |  | 122885 |
| 1012 | Digi International, Inc.\* |  | 43809 |
| 4278 | Extreme Networks, Inc.\* |  | 71229 |
| 1547 | F5, Inc.\* |  | 394887 |
| 1475 | Harmonic, Inc.\* |  | 14588 |
| 14 | Inseego Corp.\* |  | 144 |
| 496 | Lumentum Holdings, Inc.\* |  | 182821 |
| 15353 | Motorola Solutions, Inc. |  | 5885112 |
| 3467 | NETGEAR, Inc.\* |  | 85045 |
| 3010 | NetScout Systems, Inc.\* |  | 81451 |
| 12620 | Ribbon Communications, Inc.\* |  | 36346 |

---

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

#### The accompanying notes are an integral part of these financial statements. 9

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Communications Equipment – (continued)** | **Communications Equipment – (continued)** | **Communications Equipment – (continued)** | **Communications Equipment – (continued)** |
| 26 | Ubiquiti, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14387 |
| 5225 | Viasat, Inc.\* |  | 180053 |
| 8008 | Viavi Solutions, Inc.\* |  | 142702 |
|  |  |  | 28247218 |
| **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** |
| 3078 | AECOM |  | 293426 |
| 8250 | API Group Corp.\* |  | 315645 |
| 622 | Arcosa, Inc. |  | 66131 |
| 365 | Argan, Inc. |  | 114362 |
| 2845 | Bowman Consulting Group Ltd.\* |  | 93942 |
| 3982 | Centuri Holdings, Inc.\* |  | 100545 |
| 831 | Comfort Systems USA, Inc. |  | 775564 |
| 10663 | Concrete Pumping Holdings, Inc. |  | 71549 |
| 778 | Construction Partners, Inc. Class A\* |  | 84452 |
| 780 | Dycom Industries, Inc.\* |  | 263562 |
| 1108 | EMCOR Group, Inc. |  | 677863 |
| 913 | Everus Construction Group, Inc.\* |  | 78116 |
| 2588 | Fluor Corp.\* |  | 102562 |
| 1937 | Granite Construction, Inc. |  | 223433 |
| 5223 | Great Lakes Dredge & Dock Corp.\* |  | 68526 |
| 368 | IES Holdings, Inc.\* |  | 143159 |
| 609 | Limbach Holdings, Inc.\* |  | 47411 |
| 1500 | MasTec, Inc.\* |  | 326055 |
| 5076 | Matrix Service Co.\* |  | 59389 |
| 594 | MYR Group, Inc.\* |  | 129789 |
| 1208 | NWPX Infrastructure, Inc.\* |  | 75488 |
| 4004 | Orion Group Holdings, Inc.\* |  | 39800 |
| 2136 | Primoris Services Corp. |  | 265163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12337 | Quanta Services, Inc. |  | 5206954 |
| 14234 | Southland Holdings, Inc.\* |  | 47257 |
| 665 | Sterling Infrastructure, Inc.\* |  | 203643 |
| 3326 | Tutor Perini Corp. |  | 222908 |
| 596 | Valmont Industries, Inc. |  | 239783 |
| 285 | WillScot Holdings Corp. |  | 5367 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10341844 |
| **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** | **Construction Materials – 0.1%** |
| 10394 | Eagle Materials, Inc. |  | 2148232 |
| 586 | James Hardie Industries PLC\* |  | 12160 |
| 441 | Knife River Corp.\* |  | 31024 |
| 6386 | Martin Marietta Materials, Inc. |  | 3976307 |
| 2483 | Smith-Midland Corp.\* |  | 90232 |
| 153 | Titan America SA\* |  | 2521 |
| 473 | U.S. Lime & Minerals, Inc. |  | 56637 |
| 2627 | Vulcan Materials Co. |  | 749273 |
|  |  |  | 7066386 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** | **Consumer Finance – 0.5%** |
| 3023 | Ally Financial, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136912 |
| 34102 | American Express Co. | 12616035 |
| 973 | Atlanticus Holdings Corp.\* | 65142 |
| 1138 | Bread Financial Holdings, Inc. | 84246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43946 | Capital One Financial Corp. | 10650752 |
| 12651 | Consumer Portfolio Services, Inc.\* | 118034 |
| 100 | Credit Acceptance Corp.\* | 44346 |
| 58 | Dave, Inc.\* | 12842 |
| 595 | Enova International, Inc.\* | 93534 |
| 11807 | EZCORP, Inc. Class A\* | 229292 |
| 1663 | FirstCash Holdings, Inc. | 265049 |
| 5923 | Jefferson Capital, Inc. | 132320 |
| 768 | LendingClub Corp.\* | 14546 |
| 65 | LendingTree, Inc.\* | 3451 |
| 15065 | Medallion Financial Corp. | 155019 |
| 250 | Navient Corp. | 3250 |
| 983 | Nelnet, Inc. Class A | 130700 |
| 257 | NerdWallet, Inc. Class A\* | 3482 |
| 3167 | OneMain Holdings, Inc. | 213931 |
| 9117 | Oportun Financial Corp.\* | 48229 |
| 3033 | OppFi, Inc. | 31725 |
| 4719 | Paragon 28, Inc.\*<sup>(b)</sup> | 425 |
| 1529 | PROG Holdings, Inc. | 45090 |
| 1418 | Regional Management Corp. | 54947 |
| 6207 | SLM Corp. | 167961 |
| 14640 | SoFi Technologies, Inc.\* | 383275 |
| 8691 | Synchrony Financial | 725090 |
| 703 | Upstart Holdings, Inc.\* | 30742 |
| 1 | Vroom, Inc.\* | 20 |
| 412 | World Acceptance Corp.\* | 57841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26518228 |
| **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** | **Consumer Staples Distribution & Retail – 0.8%** |
| 19667 | Albertsons Cos., Inc. Class A | 337682 |
| 260 | Andersons, Inc. | 13824 |
| 5655 | BJ's Wholesale Club Holdings, Inc.\* | 509120 |
| 1283 | Casey's General Stores, Inc. | 709127 |
| 4039 | Chefs' Warehouse, Inc.\* | 251751 |
| 27282 | Costco Wholesale Corp. | 23526360 |
| 7856 | Dollar General Corp. | 1043041 |
| 6711 | Dollar Tree, Inc.\* | 825520 |
| 5915 | Grocery Outlet Holding Corp.\* | 59741 |
| 10852 | HF Foods Group, Inc.\* | 23332 |
| 2647 | Ingles Markets, Inc. Class A | 181452 |
| 17706 | Kroger Co. | 1106271 |
| 7900 | Maplebear, Inc.\* | 355342 |
| 3376 | Natural Grocers by Vitamin Cottage, Inc. | 84569 |
| 5403 | Performance Food Group Co.\* | 485838 |
| 2304 | PriceSmart, Inc. | 282632 |
| 4045 | Sprouts Farmers Market, Inc.\* | 322265 |

---

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

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** | **Consumer Staples Distribution & Retail – (continued)** |
| 14129 | Sysco Corp. | $| 1041166 |
| 9191 | Target Corp. |  | 898420 |
| 8118 | U.S. Foods Holding Corp.\* |  | 611448 |
| 9422 | United Natural Foods, Inc.\* |  | 317239 |
| 6385 | Village Super Market, Inc. Class A |  | 225997 |
| 12948 | Walgreens Boots Alliance, Inc.\*<sup>(b)</sup> |  | 6862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96441 | Walmart, Inc. |  | 10744492 |
| 3103 | Weis Markets, Inc. |  | 198871 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;44162362 |
| **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** | **Containers & Packaging – 0.2%** |
| 32319 | Amcor PLC |  | 269540 |
| 925 | AptarGroup, Inc. |  | 112813 |
| 7348 | Ardagh Metal Packaging SA |  | 30127 |
| 1261 | Avery Dennison Corp. |  | 229351 |
| 2982 | Ball Corp. |  | 157957 |
| 3259 | Crown Holdings, Inc. |  | 335579 |
| 2940 | Graphic Packaging Holding Co. |  | 44276 |
| 1888 | Greif, Inc. Class A |  | 127818 |
| 7259 | International Paper Co. |  | 285932 |
| 2252 | Myers Industries, Inc. |  | 42157 |
| 234 | O-I Glass, Inc.\* |  | 3454 |
| 13320 | Packaging Corp. of America |  | 2746984 |
| 1209 | Sealed Air Corp. |  | 50089 |
| 1360 | Silgan Holdings, Inc. |  | 54903 |
| 153951 | Smurfit WestRock PLC |  | 5953285 |
| 1327 | Sonoco Products Co. |  | 57910 |
| 3482 | TriMas Corp. |  | 123437 |
|  |  |  | 10625612 |
| **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** | **Distributors – 0.0%** |
| 2578 | Genuine Parts Co. |  | 316991 |
| 1354 | GigaCloud Technology, Inc. Class A\* |  | 53185 |
| 223 | Gold.com, Inc. |  | 7593 |
| 5852 | LKQ Corp. |  | 176731 |
| 600 | Pool Corp. |  | 137250 |
| 2519 | Weyco Group, Inc. |  | 77056 |
|  |  |  | 768806 |
| **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** | **Diversified Consumer Services – 0.1%** |
| 28670 | ADT, Inc. |  | 231367 |
| 1927 | Adtalem Global Education, Inc.\* |  | 199387 |
| 5960 | American Public Education, Inc.\* |  | 225288 |
| 459 | Bright Horizons Family Solutions, Inc.\* |  | 46543 |
| 5479 | Carriage Services, Inc. |  | 231762 |
| 2573 | Chegg, Inc.\* |  | 2393 |
| 11390 | Coursera, Inc.\* |  | 83830 |
| 5595 | Driven Brands Holdings, Inc.\* |  | 82918 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| 790 | Duolingo, Inc.\* | $| 138645 |
| 591 | European Wax Center, Inc. Class A\* |  | 2128 |
| 3176 | Frontdoor, Inc.\* |  | 183223 |
| 200 | Graham Holdings Co. Class B |  | 219720 |
| 1148 | Grand Canyon Education, Inc.\* |  | 190924 |
| 4445 | H&R Block, Inc. |  | 193713 |
| 2683 | KinderCare Learning Cos., Inc.\* |  | 11590 |
| 8136 | Laureate Education, Inc.\* |  | 273939 |
| 10224 | Lincoln Educational Services Corp.\* |  | 246910 |
| 2254 | Matthews International Corp. Class A |  | 58874 |
| 104 | McGraw Hill, Inc.\* |  | 1716 |
| 6964 | Mister Car Wash, Inc.\* |  | 38720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90052 | Nerdy, Inc.\* |  | 93654 |
| 5078 | OneSpaWorld Holdings Ltd. |  | 105318 |
| 6512 | Perdoceo Education Corp. |  | 190997 |
| 2898 | Service Corp. International |  | 225957 |
| 717 | Strategic Education, Inc. |  | 57503 |
| 2249 | Stride, Inc.\* |  | 146028 |
| 5470 | Udemy, Inc.\* |  | 31999 |
| 5305 | Universal Technical Institute, Inc.\* |  | 138620 |
| 28 | Zspace, Inc.\* |  | 13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653679 |
| **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** | **Diversified REITs – 0.0%** |
| 8078 | Alexander & Baldwin, Inc. |  | 166730 |
| 13089 | Alpine Income Property Trust, Inc. |  | 218848 |
| 3475 | American Assets Trust, Inc. |  | 65782 |
| 15352 | Armada Hoffler Properties, Inc. |  | 101630 |
| 6118 | Broadstone Net Lease, Inc. |  | 106270 |
| 8150 | CTO Realty Growth, Inc. |  | 150041 |
| 3710 | Essential Properties Realty Trust, Inc. |  | 110039 |
| 12220 | Gladstone Commercial Corp. |  | 130387 |
| 13165 | Global Net Lease, Inc. |  | 113219 |
| 16838 | NexPoint Diversified Real Estate Trust |  | 64489 |
| 5216 | WP Carey, Inc. |  | 335702 |
|  |  |  | 1563137 |
| **Diversified Telecommunication Services – 0.2%** | **Diversified Telecommunication Services – 0.2%** | **Diversified Telecommunication Services – 0.2%** | **Diversified Telecommunication Services – 0.2%** |
| 3089 | Anterix, Inc.\* |  | 67433 |
| 3208 | AST SpaceMobile, Inc.\* |  | 232997 |
| 158296 | AT&T, Inc. |  | 3932073 |
| 1436 | ATN International, Inc. |  | 32741 |
| 1174 | Bandwidth, Inc. Class A\* |  | 18138 |
| 895 | Cogent Communications Holdings, Inc. |  | 19296 |

---

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

#### The accompanying notes are an integral part of these financial statements. 11

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Diversified Telecommunication Services – (continued)** | **Diversified Telecommunication Services – (continued)** | **Diversified Telecommunication Services – (continued)** | **Diversified Telecommunication Services – (continued)** |
| 7070 | Frontier Communications Parent, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269155 |
| 4 | GCI Liberty, Inc. Class A\* |  | 147 |
| 43 | GCI Liberty, Inc. Class C\* |  | 1600 |
| 1997 | Globalstar, Inc.\* |  | 121897 |
| 3502 | IDT Corp. Class B |  | 179337 |
| 657 | Iridium Communications, Inc. |  | 11419 |
| 6961 | Liberty Latin America Ltd. Class A\* |  | 51442 |
| 7447 | Liberty Latin America Ltd. Class C\* |  | 55555 |
| 22539 | Lumen Technologies, Inc.\* |  | 175128 |
| 3031 | Shenandoah Telecommunications Co. |  | 35038 |
| 2013 | Uniti Group, Inc. |  | 14111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92337 | Verizon Communications, Inc. |  | 3760886 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8978393 |
| **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** | **Electric Utilities – 0.5%** |
| 5037 | Alliant Energy Corp. |  | 327455 |
| 11434 | American Electric Power Co., Inc. |  | 1318454 |
| 5878 | Constellation Energy Corp. |  | 2076521 |
| 16566 | Duke Energy Corp. |  | 1941701 |
| 3413 | Edison International |  | 204848 |
| 9574 | Entergy Corp. |  | 884925 |
| 5426 | Evergy, Inc. |  | 393331 |
| 6584 | Eversource Energy |  | 443301 |
| 22417 | Exelon Corp. |  | 977157 |
| 10681 | FirstEnergy Corp. |  | 478188 |
| 8293 | Genie Energy Ltd. Class B |  | 114278 |
| 7956 | Hawaiian Electric Industries, Inc.\* |  | 97859 |
| 1940 | IDACORP, Inc. |  | 245526 |
| 1724 | MGE Energy, Inc. |  | 135196 |
| 120719 | NextEra Energy, Inc. |  | 9691321 |
| 4674 | NRG Energy, Inc. |  | 744288 |
| 5517 | OGE Energy Corp. |  | 235576 |
| 1081 | Oklo, Inc.\* |  | 77573 |
| 1238 | Otter Tail Corp. |  | 100043 |
| 32946 | PG&E Corp. |  | 529442 |
| 2554 | Pinnacle West Capital Corp. |  | 226540 |
| 2713 | Portland General Electric Co. |  | 130197 |
| 15476 | PPL Corp. |  | 541969 |
| 23041 | Southern Co. |  | 2009175 |
| 4420 | TXNM Energy, Inc. |  | 260250 |
| 12359 | Xcel Energy, Inc. |  | 912836 |
|  |  |  | 25097950 |
| **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** |
| 741 | Acuity, Inc. |  | 266790 |
| 1968 | Allient, Inc. |  | 105780 |
| 869 | American Superconductor Corp.\* |  | 25010 |
| 4539 | AMETEK, Inc. |  | 931902 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** | **Electrical Equipment – (continued)** |
| 1664 | Amprius Technologies, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13129 |
| 204 | Array Technologies, Inc.\* |  | 1881 |
| 801 | Atkore, Inc. |  | 50663 |
| 47918 | Blink Charging Co.\* |  | 31961 |
| 3157 | Bloom Energy Corp. Class A\* |  | 274312 |
| 2338 | ChargePoint Holdings, Inc.\*<sup>(a)</sup> |  | 15524 |
| 28205 | Eaton Corp. PLC |  | 8983574 |
| 11456 | Emerson Electric Co. |  | 1520440 |
| 21711 | Energy Vault Holdings, Inc.\* |  | 100088 |
| 299 | EnerSys |  | 43878 |
| 1024 | Enovix Corp.\* |  | 7485 |
| 6030 | Eos Energy Enterprises, Inc.\* |  | 69104 |
| 383 | Fluence Energy, Inc.\* |  | 7576 |
| 2564 | FuelCell Energy, Inc.\* |  | 18743 |
| 7139 | GE Vernova, Inc. |  | 4665836 |
| 1323 | Generac Holdings, Inc.\* |  | 180417 |
| 7317 | GrafTech International Ltd.\* |  | 113487 |
| 7293 | Hubbell, Inc. |  | 3238894 |
| 17529 | Hyliion Holdings Corp.\* |  | 32253 |
| 16079 | KULR Technology Group, Inc.\* |  | 47594 |
| 2665 | LSI Industries, Inc. |  | 48823 |
| 182 | NANO Nuclear Energy, Inc.\*<sup>(a)</sup> |  | 4370 |
| 4204 | Nextpower, Inc. Class A\* |  | 366210 |
| 1594 | NuScale Power Corp.\* |  | 22587 |
| 1771 | nVent Electric PLC |  | 180589 |
| 111 | Powell Industries, Inc. |  | 35385 |
| 37 | Power Solutions International, Inc.\* |  | 2114 |
| 508 | Preformed Line Products Co. |  | 105009 |
| 822 | Regal Rexnord Corp. |  | 115343 |
| 2302 | Rockwell Automation, Inc. |  | 895639 |
| 1627 | Sensata Technologies Holding PLC |  | 54163 |
| 13212 | SES AI Corp.\* |  | 23782 |
| 168 | Shoals Technologies Group, Inc. Class A\* |  | 1428 |
| 98489 | SKYX Platforms Corp.\* |  | 213721 |
| 5431 | Stem, Inc.\* |  | 81737 |
| 88 | SunPower, Inc.\* |  | 138 |
| 16004 | T1 Energy, Inc.\* |  | 106907 |
| 2325 | Thermon Group Holdings, Inc.\* |  | 86397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48029 | Vertiv Holdings Co. Class A |  | 7781178 |
| 145 | Vicor Corp.\* |  | 15892 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30887733 |
| **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** | **Electronic Equipment, Instruments & Components – 0.3%** |
| 15047 | 908 Devices, Inc.\* |  | 78997 |
| 480 | Advanced Energy Industries, Inc. |  | 100498 |
| 1908 | Aeva Technologies, Inc.\* |  | 25338 |
| 32504 | Amphenol Corp. Class A |  | 4392591 |
| 3715 | Arlo Technologies, Inc.\* |  | 51973 |

---

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

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 945 | Arrow Electronics, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104120 |
| 1930 | Avnet, Inc. | 92794 |
| 694 | Badger Meter, Inc. | 121041 |
| 518 | Bel Fuse, Inc. Class B | 87868 |
| 567 | Belden, Inc. | 66084 |
| 42 | Benchmark Electronics, Inc. | 1796 |
| 1728 | CDW Corp. | 235354 |
| 564 | Climb Global Solutions, Inc. | 57974 |
| 503 | Cognex Corp. | 18098 |
| 1019 | Coherent Corp.\* | 188077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15392 | Corning, Inc. | 1347724 |
| 676 | Crane NXT Co. | 31819 |
| 1407 | CTS Corp. | 60318 |
| 2149 | Daktronics, Inc.\* | 42486 |
| 56 | ePlus, Inc. | 4911 |
| 4812 | Evolv Technologies Holdings, Inc.\* | 34454 |
| 225 | Fabrinet\* | 102438 |
| 6934 | Flex Ltd.\* | 418952 |
| 3525 | Frequency Electronics, Inc.\* | 189786 |
| 36509 | Identiv, Inc.\* | 140195 |
| 228 | Insight Enterprises, Inc.\* | 18575 |
| 1352 | Itron, Inc.\* | 125547 |
| 2621 | Jabil, Inc. | 597640 |
| 3171 | Keysight Technologies, Inc.\* | 644315 |
| 1115 | Kimball Electronics, Inc.\* | 31019 |
| 1938 | Knowles Corp.\* | 41531 |
| 1126 | Lightwave Logic, Inc.\* | 3648 |
| 35 | Littelfuse, Inc. | 8852 |
| 1833 | Methode Electronics, Inc. | 12171 |
| 47041 | MicroVision, Inc.\*<sup>(a)</sup> | 38955 |
| 4715 | Mirion Technologies, Inc.\* | 110425 |
| 15 | M-Tron Industries, Inc.\* | 798 |
| 1051 | Napco Security Technologies, Inc. | 43827 |
| 63 | Neonode, Inc.\* | 110 |
| 653 | nLight, Inc.\* | 24494 |
| 329 | Novanta, Inc.\* | 39148 |
| 494 | OSI Systems, Inc.\* | 126000 |
| 316 | Ouster, Inc.\* | 6838 |
| 1501 | PC Connection, Inc. | 86698 |
| 563 | Plexus Corp.\* | 82761 |
| 3537 | Ralliant Corp. | 180069 |
| 1907 | Sanmina Corp.\* | 286183 |
| 55 | ScanSource, Inc.\* | 2148 |
| 22318 | SmartRent, Inc.\* | 45082 |
| 19838 | TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980263 |
| 6226 | TE Connectivity PLC | 1416477 |
| 997 | Teledyne Technologies, Inc.\* | 509198 |
| 1456 | TTM Technologies, Inc.\* | 100464 |
| 1435 | Vishay Precision Group, Inc.\* | 55247 |
| 3009 | Vontier Corp. | 111875 |
| 36792 | Vuzix Corp.\*<sup>(a)</sup> | 139074 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** | **Electronic Equipment, Instruments & Components – (continued)** |
| 453 | Zebra Technologies Corp. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109997 |
|  |  |  | 15975115 |
| **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** | **Energy Equipment & Services – 0.1%** |
| 2445 | Archrock, Inc. |  | 63619 |
| 346 | Atlas Energy Solutions, Inc. |  | 3259 |
| 19838 | Baker Hughes Co. |  | 903423 |
| 837 | Bristow Group, Inc.\* |  | 30651 |
| 426 | Cactus, Inc. Class A |  | 19460 |
| 1843 | DMC Global, Inc.\* |  | 12330 |
| 73 | Energy Services of America Corp. |  | 596 |
| 1797 | Expro Group Holdings NV\* |  | 23990 |
| 599 | Flowco Holdings, Inc. Class A |  | 11225 |
| 1624 | Forum Energy Technologies, Inc.\* |  | 60007 |
| 4721 | Geospace Technologies Corp.\* |  | 79832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103010 | Halliburton Co. |  | 2911063 |
| 522 | Helix Energy Solutions Group, Inc.\* |  | 3273 |
| 1729 | Innovex International, Inc.\* |  | 37813 |
| 954 | Kodiak Gas Services, Inc. |  | 35680 |
| 401 | Liberty Energy, Inc. |  | 7402 |
| 528 | National Energy Services Reunited Corp.\* |  | 8268 |
| 3314 | Natural Gas Services Group, Inc. |  | 111516 |
| 397 | Noble Corp. PLC |  | 11211 |
| 6981 | NOV, Inc. |  | 109113 |
| 517 | Oceaneering International, Inc.\* |  | 12423 |
| 1219 | Oil States International, Inc.\* |  | 8253 |
| 5508 | Patterson-UTI Energy, Inc. |  | 33654 |
| 4075 | Ranger Energy Services, Inc. Class A |  | 56968 |
| 3876 | SEACOR Marine Holdings, Inc.\* |  | 23334 |
| 143 | Seadrill Ltd.\* |  | 4948 |
| 29 | Select Water Solutions, Inc. |  | 305 |
| 26572 | SLB Ltd. |  | 1019833 |
| 543 | Solaris Energy Infrastructure, Inc. |  | 24962 |
| 7499 | TechnipFMC PLC |  | 334155 |
| 7195 | TETRA Technologies, Inc.\* |  | 67417 |
| 731 | Tidewater, Inc.\* |  | 36923 |
| 891 | Weatherford International PLC |  | 69730 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136636 |
| **Entertainment – 0.7%** | **Entertainment – 0.7%** | **Entertainment – 0.7%** | **Entertainment – 0.7%** |
| 3870 | Atlanta Braves Holdings, Inc. Class C\* |  | 152671 |

---

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

#### The accompanying notes are an integral part of these financial statements. 13

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** | **Entertainment – (continued)** |
| 42 | Atlanta Braves Holdings, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 |
| 2846 | Cinemark Holdings, Inc. |  | 66141 |
| 23733 | CuriosityStream, Inc. |  | 90185 |
| 5308 | Electronic Arts, Inc. |  | 1084584 |
| 10030 | Eventbrite, Inc. Class A\* |  | 44633 |
| 133 | Golden Matrix Group, Inc.\* |  | 107 |
| 272 | IMAX Corp.\* |  | 10053 |
| 1164 | Liberty Live Holdings, Inc. Class A\* |  | 94866 |
| 1532 | Liberty Live Holdings, Inc. Class C\* |  | 127401 |
| 4906 | Liberty Media Corp.-Liberty Formula One Class C\* |  | 483290 |
| 1278 | Liberty Media Corp.-Liberty Formula One Class A\* |  | 114228 |
| 7382 | Lionsgate Studios Corp.\* |  | 67398 |
| 4631 | Live Nation Entertainment, Inc.\* |  | 659917 |
| 1586 | Madison Square Garden Entertainment Corp.\* |  | 85470 |
| 647 | Madison Square Garden Sports Corp.\* |  | 167347 |
| 7417 | Marcus Corp. |  | 115038 |
| 273462 | Netflix, Inc.\* |  | 25639797 |
| 57091 | Playstudios, Inc.\* |  | 37195 |
| 9397 | Playtika Holding Corp. |  | 37118 |
| 11667 | Reservoir Media, Inc.\* |  | 88319 |
| 15975 | ROBLOX Corp. Class A\* |  | 1294454 |
| 1871 | Roku, Inc.\* |  | 202985 |
| 14105 | Skillz, Inc.\*<sup>(a)</sup> |  | 60793 |
| 4259 | Spotify Technology SA\* |  | 2473244 |
| 13783 | Starz Entertainment Corp.\* |  | 161261 |
| 4229 | Take-Two Interactive Software, Inc.\* |  | 1082751 |
| 1398 | TKO Group Holdings, Inc. |  | 292182 |
| 1764 | Vivid Seats, Inc. Class A\*<sup>(a)</sup> |  | 12718 |
| 38419 | Walt Disney Co. |  | 4370930 |
| 49914 | Warner Bros Discovery, Inc.\* |  | 1438521 |
| 3793 | Warner Music Group Corp. Class A |  | 116331 |
|  |  |  | 40673713 |
| **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** | **Financial Services – 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23361 | Acacia Research Corp.\* |  | 87370 |
| 2878 | Affirm Holdings, Inc.\* |  | 214210 |
| 3729 | Alerus Financial Corp. |  | 83977 |
| 10068 | Apollo Global Management, Inc. |  | 1457444 |
| 4582 | Banco Latinoamericano de Comercio Exterior SA |  | 204357 |
| 73539 | Berkshire Hathaway, Inc. Class B\* |  | &nbsp;&nbsp;&nbsp;&nbsp;36964378 |
| 87827 | Block, Inc.\* |  | 5716659 |
| 795 | Burford Capital Ltd. |  | 7091 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Financial Services – (continued)** | **Financial Services – (continued)** | **Financial Services – (continued)** |
| 6886 | Cannae Holdings, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108317 |
| 12590 | Cantaloupe, Inc.\* | 133706 |
| 4404 | Cass Information Systems, Inc. | 182854 |
| 773 | Chime Financial, Inc. Class A\* | 19456 |
| 5137 | Corebridge Financial, Inc. | 154983 |
| 1566 | Corpay, Inc.\* | 471256 |
| 3113 | Enact Holdings, Inc. | 123399 |
| 6167 | Equitable Holdings, Inc. | 293858 |
| 2525 | Essent Group Ltd. | 164150 |
| 2501 | Euronet Worldwide, Inc.\* | 190351 |
| 3766 | EVERTEC, Inc. | 109553 |
| 481 | Federal Agricultural Mortgage Corp. Class C | 84449 |
| 6787 | Finance of America Cos., Inc. Class A\* | 164313 |
| 11339 | Fiserv, Inc.\* | 761641 |
| 659 | Flywire Corp.\* | 9331 |
| 2962 | Global Payments, Inc. | 229259 |
| 2000 | International Money Express, Inc.\* | 30720 |
| 1694 | Jack Henry & Associates, Inc. | 309121 |
| 653 | Jackson Financial, Inc. Class A | 69642 |
| 1094 | Marqeta, Inc. Class A\* | 5197 |
| 50126 | Mastercard, Inc. Class A | 28615931 |
| 719 | Merchants Bancorp | 24489 |
| 7812 | MGIC Investment Corp. | 228267 |
| 1632 | NCR Atleos Corp.\* | 62196 |
| 3016 | NMI Holdings, Inc.\* | 123023 |
| 2551 | Onity Group, Inc.\* | 116810 |
| 691 | Pagseguro Digital Ltd. Class A | 6661 |
| 905 | Paymentus Holdings, Inc. Class A\* | 28589 |
| 1732 | Payoneer Global, Inc.\* | 9734 |
| 19857 | PayPal Holdings, Inc. | 1159252 |
| 15849 | Paysign, Inc.\* | 81622 |
| 631 | PennyMac Financial Services, Inc. | 83191 |
| 155 | Priority Technology Holdings, Inc.\* | 845 |
| 4000 | Radian Group, Inc. | 143960 |
| 2196 | Remitly Global, Inc.\* | 30305 |
| 4628 | Repay Holdings Corp.\* | 16892 |
| 5958 | Rocket Cos., Inc. Class A | 115347 |
| 13377 | Security National Financial Corp. Class A\* | 120527 |
| 90 | Sezzle, Inc.\* | 5713 |
| 1132 | Shift4 Payments, Inc. Class A\*<sup>(a)</sup> | 71282 |
| 1562 | StoneCo Ltd. Class A\* | 23102 |
| 9661 | Toast, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415182 | Triller Group, Inc.\*<sup>(a)</sup> | 13286 |

---

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

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

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Financial Services – (continued)** | **Financial Services – (continued)** | **Financial Services – (continued)** | **Financial Services – (continued)** |
| 113 | UWM Holdings Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |
| 7529 | Velocity Financial, Inc.\* |  | 156302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103164 | Visa, Inc. Class A |  | 36180646 |
| 2077 | Voya Financial, Inc. |  | 154716 |
| 247 | Walker & Dunlop, Inc. |  | 14857 |
| 10774 | Waterstone Financial, Inc. |  | 178310 |
| 18942 | Western Union Co. |  | 176350 |
| 310 | WEX, Inc.\* |  | 46184 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;116682988 |
| **Food Products – 0.2%** | **Food Products – 0.2%** | **Food Products – 0.2%** | **Food Products – 0.2%** |
| 5359 | Alico, Inc. |  | 194960 |
| 11258 | Archer-Daniels-Midland Co. |  | 647222 |
| 11718 | B&G Foods, Inc.<sup>(a)</sup> |  | 50387 |
| 25649 | Beyond Meat, Inc.\*<sup>(a)</sup> |  | 21032 |
| 48856 | BRC, Inc. Class A\* |  | 54230 |
| 2792 | Bunge Global SA |  | 248711 |
| 4726 | Calavo Growers, Inc. |  | 102791 |
| 3818 | Cal-Maine Foods, Inc. |  | 303798 |
| 3813 | Campbell's Co. |  | 106268 |
| 10807 | Conagra Brands, Inc. |  | 187069 |
| 4443 | Darling Ingredients, Inc.\* |  | 159948 |
| 6621 | Dole PLC |  | 99249 |
| 15045 | Flowers Foods, Inc. |  | 163690 |
| 20 | Forafric Global PLC\* |  | 221 |
| 7522 | Fresh Del Monte Produce, Inc. |  | 268009 |
| 83 | Freshpet, Inc.\* |  | 5057 |
| 11526 | General Mills, Inc. |  | 535959 |
| 9487 | Hain Celestial Group, Inc.\* |  | 10151 |
| 3566 | Hershey Co. |  | 648941 |
| 5497 | Hormel Foods Corp. |  | 130279 |
| 2284 | Ingredion, Inc. |  | 251834 |
| 1470 | J&J Snack Foods Corp. |  | 132844 |
| 2160 | J.M. Smucker Co. |  | 211270 |
| 2734 | John B Sanfilippo & Son, Inc. |  | 193020 |
| 17947 | Kraft Heinz Co. |  | 435215 |
| 1358 | Lamb Weston Holdings, Inc. |  | 56887 |
| 7203 | Lifeway Foods, Inc.\* |  | 174529 |
| 5942 | Limoneira Co. |  | 75018 |
| 17257 | Mama's Creations, Inc.\* |  | 232797 |
| 1090 | Marzetti Co. |  | 179218 |
| 4325 | McCormick & Co., Inc. |  | 294576 |
| 7801 | Mission Produce, Inc.\* |  | 90492 |
| 27134 | Mondelez International, Inc. Class A |  | 1460623 |
| 4029 | Pilgrim's Pride Corp. |  | 157091 |
| 1828 | Post Holdings, Inc.\* |  | 181063 |
| 31 | Seaboard Corp. |  | 137789 |
| 2727 | Seneca Foods Corp. Class A\* |  | 301688 |
| 3957 | Simply Good Foods Co.\* |  | 79457 |
| 595 | SunOpta, Inc.\* |  | 2261 |
| 5153 | Tootsie Roll Industries, Inc. |  | 188754 |
| 2436 | TreeHouse Foods, Inc.\* |  | 57465 |
| 6628 | Tyson Foods, Inc. Class A |  | 388533 |
| 4478 | Utz Brands, Inc. |  | 46482 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** | **Food Products – (continued)** |
| 3033 | Vital Farms, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96874 |
| 7700 | Westrock Coffee Co.\* |  | 31339 |
|  |  |  | 9395091 |
| **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** | **Gas Utilities – 0.1%** |
| 3301 | Atmos Energy Corp. |  | 553347 |
| 1363 | Chesapeake Utilities Corp. |  | 170048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 | MDU Resources Group, Inc. |  | 195805 |
| 3136 | National Fuel Gas Co. |  | 251068 |
| 3655 | New Jersey Resources Corp. |  | 168568 |
| 3991 | Northwest Natural Holding Co. |  | 186539 |
| 2264 | ONE Gas, Inc. |  | 174894 |
| 3 | RGC Resources, Inc. |  | 64 |
| 1812 | Southwest Gas Holdings, Inc. |  | 144996 |
| 2687 | Spire, Inc. |  | 222215 |
| 22321 | Star Group LP |  | 264281 |
| 9123 | UGI Corp. |  | 341474 |
|  |  |  | 2673299 |
| **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** | **Ground Transportation – 0.4%** |
| 407 | Avis Budget Group, Inc.\* |  | 52226 |
| 2646 | Covenant Logistics Group, Inc. |  | 58318 |
| 35402 | CSX Corp. |  | 1283322 |
| 4562 | FTAI Infrastructure, Inc. |  | 21031 |
| 7082 | Heartland Express, Inc. |  | 63950 |
| 6687 | Hertz Global Holdings, Inc.\*<sup>(a)</sup> |  | 34371 |
| 637 | JB Hunt Transport Services, Inc. |  | 123795 |
| 513 | Knight-Swift Transportation Holdings, Inc. |  | 26820 |
| 1023 | Landstar System, Inc. |  | 147005 |
| 10218 | Lyft, Inc. Class A\* |  | 197923 |
| 9675 | Marten Transport Ltd. |  | 110101 |
| 4279 | Norfolk Southern Corp. |  | 1235433 |
| 2087 | Old Dominion Freight Line, Inc. |  | 327242 |
| 3821 | PAMT Corp.\* |  | 46158 |
| 60 | RXO, Inc.\* |  | 758 |
| 744 | Ryder System, Inc. |  | 142394 |
| 688 | Schneider National, Inc. Class B |  | 18253 |
| 54875 | Uber Technologies, Inc.\* |  | 4483836 |
| 516 | U-Haul Holding Co.\* |  | 26011 |
| 1032 | U-Haul Holding Co. |  | 48236 |
| 42901 | Union Pacific Corp. |  | 9923859 |
| 1570 | Werner Enterprises, Inc. |  | 47116 |
| 25025 | XPO, Inc.\* |  | 3401148 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21819306 |
| **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** | **Health Care Equipment & Supplies – 1.2%** |
| 102580 | Abbott Laboratories |  | 12852248 |
| 34432 | Accuray, Inc.\* |  | 28393 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 15

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&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)** |
| 1231 | Align Technology, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192221 |
| 9210 | Alphatec Holdings, Inc.\* | 193778 |
| 8593 | AngioDynamics, Inc.\* | 110334 |
| 211 | Anteris Technologies Global Corp.\* | 1053 |
| 2199 | Artivion, Inc.\* | 100296 |
| 4019 | AtriCure, Inc.\* | 158992 |
| 2056 | Avanos Medical, Inc.\* | 23089 |
| 7154 | Axogen, Inc.\* | 234150 |
| 4104 | Baxter International, Inc. | 78427 |
| 5378 | Becton Dickinson & Co. | 1043709 |
| 2116 | Beta Bionics, Inc.\* | 64475 |
| 6867 | Bioventus, Inc. Class A\* | 51091 |
| 33463 | Boston Scientific Corp.\* | 3190697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29771 | Butterfly Network, Inc.\* | 113130 |
| 24 | CapsoVision, Inc.\* | 257 |
| 43354 | Cerus Corp.\* | 89309 |
| 6322 | ClearPoint Neuro, Inc.\* | 86485 |
| 379 | CONMED Corp. | 15387 |
| 42010 | Cooper Cos., Inc.\* | 3443140 |
| 8404 | CVRx, Inc.\* | 59668 |
| 7173 | Delcath Systems, Inc.\* | 72447 |
| 1690 | Dentsply Sirona, Inc. | 19317 |
| 9318 | Dexcom, Inc.\* | 618436 |
| 12863 | Edwards Lifesciences Corp.\* | 1096571 |
| 5305 | Electromed, Inc.\* | 154482 |
| 3389 | Embecta Corp. | 40261 |
| 5576 | Envista Holdings Corp.\* | 121055 |
| 40140 | Fractyl Health, Inc.\* | 88308 |
| 7631 | GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625895 |
| 587 | Glaukos Corp.\* | 66278 |
| 2196 | Globus Medical, Inc. Class A\* | 191733 |
| 1267 | Haemonetics Corp.\* | 101550 |
| 4517 | Hologic, Inc.\* | 336471 |
| 135 | ICU Medical, Inc.\* | 19260 |
| 7831 | IDEXX Laboratories, Inc.\* | 5297906 |
| 10439 | Inogen, Inc.\* | 70150 |
| 1063 | Inspire Medical Systems, Inc.\* | 98041 |
| 11144 | Insulet Corp.\* | 3167571 |
| 722 | Integer Holdings Corp.\* | 56626 |
| 23817 | Intuitive Surgical, Inc.\* | 13488996 |
| 3236 | iRadimed Corp. | 314798 |
| 1246 | iRhythm Technologies, Inc.\* | 221090 |
| 2703 | Kestra Medical Technologies Ltd.\* | 71684 |
| 269 | KORU Medical Systems, Inc.\* | 1563 |
| 3313 | Lantheus Holdings, Inc.\* | 220480 |
| 1143 | LeMaitre Vascular, Inc. | 92697 |
| 59 | LENSAR, Inc.\* | 686 |
| 190 | Lucid Diagnostics, Inc.\* | 207 |
| 1130 | Masimo Corp.\* | 146968 |
| 96242 | Medtronic PLC | 9245007 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| 1321 | Merit Medical Systems, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116433 |
| 193 | Myomo, Inc.\* |  | 176 |
| 39705 | Neuronetics, Inc.\* |  | 54793 |
| 11200 | NeuroPace, Inc.\* |  | 172928 |
| 1468 | Novocure Ltd.\* |  | 18981 |
| 1186 | Omnicell, Inc.\* |  | 53726 |
| 16877 | OraSure Technologies, Inc.\* |  | 40842 |
| 15479 | Orchestra BioMed Holdings, Inc.\* |  | 64238 |
| 8569 | Orthofix Medical, Inc.\* |  | 129906 |
| 2676 | OrthoPediatrics Corp.\* |  | 47526 |
| 5138 | Outset Medical, Inc.\* |  | 19062 |
| 1141 | Penumbra, Inc.\* |  | 354748 |
| 485 | PROCEPT BioRobotics Corp.\* |  | 15258 |
| 13 | Pro-Dex, Inc.\* |  | 500 |
| 30974 | Pulmonx Corp.\* |  | 68453 |
| 110 | Pulse Biosciences, Inc.\*<sup>(a)</sup> |  | 1510 |
| 182 | QuidelOrtho Corp.\* |  | 5198 |
| 3581 | ResMed, Inc. |  | 862556 |
| 2539 | RxSight, Inc.\* |  | 26456 |
| 3356 | Sanara Medtech, Inc.\* |  | 78363 |
| 3298 | SANUWAVE Health, Inc.\* |  | 98412 |
| 497 | Semler Scientific, Inc.\* |  | 7599 |
| 5408 | Senseonics Holdings, Inc.\* |  | 29852 |
| 6720 | SI-BONE, Inc.\* |  | 132518 |
| 19852 | Sight Sciences, Inc.\* |  | 157426 |
| 2884 | Solventum Corp.\* |  | 228528 |
| 807 | STAAR Surgical Co.\* |  | 18634 |
| 38630 | Stereotaxis, Inc.\* |  | 88849 |
| 13665 | STERIS PLC |  | 3464351 |
| 7862 | Stryker Corp. |  | 2763257 |
| 5790 | Tactile Systems Technology, Inc.\* |  | 167910 |
| 2461 | Tandem Diabetes Care, Inc.\* |  | 54093 |
| 763 | Teleflex, Inc. |  | 93117 |
| 428 | TransMedics Group, Inc.\* |  | 52066 |
| 13034 | Treace Medical Concepts, Inc.\* |  | 31933 |
| 47 | UFP Technologies, Inc.\* |  | 10435 |
| 3716 | Utah Medical Products, Inc. |  | 207947 |
| 3790 | Zimmer Biomet Holdings, Inc. |  | 340797 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;68256240 |
| **Health Care Providers & Services – 0.9%** | **Health Care Providers & Services – 0.9%** | **Health Care Providers & Services – 0.9%** | **Health Care Providers & Services – 0.9%** |
| 9132 | AdaptHealth Corp.\* |  | 90955 |
| 807 | Addus HomeCare Corp.\* |  | 86664 |
| 1919 | agilon health, Inc.\* |  | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11490 | AirSculpt Technologies, Inc.\* |  | 22750 |
| 9137 | Alignment Healthcare, Inc.\* |  | 180456 |
| 1867 | AMN Healthcare Services, Inc.\* |  | 29424 |
| 11403 | Ardent Health, Inc.\* |  | 100688 |
| 2115 | Astrana Health, Inc.\* |  | 52473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 16 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **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)** |
| 2019 | Aveanna Healthcare Holdings, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16495 |
| 8891 | BrightSpring Health Services, Inc.\* | 332968 |
| 4846 | Brookdale Senior Living, Inc.\* | 52288 |
| 6808 | Cardinal Health, Inc. | 1399044 |
| 1583 | Castle Biosciences, Inc.\* | 61579 |
| 5165 | Cencora, Inc. | 1744479 |
| 10404 | Centene Corp.\* | 428125 |
| 389 | Chemed Corp. | 166438 |
| 5577 | Cigna Group | 1534958 |
| 28326 | Clover Health Investments Corp.\* | 66566 |
| 514 | Community Health Systems, Inc.\* | 1604 |
| 4373 | Concentra Group Holdings Parent, Inc. | 86061 |
| 1567 | CorVel Corp.\* | 106039 |
| 8501 | Cross Country Healthcare, Inc.\* | 68858 |
| 28211 | CVS Health Corp. | 2238825 |
| 1185 | DaVita, Inc.\* | 134628 |
| 7237 | DocGo, Inc.\* | 6353 |
| 4602 | Elevance Health, Inc. | 1613231 |
| 2832 | Encompass Health Corp. | 300588 |
| 7237 | Enhabit, Inc.\* | 66725 |
| 1638 | Ensign Group, Inc. | 285340 |
| 1975 | Fulgent Genetics, Inc.\* | 51883 |
| 877 | GeneDx Holdings Corp.\* | 114063 |
| 2918 | Guardant Health, Inc.\* | 298044 |
| 5224 | Guardian Pharmacy Services, Inc. Class A\* | 157190 |
| 13684 | HCA Healthcare, Inc. | 6388512 |
| 2060 | HealthEquity, Inc.\* | 188717 |
| 46284 | Henry Schein, Inc.\* | 3498145 |
| 3643 | Hims & Hers Health, Inc.\* | 118288 |
| 1302 | Hinge Health, Inc. Class A\* | 60478 |
| 2354 | Humana, Inc. | 602930 |
| 9737 | InfuSystem Holdings, Inc.\* | 87341 |
| 18212 | Innovage Holding Corp.\* | 94520 |
| 15912 | Joint Corp.\* | 138753 |
| 2262 | Labcorp Holdings, Inc. | 567491 |
| 4610 | LifeStance Health Group, Inc.\* | 32454 |
| 3608 | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959606 |
| 1644 | Molina Healthcare, Inc.\* | 285300 |
| 95 | Nano-X Imaging Ltd.\* | 266 |
| 465 | National HealthCare Corp. | 63747 |
| 9533 | National Research Corp. | 178934 |
| 76 | NeoGenomics, Inc.\* | 894 |
| 1042 | Nutex Health, Inc.\* | 171534 |
| 36 | Omada Health, Inc.\* | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27088 | Oncology Institute, Inc.\* | 96433 |
| 35059 | OPKO Health, Inc.\* | 44174 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| 5434 | Option Care Health, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173127 |
| 8815 | Owens & Minor, Inc.\* |  | 24682 |
| 255 | PACS Group, Inc.\* |  | 9789 |
| 11306 | Pediatrix Medical Group, Inc.\* |  | 241835 |
| 1049 | Pennant Group, Inc.\* |  | 29529 |
| 1929 | Privia Health Group, Inc.\* |  | 45737 |
| 5010 | Progyny, Inc.\* |  | 128657 |
| 3236 | Quest Diagnostics, Inc. |  | 561543 |
| 344 | RadNet, Inc.\* |  | 24544 |
| 2 | SBC Medical Group Holdings, Inc.\* |  | 9 |
| 5058 | Select Medical Holdings Corp. |  | 75111 |
| 3997 | Sonida Senior Living, Inc.\* |  | 130342 |
| 15476 | Strata Critical Medical, Inc.\* |  | 74440 |
| 2912 | Surgery Partners, Inc.\* |  | 44990 |
| 39510 | Talkspace, Inc.\* |  | 143421 |
| 1649 | Tenet Healthcare Corp.\* |  | 327689 |
| 600 | U.S. Physical Therapy, Inc. |  | 46854 |
| 54018 | UnitedHealth Group, Inc. |  | 17831882 |
| 961 | Universal Health Services, Inc. Class B |  | 209517 |
| 33609 | Viemed Healthcare, Inc.\* |  | 249715 |
|  |  |  | 47849602 |
| **Health Care REITs – 0.1%** | **Health Care REITs – 0.1%** | **Health Care REITs – 0.1%** | **Health Care REITs – 0.1%** |
| 1542 | Alexandria Real Estate Equities, Inc. |  | 75465 |
| 5626 | American Healthcare REIT, Inc. |  | 264760 |
| 5654 | CareTrust REIT, Inc. |  | 204449 |
| 8981 | Community Healthcare Trust, Inc. |  | 147468 |
| 28756 | Diversified Healthcare Trust |  | 139467 |
| 3460 | Global Medical REIT, Inc. |  | 116740 |
| 7203 | Healthcare Realty Trust, Inc. |  | 122091 |
| 8007 | Healthpeak Properties, Inc. |  | 128753 |
| 4597 | LTC Properties, Inc. |  | 158045 |
| 1752 | National Health Investors, Inc. |  | 133800 |
| 5672 | Omega Healthcare Investors, Inc. |  | 251496 |
| 8694 | Sabra Health Care REIT, Inc. |  | 164664 |
| 6174 | Sila Realty Trust, Inc. |  | 143916 |
| 41 | Strawberry Fields REIT, Inc. |  | 537 |
| 5043 | Universal Health Realty Income Trust |  | 197736 |
| 9248 | Ventas, Inc. |  | 715610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14034 | Welltower, Inc. |  | 2604851 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569848 |
| **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** | **Health Care Technology – 0.0%** |
| 11481 | American Well Corp. Class A\* |  | 56372 |
| 798 | Claritev Corp.\* |  | 34114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 17

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Health Care Technology – (continued)** | **Health Care Technology – (continued)** | **Health Care Technology – (continued)** | **Health Care Technology – (continued)** |
| 3659 | Doximity, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162021 |
| 239 | Evolent Health, Inc. Class A\* |  | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | GoodRx Holdings, Inc. Class A\* |  | 39837 |
| 10714 | Health Catalyst, Inc.\* |  | 25606 |
| 4745 | HealthStream, Inc. |  | 109467 |
| 9045 | LifeMD, Inc.\* |  | 30843 |
| 3023 | OptimizeRx Corp.\* |  | 37062 |
| 3217 | Phreesia, Inc.\* |  | 54432 |
| 350 | Schrodinger, Inc.\* |  | 6258 |
| 2067 | Simulations Plus, Inc.\* |  | 37681 |
| 10491 | Teladoc Health, Inc.\* |  | 73437 |
| 9631 | TruBridge, Inc.\* |  | 212556 |
| 4051 | Veeva Systems, Inc. Class A\* |  | 904305 |
| 3589 | Waystar Holding Corp.\* |  | 117540 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902487 |
| **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** | **Hotel & Resort REITs – 0.0%** |
| 2727 | Apple Hospitality REIT, Inc. |  | 32315 |
| 11084 | Braemar Hotels & Resorts, Inc. |  | 31811 |
| 11134 | Chatham Lodging Trust |  | 75822 |
| 6261 | DiamondRock Hospitality Co. |  | 56099 |
| 10838 | Host Hotels & Resorts, Inc. |  | 192158 |
| 2963 | Park Hotels & Resorts, Inc. |  | 30993 |
| 1904 | Pebblebrook Hotel Trust |  | 21553 |
| 2735 | RLJ Lodging Trust |  | 20376 |
| 929 | Ryman Hospitality Properties, Inc. |  | 87902 |
| 3295 | Sunstone Hotel Investors, Inc. |  | 29457 |
| 1319 | Xenia Hotels & Resorts, Inc. |  | 18651 |
|  |  |  | 597137 |
| **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** | **Hotels, Restaurants & Leisure – 0.7%** |
| 8641 | Accel Entertainment, Inc.\* |  | 98594 |
| 10764 | Airbnb, Inc. Class A\* |  | 1460890 |
| 4426 | Aramark |  | 163142 |
| 7862 | Bally's Corp.\*<sup>(a)</sup> |  | 129880 |
| 436 | Biglari Holdings, Inc. Class B\* |  | 144940 |
| 1217 | BJ's Restaurants, Inc.\* |  | 47950 |
| 332 | Bloomin' Brands, Inc. |  | 2048 |
| 2499 | Booking Holdings, Inc. |  | 13382970 |
| 2237 | Boyd Gaming Corp. |  | 190682 |
| 1720 | Brinker International, Inc.\* |  | 246854 |
| 214 | Caesars Entertainment, Inc.\* |  | 5005 |
| 22598 | Carnival Corp.\* |  | 690143 |
| 627 | Cava Group, Inc.\* |  | 36799 |
| 31930 | Century Casinos, Inc.\* |  | 42467 |
| 2012 | Cheesecake Factory, Inc. |  | 101566 |
| 31580 | Chipotle Mexican Grill, Inc.\* |  | 1168460 |
| 907 | Choice Hotels International, Inc.<sup>(a)</sup> |  | 86401 |
| 708 | Churchill Downs, Inc. |  | 80556 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 973 | Cracker Barrel Old Country Store, Inc.<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24714 |
| 3212 | Darden Restaurants, Inc. | 591072 |
| 11296 | Denny's Corp.\* | 70261 |
| 1021 | Dine Brands Global, Inc. | 32815 |
| 863 | Domino's Pizza, Inc. | 359716 |
| 9222 | DoorDash, Inc. Class A\* | 2088599 |
| 4899 | DraftKings, Inc. Class A\* | 168820 |
| 1716 | Dutch Bros, Inc. Class A\* | 105054 |
| 8395 | El Pollo Loco Holdings, Inc.\* | 87812 |
| 3535 | Expedia Group, Inc. | 1001501 |
| 2208 | First Watch Restaurant Group, Inc.\* | 33297 |
| 4606 | Flutter Entertainment PLC\* | 990474 |
| 5487 | Genius Sports Ltd.\* | 60467 |
| 4504 | Global Business Travel Group I\* | 34456 |
| 3873 | Golden Entertainment, Inc. | 105307 |
| 2036 | Hilton Grand Vacations, Inc.\* | 91111 |
| 6070 | Hilton Worldwide Holdings, Inc. | 1743608 |
| 106 | Hyatt Hotels Corp. Class A | 16994 |
| 9776 | Inspired Entertainment, Inc.\* | 91503 |
| 98 | Jack in the Box, Inc. | 1857 |
| 60 | Krispy Kreme, Inc. | 241 |
| 247 | Kura Sushi USA, Inc. Class A\* | 12926 |
| 7461 | Las Vegas Sands Corp. | 485637 |
| 1707 | Life Time Group Holdings, Inc.\* | 45372 |
| 3084 | Lindblad Expeditions Holdings, Inc.\* | 44471 |
| 5535 | Marriott International, Inc. Class A | 1717178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15296 | McDonald's Corp. | 4674917 |
| 3549 | MGM Resorts International\* | 129503 |
| 1769 | Monarch Casino & Resort, Inc. | 169293 |
| 2230 | Nathan's Famous, Inc. | 208661 |
| 5699 | Norwegian Cruise Line Holdings Ltd.\* | 127202 |
| 768 | Papa John's International, Inc. | 29560 |
| 2379 | Planet Fitness, Inc. Class A\* | 258050 |
| 2601 | Portillo's, Inc. Class A\* | 11809 |
| 2574 | Pursuit Attractions & Hospitality, Inc.\* | 86692 |
| 2134 | RCI Hospitality Holdings, Inc. | 50875 |
| 16126 | Red Robin Gourmet Burgers, Inc.\* | 65310 |
| 537 | Red Rock Resorts, Inc. Class A | 33267 |
| 1296 | Restaurant Brands International, Inc. | 88426 |
| 6552 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827484 |
| 5716 | Rush Street Interactive, Inc.\* | 111062 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 18 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** | **Hotels, Restaurants & Leisure – (continued)** |
| 22116 | Sabre Corp.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30078 |
| 1871 | Serve Robotics, Inc.\*<sup>(a)</sup> |  | 19421 |
| 242 | Shake Shack, Inc. Class A\* |  | 19643 |
| 2413 | Sharplink Gaming, Inc.\* |  | 21572 |
| 477 | Six Flags Entertainment Corp.\* |  | 7317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22072 | Starbucks Corp. |  | 1858683 |
| 991 | Super Group SGHC Ltd. |  | 11842 |
| 644 | Sweetgreen, Inc. Class A\* |  | 4353 |
| 1626 | Texas Roadhouse, Inc. |  | 269916 |
| 2180 | Travel & Leisure Co. |  | 153755 |
| 160 | United Parks & Resorts, Inc.\* |  | 5808 |
| 454 | Vail Resorts, Inc. |  | 60291 |
| 2832 | Viking Holdings Ltd.\* |  | 202233 |
| 5610 | Wendy's Co. |  | 46731 |
| 468 | Wingstop, Inc. |  | 111613 |
| 1394 | Wyndham Hotels & Resorts, Inc. |  | 105331 |
| 1674 | Wynn Resorts Ltd. |  | 201432 |
| 3976 | Xponential Fitness, Inc. Class A\* |  | 32722 |
| 6794 | Yum! Brands, Inc. |  | 1027796 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;40147258 |
| **Household Durables – 0.2%** | **Household Durables – 0.2%** | **Household Durables – 0.2%** | **Household Durables – 0.2%** |
| 167 | Beazer Homes USA, Inc.\* |  | 3385 |
| 240 | Cavco Industries, Inc.\* |  | 141778 |
| 745 | Century Communities, Inc. |  | 44216 |
| 943 | Champion Homes, Inc.\* |  | 79684 |
| 10723 | Cricut, Inc. Class A |  | 53079 |
| 5181 | DR Horton, Inc. |  | 746219 |
| 45 | Dream Finders Homes, Inc. Class A\* |  | 770 |
| 5043 | Ethan Allen Interiors, Inc. |  | 115182 |
| 510 | Flexsteel Industries, Inc. |  | 20140 |
| 50487 | GoPro, Inc. Class A\* |  | 71187 |
| 486 | Green Brick Partners, Inc.\* |  | 30453 |
| 3010 | Hamilton Beach Brands Holding Co. Class A |  | 49515 |
| 145 | Helen of Troy Ltd.\* |  | 3081 |
| 6562 | Hooker Furnishings Corp. |  | 74085 |
| 437 | Installed Building Products, Inc. |  | 113353 |
| 16457 | iRobot Corp.\*<sup>(a)</sup> |  | 1810 |
| 291 | KB Home |  | 16415 |
| 2630 | La-Z-Boy, Inc. |  | 98020 |
| 4224 | Legacy Housing Corp.\* |  | 82452 |
| 5173 | Leggett & Platt, Inc. |  | 56903 |
| 35127 | Lennar Corp. Class A |  | 3611056 |
| 7638 | Lifetime Brands, Inc. |  | 30170 |
| 2204 | Lovesac Co.\* |  | 32509 |
| 367 | M/I Homes, Inc.\* |  | 46958 |
| 167 | Meritage Homes Corp. |  | 10989 |
| 16587 | Mohawk Industries, Inc.\* |  | 1812959 |
| 63 | NVR, Inc.\* |  | 459445 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Household Durables – (continued)** | **Household Durables – (continued)** | **Household Durables – (continued)** | **Household Durables – (continued)** |
| 3942 | PulteGroup, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462239 |
| 71231 | Purple Innovation, Inc.\* |  | 49185 |
| 795 | SharkNinja, Inc.\* |  | 88960 |
| 1842 | Smith Douglas Homes Corp.\* |  | 30890 |
| 5696 | Somnigroup International, Inc. |  | 508539 |
| 3565 | Sonos, Inc.\* |  | 62601 |
| 2727 | Taylor Morrison Home Corp.\* |  | 160538 |
| 1575 | Toll Brothers, Inc. |  | 212971 |
| 598 | TopBuild Corp.\* |  | 249480 |
| 8161 | Traeger, Inc.\* |  | 8814 |
| 2592 | Tri Pointe Homes, Inc.\* |  | 81570 |
| 6011 | Universal Electronics, Inc.\* |  | 21700 |
|  |  |  | 9743300 |
| **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** | **Household Products – 0.2%** |
| 4400 | Central Garden & Pet Co. Class A\* |  | 128436 |
| 2654 | Central Garden & Pet Co.\* |  | 85326 |
| 5632 | Church & Dwight Co., Inc. |  | 472243 |
| 2693 | Clorox Co. |  | 271535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20192 | Colgate-Palmolive Co. |  | 1595572 |
| 869 | Energizer Holdings, Inc. |  | 17284 |
| 8397 | Kimberly-Clark Corp. |  | 847173 |
| 3598 | Oil-Dri Corp. of America |  | 176086 |
| 49651 | Procter & Gamble Co. |  | 7115485 |
| 2255 | Reynolds Consumer Products, Inc. |  | 51685 |
| 879 | Spectrum Brands Holdings, Inc. |  | 51931 |
| 1315 | WD-40 Co. |  | 258924 |
|  |  |  | 11071680 |
| **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** | **Independent Power and Renewable Electricity Producers – 0.0%** |
| 364 | AES Corp. |  | 5220 |
| 2370 | Brookfield Renewable Corp. |  | 90866 |
| 2966 | Clearway Energy, Inc. Class C |  | 98649 |
| 2322 | Clearway Energy, Inc. Class A |  | 72957 |
| 3558 | Hallador Energy Co.\* |  | 67744 |
| 3318 | Montauk Renewables, Inc.\* |  | 5541 |
| 1893 | Ormat Technologies, Inc. |  | 209120 |
| 526 | Talen Energy Corp.\* |  | 197166 |
| 8006 | Vistra Corp. |  | 1291608 |
|  |  |  | 2038871 |
| **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** |
| 10901 | 3M Co. |  | 1745250 |
| 51 | Brookfield Business Corp. Class A |  | 1830 |
| 12921 | Honeywell International, Inc. |  | 2520758 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267838 |
| **Industrial REITs – 0.1%** | **Industrial REITs – 0.1%** | **Industrial REITs – 0.1%** | **Industrial REITs – 0.1%** |
| 5436 | Americold Realty Trust, Inc. |  | 69907 |
| 614 | EastGroup Properties, Inc. |  | 109378 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 19

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Industrial REITs – (continued)** | **Industrial REITs – (continued)** | **Industrial REITs – (continued)** | **Industrial REITs – (continued)** |
| 1561 | First Industrial Realty Trust, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89398 |
| 5018 | Industrial Logistics Properties Trust |  | 27800 |
| 222 | Lineage, Inc. |  | 7770 |
| 1885 | LXP Industrial Trust |  | 93458 |
| 8411 | One Liberty Properties, Inc. |  | 170659 |
| 17294 | Prologis, Inc. |  | 2207752 |
| 2268 | STAG Industrial, Inc. |  | 83372 |
| 1176 | Terreno Realty Corp. |  | 69043 |
|  |  |  | 2928537 |
| **Insurance – 0.8%** | **Insurance – 0.8%** | **Insurance – 0.8%** | **Insurance – 0.8%** |
| 1978 | Abacus Global Management, Inc. |  | 16912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10251 | Aflac, Inc. |  | 1130378 |
| 6610 | Allstate Corp. |  | 1375872 |
| 8110 | American Coastal Insurance Corp. |  | 102429 |
| 2317 | American Financial Group, Inc. |  | 316688 |
| 13644 | American International Group, Inc. |  | 1167244 |
| 4130 | AMERISAFE, Inc. |  | 158633 |
| 5569 | Aon PLC Class A |  | 1965189 |
| 8162 | Arch Capital Group Ltd.\* |  | 782899 |
| 22626 | Arthur J Gallagher & Co. |  | 5855383 |
| 3667 | Aspen Insurance Holdings Ltd. Class A\* |  | 136046 |
| 1520 | Assurant, Inc. |  | 366092 |
| 2174 | Assured Guaranty Ltd. |  | 195377 |
| 16671 | Aviva PLC |  | 153289 |
| 3647 | Axis Capital Holdings Ltd. |  | 390557 |
| 437 | Baldwin Insurance Group, Inc.\* |  | 10501 |
| 3443 | Bowhead Specialty Holdings, Inc.\* |  | 98263 |
| 2123 | Brighthouse Financial, Inc.\* |  | 137549 |
| 5366 | Brown & Brown, Inc. |  | 427670 |
| 4145 | Cincinnati Financial Corp. |  | 676961 |
| 11826 | Citizens, Inc.\*<sup>(a)</sup> |  | 57120 |
| 3015 | CNA Financial Corp. |  | 143936 |
| 3570 | CNO Financial Group, Inc. |  | 151618 |
| 8640 | Crawford & Co. Class A |  | 97200 |
| 9998 | Donegal Group, Inc. Class A |  | 199760 |
| 19823 | eHealth, Inc.\* |  | 91186 |
| 2547 | Employers Holdings, Inc. |  | 109954 |
| 452 | Erie Indemnity Co. Class A |  | 129566 |
| 8506 | Everest Group Ltd. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886511 |
| 3377 | F&G Annuities & Life, Inc. |  | 104180 |
| 7015 | Fidelity National Financial, Inc. |  | 382949 |
| 1913 | First American Financial Corp. |  | 117535 |
| 18034 | Genworth Financial, Inc.\* |  | 162847 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 3251 | Global Indemnity Group LLC Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92328 |
| 3315 | Globe Life, Inc. | 463636 |
| 119 | Goosehead Insurance, Inc. Class A | 8764 |
| 11270 | Greenlight Capital Re Ltd. Class A\* | 164317 |
| 7415 | Hagerty, Inc. Class A\* | 99658 |
| 7348 | Hamilton Insurance Group Ltd. Class B\* | 205009 |
| 1870 | Hanover Insurance Group, Inc. | 341780 |
| 7435 | Hartford Insurance Group, Inc. | 1024543 |
| 1245 | HCI Group, Inc. | 238654 |
| 4294 | Heritage Insurance Holdings, Inc.\* | 125642 |
| 2395 | Hippo Holdings, Inc.\* | 72042 |
| 4460 | Horace Mann Educators Corp. | 205963 |
| 490 | Investors Title Co. | 122324 |
| 8085 | James River Group Holdings, Inc. | 51421 |
| 1567 | Kemper Corp. | 63526 |
| 13 | Kestrel Group Ltd.\* | 133 |
| 7434 | Kingstone Cos., Inc. | 125114 |
| 14834 | Kingsway Financial Services, Inc.\* | 199517 |
| 490 | Kinsale Capital Group, Inc. | 191649 |
| 1425 | Lemonade, Inc.\* | 101432 |
| 7116 | Lincoln National Corp. | 316875 |
| 5146 | Loews Corp. | 541925 |
| 393 | Markel Group, Inc.\* | 844812 |
| 10962 | Marsh & McLennan Cos., Inc. | 2033670 |
| 15387 | MBIA, Inc.\* | 110171 |
| 2203 | Mercury General Corp. | 207214 |
| 12895 | MetLife, Inc. | 1017931 |
| 13247 | NI Holdings, Inc.\* | 176185 |
| 2759 | Octave Specialty Group, Inc.\* | 21465 |
| 9500 | Old Republic International Corp. | 433580 |
| 1207 | Oscar Health, Inc. Class A\* | 17345 |
| 1049 | Palomar Holdings, Inc.\* | 141363 |
| 1009 | Primerica, Inc. | 260685 |
| 4861 | Principal Financial Group, Inc. | 428789 |
| 9168 | ProAssurance Corp.\* | 221499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39742 | Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050048 |
| 6845 | Prudential Financial, Inc. | 772664 |
| 1128 | Reinsurance Group of America, Inc. | 229503 |
| 1536 | RenaissanceRe Holdings Ltd. | 431862 |
| 2591 | RLI Corp. | 165772 |
| 1291 | Root, Inc. Class A\* | 93249 |
| 2129 | Ryan Specialty Holdings, Inc. | 109920 |
| 1593 | Safety Insurance Group, Inc. | 124111 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 20 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| 2158 | Selective Insurance Group, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180560 |
| 896 | Selectquote, Inc.\* |  | 1263 |
| 8671 | SiriusPoint Ltd.\* |  | 189808 |
| 2308 | Skyward Specialty Insurance Group, Inc.\* |  | 117962 |
| 11721 | Slide Insurance Holdings, Inc.\* |  | 228325 |
| 756 | Stewart Information Services Corp. |  | 53117 |
| 3401 | Tiptree, Inc. |  | 62136 |
| 5563 | Travelers Cos., Inc. |  | 1613604 |
| 231 | Trupanion, Inc.\* |  | 8632 |
| 2337 | TWFG, Inc.\* |  | 67235 |
| 5454 | United Fire Group, Inc. |  | 198253 |
| 4900 | Universal Insurance Holdings, Inc. |  | 165620 |
| 5806 | Unum Group |  | 449965 |
| 9411 | W.R. Berkley Corp. |  | 659899 |
| 75 | White Mountains Insurance Group Ltd. |  | 155852 |
| 1961 | Willis Towers Watson PLC |  | 644385 |
|  |  |  | 46543000 |
| **Interactive Media & Services – 3.0%** | **Interactive Media & Services – 3.0%** | **Interactive Media & Services – 3.0%** | **Interactive Media & Services – 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124572 | Alphabet, Inc. Class C |  | 39090694 |
| 144454 | Alphabet, Inc. Class A |  | 45214102 |
| 2052 | Angi, Inc.\* |  | 26532 |
| 21565 | Arena Group Holdings, Inc.\* |  | 86260 |
| 9271 | Bumble, Inc. Class A\* |  | 33098 |
| 3160 | Cargurus, Inc.\* |  | 121186 |
| 408 | Cars.com, Inc.\* |  | 4978 |
| 2347 | EverQuote, Inc. Class A\* |  | 63369 |
| 47895 | fuboTV, Inc. Class A\* |  | 120695 |
| 9697 | Grindr, Inc.\* |  | 131297 |
| 1428 | IAC, Inc.\* |  | 55835 |
| 76293 | Match Group, Inc. |  | 2463501 |
| 3413 | MediaAlpha, Inc. Class A\* |  | 44198 |
| 120593 | Meta Platforms, Inc. Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;79602233 |
| 9470 | Nextdoor Holdings, Inc.\* |  | 19887 |
| 13736 | Pinterest, Inc. Class A\* |  | 355625 |
| 854 | QuinStreet, Inc.\* |  | 12272 |
| 2588 | Reddit, Inc. Class A\* |  | 594904 |
| 620 | Rumble, Inc.\*<sup>(a)</sup> |  | 3918 |
| 1266 | Shutterstock, Inc. |  | 24181 |
| 11854 | Snap, Inc. Class A\* |  | 95662 |
| 19469 | Taboola.com Ltd.\* |  | 89752 |
| 8167 | Travelzoo\* |  | 58149 |
| 2274 | TripAdvisor, Inc.\* |  | 33109 |
| 30111 | TrueCar, Inc.\* |  | 68051 |
| 547 | Trump Media & Technology Group Corp.\* |  | 7242 |
| 5105 | Yelp, Inc.\* |  | 155141 |
| 1059 | Ziff Davis, Inc.\* |  | 37224 |
| 4740 | ZipRecruiter, Inc. Class A\* |  | 18486 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Interactive Media & Services – (continued)** | **Interactive Media & Services – (continued)** | **Interactive Media & Services – (continued)** | **Interactive Media & Services – (continued)** |
| 4129 | ZoomInfo Technologies, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41992 |
|  |  |  | 168673573 |
| **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** | **IT Services – 0.3%** |
| 13875 | Accenture PLC Class A |  | 3722663 |
| 1591 | Akamai Technologies, Inc.\* |  | 138815 |
| 2657 | Amdocs Ltd. |  | 213915 |
| 1587 | Applied Digital Corp.\* |  | 38913 |
| 879 | ASGN, Inc.\* |  | 42341 |
| 6403 | Backblaze, Inc. Class A\* |  | 29838 |
| 421 | BigBear.ai Holdings, Inc.\*<sup>(a)</sup> |  | 2273 |
| 7683 | Cloudflare, Inc. Class A\* |  | 1514703 |
| 10228 | Cognizant Technology Solutions Corp. Class A |  | 848924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16955 | Commerce.com, Inc.\* |  | 69855 |
| 786 | CoreWeave, Inc. Class A\* |  | 56285 |
| 90 | Crexendo, Inc.\* |  | 582 |
| 38 | CSP, Inc. |  | 475 |
| 425 | DigitalOcean Holdings, Inc.\* |  | 20451 |
| 3587 | DXC Technology Co.\* |  | 52550 |
| 463 | EPAM Systems, Inc.\* |  | 94859 |
| 1568 | Gartner, Inc.\* |  | 395575 |
| 587 | Globant SA\* |  | 38372 |
| 3301 | GoDaddy, Inc. Class A\* |  | 409588 |
| 333 | Grid Dynamics Holdings, Inc.\* |  | 3007 |
| 7978 | Hackett Group, Inc. |  | 156608 |
| 31842 | Information Services Group, Inc. |  | 184047 |
| 19765 | International Business Machines Corp. |  | 5854591 |
| 3958 | Kyndryl Holdings, Inc.\* |  | 105125 |
| 565 | MongoDB, Inc.\* |  | 237125 |
| 3304 | Okta, Inc.\* |  | 285697 |
| 132 | Rackspace Technology, Inc.\* |  | 128 |
| 8174 | Snowflake, Inc.\* |  | 1793049 |
| 2313 | TSS, Inc.\*<sup>(a)</sup> |  | 16353 |
| 5270 | Tucows, Inc. Class A\* |  | 118153 |
| 3147 | Twilio, Inc. Class A\* |  | 447629 |
| 17012 | Unisys Corp.\* |  | 46953 |
| 2268 | VeriSign, Inc. |  | 551011 |
| 359 | VTEX Class A\* |  | 1350 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;17491803 |
| **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** | **Leisure Products – 0.0%** |
| 1681 | Acushnet Holdings Corp. |  | 134177 |
| 845 | Brunswick Corp. |  | 62733 |
| 27839 | Clarus Corp. |  | 93261 |
| 5974 | Escalade, Inc. |  | 80589 |
| 7635 | Funko, Inc. Class A\* |  | 25959 |
| 2787 | Hasbro, Inc. |  | 228534 |
| 2773 | JAKKS Pacific, Inc. |  | 46808 |
| 2024 | Johnson Outdoors, Inc. Class A |  | 85919 |
| 525 | Latham Group, Inc.\* |  | 3334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 21

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Leisure Products – (continued)** | **Leisure Products – (continued)** | **Leisure Products – (continued)** | **Leisure Products – (continued)** |
| 355 | Malibu Boats, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10014 |
| 19035 | Marine Products Corp. |  | 166747 |
| 2445 | MasterCraft Boat Holdings, Inc.\* |  | 46235 |
| 7527 | Mattel, Inc.\* |  | 149336 |
| 10831 | Peloton Interactive, Inc. Class A\* |  | 66719 |
| 975 | Polaris, Inc. |  | 61669 |
| 10426 | Smith & Wesson Brands, Inc. |  | 102905 |
| 3770 | Sturm Ruger & Co., Inc. |  | 123090 |
| 1832 | YETI Holdings, Inc.\* |  | 80919 |
|  |  |  | 1568948 |
| **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** | **Life Sciences Tools & Services – 0.4%** |
| 575 | 10X Genomics, Inc. Class A\* |  | 9378 |
| 4847 | Adaptive Biotechnologies Corp.\* |  | 78715 |
| 24501 | Agilent Technologies, Inc. |  | 3333851 |
| 12571 | Alpha Teknova, Inc.\* |  | 47770 |
| 37 | Atlantic International Corp.\* |  | 49 |
| 8646 | Avantor, Inc.\* |  | 99083 |
| 409 | BioLife Solutions, Inc.\* |  | 9890 |
| 274 | Bio-Rad Laboratories, Inc. Class A\* |  | 83019 |
| 1174 | Bio-Techne Corp. |  | 69043 |
| 661 | Charles River Laboratories International, Inc.\* |  | 131856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36031 | Codexis, Inc.\* |  | 58731 |
| 949 | CryoPort, Inc.\* |  | 9110 |
| 12317 | Danaher Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819608 |
| 1938 | Ginkgo Bioworks Holdings, Inc.\* |  | 16105 |
| 917 | ICON PLC\* |  | 167096 |
| 2206 | Illumina, Inc.\* |  | 289339 |
| 2347 | IQVIA Holdings, Inc.\* |  | 529037 |
| 12627 | Lifecore Biomedical, Inc.\* |  | 103289 |
| 40234 | MaxCyte, Inc.\* |  | 62363 |
| 604 | Medpace Holdings, Inc.\* |  | 339237 |
| 185 | Mesa Laboratories, Inc. |  | 14523 |
| 337 | Mettler-Toledo International, Inc.\* |  | 469842 |
| 64558 | Nautilus Biotechnology, Inc.\* |  | 125888 |
| 8561 | Niagen Bioscience, Inc.\* |  | 54448 |
| 33051 | OmniAb, Inc.\* |  | 61144 |
| 31996 | Pacific Biosciences of California, Inc.\* |  | 59833 |
| 2009 | Personalis, Inc.\* |  | 15992 |
| 5050 | Quanterix Corp.\* |  | 32118 |
| 54332 | Quantum-Si, Inc.\* |  | 59765 |
| 41 | Repligen Corp.\* |  | 6718 |
| 1123 | Revvity, Inc. |  | 108650 |
| 74889 | Seer, Inc.\* |  | 137047 |
| 124 | Sotera Health Co.\* |  | 2187 |
| 2619 | Standard BioTools, Inc.\* |  | 3352 |
| 517 | Tempus AI, Inc.\* |  | 30529 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** | **Life Sciences Tools & Services – (continued)** |
| 21003 | Thermo Fisher Scientific, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;12170188 |
| 932 | Waters Corp.\* |  | 354002 |
| 615 | West Pharmaceutical Services, Inc. |  | 169211 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;22132006 |
| **Machinery – 0.6%** | **Machinery – 0.6%** | **Machinery – 0.6%** | **Machinery – 0.6%** |
| 16013 | 3D Systems Corp.\* |  | 28343 |
| 17 | Aebi Schmidt Holding AG |  | 215 |
| 2000 | AGCO Corp. |  | 208640 |
| 3509 | AirJoule Technologies Corp.\* |  | 13825 |
| 676 | Alamo Group, Inc. |  | 113480 |
| 57 | Albany International Corp. Class A |  | 2890 |
| 1000 | Allison Transmission Holdings, Inc. |  | 97900 |
| 1298 | Astec Industries, Inc. |  | 56229 |
| 2370 | Atmus Filtration Technologies, Inc. |  | 123027 |
| 747 | Blue Bird Corp.\* |  | 35109 |
| 10181 | Caterpillar, Inc. |  | 5832389 |
| 1702 | CECO Environmental Corp.\* |  | 101865 |
| 1163 | Chart Industries, Inc.\* |  | 239846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26574 | CNH Industrial NV |  | 245012 |
| 955 | Crane Co. |  | 176131 |
| 2829 | Cummins, Inc. |  | 1444063 |
| 5148 | Deere & Co. |  | 2396754 |
| 2659 | Donaldson Co., Inc. |  | 235747 |
| 4842 | Douglas Dynamics, Inc. |  | 158091 |
| 2001 | Dover Corp. |  | 390675 |
| 5177 | Energy Recovery, Inc.\* |  | 69838 |
| 2480 | Enerpac Tool Group Corp. |  | 94835 |
| 430 | Enpro, Inc. |  | 92076 |
| 451 | Esab Corp. |  | 50386 |
| 815 | ESCO Technologies, Inc. |  | 159243 |
| 1502 | Federal Signal Corp. |  | 163102 |
| 1222 | Flowserve Corp. |  | 84782 |
| 4877 | Fortive Corp. |  | 269259 |
| 1317 | Franklin Electric Co., Inc. |  | 125813 |
| 5658 | Gates Industrial Corp. PLC\* |  | 121477 |
| 4347 | Gencor Industries, Inc.\* |  | 56337 |
| 2792 | Gorman-Rupp Co. |  | 133318 |
| 3327 | Graco, Inc. |  | 272714 |
| 1794 | Graham Corp.\* |  | 115229 |
| 188 | Greenbrier<br> Cos., Inc. |  | 8787 |
| 699 | Hillman Solutions Corp.\* |  | 6053 |
| 406 | Hyster-Yale, Inc. |  | 12062 |
| 523 | IDEX Corp. |  | 93063 |
| 6632 | Illinois Tool Works, Inc. |  | 1633462 |
| 5341 | Ingersoll Rand, Inc. |  | 423114 |
| 1338 | ITT, Inc. |  | 232156 |
| 1428 | JBT Marel Corp. |  | 215157 |
| 147 | Kadant, Inc. |  | 41898 |
| 2865 | L.B. Foster Co. Class A\* |  | 77212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 22 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| 1170 | Lincoln Electric Holdings, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280379 |
| 971 | Lindsay Corp. |  | 114452 |
| 5959 | Luxfer Holdings PLC |  | 80625 |
| 6470 | Manitowoc Co., Inc.\* |  | 77575 |
| 2853 | Mayville Engineering Co., Inc.\* |  | 53408 |
| 27293 | Microvast Holdings, Inc.\* |  | 76420 |
| 595 | Middleby Corp.\* |  | 88459 |
| 1247 | Miller Industries, Inc. |  | 46600 |
| 2370 | Mueller Industries, Inc. |  | 272076 |
| 4086 | Mueller Water Products, Inc. Class A |  | 97329 |
| 438 | Nordson Corp. |  | 105308 |
| 4090 | Omega Flex, Inc. |  | 120410 |
| 22340 | Oshkosh Corp. |  | 2806574 |
| 7816 | Otis Worldwide Corp. |  | 682728 |
| 9691 | PACCAR, Inc. |  | 1061261 |
| 9115 | Palladyne AI Corp.\*<sup>(a)</sup> |  | 38830 |
| 8025 | Parker-Hannifin Corp. |  | 7053654 |
| 3236 | Park-Ohio Holdings Corp. |  | 67762 |
| 3062 | Pentair PLC |  | 318877 |
| 1267 | Proto Labs, Inc.\* |  | 64098 |
| 646 | RBC Bearings, Inc.\* |  | 289686 |
| 1840 | REV Group, Inc. |  | 111890 |
| 430 | Richtech Robotics, Inc. Class B\* |  | 1389 |
| 1192 | Snap-on, Inc. |  | 410763 |
| 894 | SPX Technologies, Inc.\* |  | 178854 |
| 351 | Standex International Corp. |  | 76265 |
| 590 | Stanley Black & Decker, Inc. |  | 43825 |
| 6325 | Stratasys Ltd.\* |  | 54901 |
| 873 | Symbotic, Inc.\* |  | 51944 |
| 1476 | Tennant Co. |  | 108781 |
| 747 | Terex Corp. |  | 39875 |
| 551 | Timken Co. |  | 46356 |
| 573 | Titan International, Inc.\* |  | 4487 |
| 1432 | Toro Co. |  | 112727 |
| 1696 | Trinity Industries, Inc. |  | 44842 |
| 1019 | Watts Water Technologies, Inc. Class A |  | 281264 |
| 3249 | Westinghouse Air Brake Technologies Corp. |  | 693499 |
| 1399 | Worthington Enterprises, Inc. |  | 72146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24464 | Xylem, Inc. |  | 3331508 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35913431 |
| **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** | **Marine Transportation – 0.0%** |
| 17155 | Costamare Bulkers Holdings Ltd.\* |  | 264359 |
| 8633 | Costamare, Inc. |  | 136315 |
| 6061 | Genco Shipping & Trading Ltd. |  | 111704 |
| 5696 | Global Ship Lease, Inc. Class A |  | 199588 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| 340 | Kirby Corp.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37461 |
| 578 | Matson, Inc. |  | 71412 |
| 10649 | Pangaea Logistics Solutions Ltd. |  | 73265 |
| 26592 | Safe Bulkers, Inc. |  | 128173 |
| 2321 | Star Bulk Carriers Corp. |  | 44610 |
|  |  |  | 1066887 |
| **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** | **Media – 0.1%** |
| 1321 | AMC Networks, Inc. Class A\* |  | 12576 |
| 13941 | Boston Omaha Corp. Class A\* |  | 172450 |
| 249 | Cable One, Inc. |  | 28100 |
| 17411 | Cardlytics, Inc.\* |  | 20023 |
| 1405 | Charter Communications, Inc. Class A\* |  | 293294 |
| 25476 | Clear Channel Outdoor Holdings, Inc. |  | 56302 |
| 75809 | Comcast Corp. Class A |  | 2265931 |
| 2913 | DoubleVerify Holdings, Inc.\* |  | 33325 |
| 3389 | EchoStar Corp. Class A\* |  | 368384 |
| 87 | Emerald Holding, Inc. |  | 389 |
| 42332 | Entravision Communications Corp. Class A |  | 124033 |
| 26209 | EW Scripps Co. Class A\* |  | 104574 |
| 6794 | Fox Corp. Class A |  | 496438 |
| 5464 | Fox Corp. Class B |  | 354778 |
| 7961 | Gambling.com Group Ltd.\* |  | 43467 |
| 7141 | Gray Media, Inc. |  | 34562 |
| 1197 | Ibotta, Inc. Class A\* |  | 27208 |
| 32205 | iHeartMedia, Inc. Class A |  | 133973 |
| 2994 | John Wiley & Sons, Inc. Class A |  | 91706 |
| 817 | Liberty Broadband Corp. Class C\* |  | 39706 |
| 22 | Liberty Broadband Corp. Class A\* |  | 1062 |
| 3017 | Magnite, Inc.\* |  | 48966 |
| 1784 | MNTN, Inc. Class A\*<sup>(a)</sup> |  | 21301 |
| 8334 | National CineMedia, Inc. |  | 32419 |
| 5098 | New York Times Co. Class A |  | 353903 |
| 10067 | News Corp. Class A |  | 262950 |
| 5262 | News Corp. Class B |  | 155913 |
| 10471 | Newsmax, Inc.\* |  | 80941 |
| 909 | Nexstar Media Group, Inc. |  | 184572 |
| 149 | NIQ Global Intelligence PLC\*<sup>(a)</sup> |  | 2457 |
| 3906 | Omnicom Group, Inc. |  | 315409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17422 | Paramount Skydance Corp. Class B |  | 233455 |
| 1772 | PubMatic, Inc. Class A\* |  | 15718 |
| 1859 | Scholastic Corp. |  | 55082 |
| 3444 | Sinclair, Inc. |  | 52693 |
| 5540 | Sirius XM Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110772 |
| 19 | TechTarget, Inc.\* |  | 103 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 23

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| 8448 | TEGNA, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163976 |
| 2482 | Thryv Holdings, Inc.\* |  | 15016 |
| 6267 | Trade Desk, Inc. Class A\* |  | 237895 |
| 789 | USA TODAY Co., Inc.\* |  | 4063 |
|  |  |  | 7049885 |
| **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** | **Metals & Mining – 0.1%** |
| 4648 | Alcoa Corp. |  | 246995 |
| 385 | Alpha Metallurgical Resources, Inc.\* |  | 76954 |
| 291 | American Battery Technology Co.\* |  | 972 |
| 384 | Anglogold Ashanti PLC |  | 32747 |
| 1911 | Century Aluminum Co.\* |  | 74873 |
| 14221 | Coeur Mining, Inc.\* |  | 253560 |
| 1821 | Commercial Metals Co. |  | 126050 |
| 9678 | Compass Minerals International, Inc.\* |  | 190076 |
| 327 | Constellium SE\* |  | 6164 |
| 1848 | Contango ORE, Inc.\* |  | 48806 |
| 74 | Critical Metals Corp.\*<sup>(a)</sup> |  | 514 |
| 29014 | Dakota Gold Corp.\* |  | 164799 |
| 7048 | Evraz PLC\*<sup>(b)</sup> |  |  |
| 24471 | Freeport-McMoRan, Inc. |  | 1242882 |
| 3759 | Hecla Mining Co. |  | 72135 |
| 3254 | Idaho Strategic Resources, Inc.\* |  | 131136 |
| 2873 | Ivanhoe Electric, Inc.\* |  | 45910 |
| 728 | Kaiser Aluminum Corp. |  | 83618 |
| 173 | Lifezone Metals Ltd.\* |  | 739 |
| 59 | Materion Corp. |  | 7335 |
| 3601 | McEwen, Inc.\* |  | 66654 |
| 2410 | Metallus, Inc.\* |  | 41356 |
| 1701 | MP Materials Corp.\* |  | 85934 |
| 23882 | Newmont Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20389 | NioCorp Developments Ltd.\* |  | 108062 |
| 1754 | Novagold Resources, Inc.\* |  | 16347 |
| 3236 | Nucor Corp. |  | 527824 |
| 1571 | Olympic Steel, Inc. |  | 67215 |
| 2611 | Perpetua Resources Corp.\* |  | 63212 |
| 1110 | Ramaco Resources, Inc. Class A\* |  | 19980 |
| 1294 | Reliance, Inc. |  | 373798 |
| 1282 | Royal Gold, Inc. |  | 284976 |
| 3804 | Ryerson Holding Corp. |  | 95709 |
| 1048 | Southern Copper Corp. |  | 150356 |
| 1795 | Steel Dynamics, Inc. |  | 304163 |
| 5009 | SunCoke Energy, Inc. |  | 36065 |
| 15769 | Tredegar Corp.\* |  | 113221 |
| 10028 | U.S. Antimony Corp.\* |  | 50341 |
| 77 | U.S. Gold Corp.\* |  | 1495 |
| 10 | U.S. Goldmining, Inc.\* |  | 88 |
| 814 | USA Rare Earth, Inc.\*<sup>(a)</sup> |  | 9687 |
| 276 | Vox Royalty Corp. |  | 1308 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Metals & Mining – (continued)** | **Metals & Mining – (continued)** | **Metals & Mining – (continued)** | **Metals & Mining – (continued)** |
| 535 | Worthington Steel, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18522 |
|  |  |  | 7627196 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** |
| 5 | ACRES Commercial Realty Corp.\* |  | 107 |
| 14958 | Adamas Trust, Inc. |  | 109193 |
| 22321 | AGNC Investment Corp. |  | 239281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16146 | Angel Oak Mortgage REIT, Inc. |  | 139017 |
| 17081 | Annaly Capital Management, Inc. |  | 381931 |
| 11903 | Apollo Commercial Real Estate Finance, Inc. |  | 115221 |
| 4987 | Arbor Realty Trust, Inc. |  | 38699 |
| 17241 | ARES Commercial Real Estate Corp. |  | 82412 |
| 7930 | ARMOUR Residential REIT, Inc. |  | 140282 |
| 6532 | Blackstone Mortgage Trust, Inc. Class A |  | 124957 |
| 18090 | BrightSpire Capital, Inc. |  | 101304 |
| 6126 | Chimera Investment Corp. |  | 76146 |
| 13402 | Dynex Capital, Inc. |  | 187762 |
| 10624 | Ellington Financial, Inc. |  | 144274 |
| 11066 | Franklin BSP Realty Trust, Inc. |  | 110992 |
| 29271 | Granite Point Mortgage Trust, Inc. |  | 70250 |
| 19068 | Invesco Mortgage Capital, Inc. |  | 160362 |
| 13472 | KKR Real Estate Finance Trust, Inc. |  | 110740 |
| 11220 | Ladder Capital Corp. |  | 123308 |
| 7865 | MFA Financial, Inc. |  | 73223 |
| 10536 | Nexpoint Real Estate Finance, Inc. |  | 148347 |
| 22328 | Orchid Island Capital, Inc. |  | 160762 |
| 10558 | PennyMac Mortgage Investment Trust |  | 132503 |
| 4598 | Ready Capital Corp. |  | 10024 |
| 15038 | Redwood Trust, Inc. |  | 83160 |
| 22951 | Rithm Capital Corp. |  | 250166 |
| 9693 | Rithm Property Trust, Inc. |  | 160710 |
| 8916 | Starwood Property Trust, Inc. |  | 160577 |
| 15045 | TPG RE Finance Trust, Inc. |  | 129537 |
| 11768 | Two Harbors Investment Corp. |  | 123564 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888811 |
| **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** | **Multi-Utilities – 0.1%** |
| 5717 | Ameren Corp. |  | 570900 |
| 3568 | Avista Corp. |  | 137511 |
| 2627 | Black Hills Corp. |  | 182366 |
| 14869 | CenterPoint Energy, Inc. |  | 570077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 24 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Multi-Utilities – (continued)** | **Multi-Utilities – (continued)** | **Multi-Utilities – (continued)** | **Multi-Utilities – (continued)** |
| 5876 | CMS Energy Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410909 |
| 7567 | Consolidated Edison, Inc. |  | 751554 |
| 16851 | Dominion Energy, Inc. |  | 987300 |
| 4344 | DTE Energy Co. |  | 560289 |
| 10385 | NiSource, Inc. |  | 433678 |
| 2874 | Northwestern Energy Group, Inc. |  | 185488 |
| 9556 | Public Service Enterprise Group, Inc. |  | 767347 |
| 11527 | Sempra |  | 1017719 |
| 3707 | Unitil Corp. |  | 179567 |
| 6925 | WEC Energy Group, Inc. |  | 730310 |
|  |  |  | 7485015 |
| **Office REITs – 0.0%** | **Office REITs – 0.0%** | **Office REITs – 0.0%** | **Office REITs – 0.0%** |
| 7680 | Brandywine Realty Trust |  | 22426 |
| 1730 | BXP, Inc. |  | 116740 |
| 21106 | City Office REIT, Inc. |  | 147531 |
| 3816 | COPT Defense Properties |  | 106085 |
| 3468 | Cousins Properties, Inc. |  | 89405 |
| 2650 | Douglas Emmett, Inc. |  | 29123 |
| 3619 | Easterly Government Properties, Inc. |  | 76687 |
| 3527 | Empire State Realty Trust, Inc. Class A |  | 22996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38476 | Franklin Street Properties Corp. |  | 36391 |
| 2304 | Highwoods Properties, Inc. |  | 59489 |
| 718 | Hudson Pacific Properties, Inc.\* |  | 7776 |
| 4577 | JBG SMITH Properties |  | 77855 |
| 3481 | Kilroy Realty Corp. |  | 130085 |
| 5441 | NET Lease Office Properties |  | 140323 |
| 1162 | Orion Properties, Inc. |  | 2626 |
| 9489 | Peakstone Realty Trust |  | 136167 |
| 2890 | Piedmont Realty Trust, Inc. |  | 24103 |
| 15010 | Postal Realty Trust, Inc. Class A |  | 242261 |
| 337 | SL Green Realty Corp. |  | 15458 |
| 4231 | Vornado Realty Trust |  | 140808 |
|  |  |  | 1624335 |
| **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** | **Oil, Gas & Consumable Fuels – 1.0%** |
| 30982 | Aemetis, Inc.\* |  | 43065 |
| 7607 | Amplify Energy Corp.\* |  | 34764 |
| 10222 | Antero Midstream Corp. |  | 181849 |
| 8080 | Antero Resources Corp.\* |  | 278437 |
| 5932 | APA Corp. |  | 145097 |
| 2834 | Ardmore Shipping Corp. |  | 30012 |
| 180 | BKV Corp.\* |  | 4887 |
| 1712 | California Resources Corp. |  | 76544 |
| 49 | Calumet, Inc.\* |  | 974 |
| 344 | Centrus Energy Corp. Class A\* |  | 83509 |
| 5286 | Cheniere Energy, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027546 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 40054 | Chevron Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104630 |
| 975 | Chord Energy Corp. | 90382 |
| 1827 | Civitas Resources, Inc. | 49493 |
| 5443 | CNX Resources Corp.\* | 200139 |
| 3580 | Comstock Resources, Inc.\* | 82984 |
| 25262 | ConocoPhillips | 2364776 |
| 882 | Core Natural Resources, Inc. | 78066 |
| 14523 | Coterra Energy, Inc. | 382245 |
| 192 | CVR Energy, Inc.\* | 4884 |
| 371 | Delek U.S. Holdings, Inc. | 11004 |
| 5478 | Devon Energy Corp. | 200659 |
| 7019 | DHT Holdings, Inc. | 85702 |
| 1510 | Diamondback Energy, Inc. | 226998 |
| 446 | Dorian LPG Ltd. | 10856 |
| 2331 | DT Midstream, Inc. | 278974 |
| 12174 | Empire Petroleum Corp.\*<sup>(a)</sup> | 37009 |
| 4849 | Energy Fuels, Inc.\* | 70504 |
| 11676 | EOG Resources, Inc. | 1226097 |
| 10 | Epsilon Energy Ltd. | 46 |
| 13448 | EQT Corp. | 720813 |
| 31133 | Evolution Petroleum Corp. | 110211 |
| 3119 | Excelerate Energy, Inc. Class A | 87488 |
| 5172 | Expand Energy Corp. | 570782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205281 | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24703516 |
| 4162 | FLEX LNG Ltd.\* | 103842 |
| 3586 | Frontline PLC | 78247 |
| 27798 | FutureFuel Corp. | 88676 |
| 27611 | Gevo, Inc.\* | 55222 |
| 14375 | Granite Ridge Resources, Inc. | 67562 |
| 710 | Gulfport Energy Corp.\* | 147673 |
| 2420 | HF Sinclair Corp. | 111514 |
| 5321 | Infinity Natural Resources, Inc. Class A\* | 78378 |
| 105 | International Seaways, Inc. | 5098 |
| 39688 | Kinder Morgan, Inc. | 1091023 |
| 339 | Kinetik Holdings, Inc. | 12221 |
| 39 | Kolibri Global Energy, Inc.\* | 153 |
| 3303 | Lightbridge Corp.\* | 41750 |
| 2375 | Magnolia Oil & Gas Corp. Class A | 51989 |
| 5727 | Marathon Petroleum Corp. | 931382 |
| 1541 | Matador Resources Co. | 65400 |
| 3077 | Murphy Oil Corp. | 96156 |
| 4693 | Navigator Holdings Ltd. | 81283 |
| 3068 | NextDecade Corp.\* | 16168 |
| 22225 | NextNRG, Inc.\*<sup>(a)</sup> | 32226 |
| 38733 | Nordic American Tankers Ltd. | 133241 |
| 13238 | Occidental Petroleum Corp. | 544347 |
| 10000 | ONEOK, Inc. | 735000 |
| 5022 | Ovintiv, Inc. | 196812 |
| 2497 | Par Pacific Holdings, Inc.\* | 87745 |
| 3916 | Peabody Energy Corp. | 116305 |
| 2165 | Permian Resources Corp. | 30375 |
| 6893 | Phillips 66 | 889473 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 25

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** | **Oil, Gas & Consumable Fuels – (continued)** |
| 541 | PrimeEnergy Resources Corp.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92511 |
| 5425 | Range Resources Corp. |  | 191285 |
| 4464 | REX American Resources Corp.\* |  | 144276 |
| 746 | Riley Exploration Permian, Inc. |  | 19694 |
| 2185 | Ring Energy, Inc.\* |  | 1901 |
| 473 | Sable Offshore Corp.\* |  | 4266 |
| 10585 | SandRidge Energy, Inc. |  | 152742 |
| 1454 | Scorpio Tankers, Inc. |  | 73907 |
| 11108 | SFL Corp. Ltd. |  | 86753 |
| 401 | Summit Midstream Corp.\* |  | 10699 |
| 4352 | Talos Energy, Inc.\* |  | 47959 |
| 3252 | Tamboran Resources Corp.\* |  | 88552 |
| 4768 | Targa Resources Corp. |  | 879696 |
| 19088 | Teekay Corp. Ltd. |  | 172365 |
| 1068 | Teekay Tankers Ltd. Class A |  | 57053 |
| 1086 | Texas Pacific Land Corp. |  | 311921 |
| 2250 | Tsakos Energy Navigation Ltd. |  | 50445 |
| 8729 | Uranium Energy Corp.\* |  | 101955 |
| 27018 | Ur-Energy, Inc.\* |  | 37555 |
| 16176 | VAALCO Energy, Inc. |  | 58881 |
| 5690 | Valero Energy Corp. |  | 926275 |
| 1923 | Venture Global, Inc. Class A<sup>(a)</sup> |  | 13115 |
| 26 | Verde Clean Fuels, Inc.\* |  | 54 |
| 699 | Viper Energy, Inc. Class A |  | 27002 |
| 4515 | Vitesse Energy, Inc.<sup>(a)</sup> |  | 86959 |
| 34130 | W&T Offshore, Inc.<sup>(a)</sup> |  | 55632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92638 | Williams Cos., Inc. |  | 5568470 |
| 2750 | World Kinect Corp. |  | 64432 |
| 83 | XCF Global, Inc. Class A\* |  | 23 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;54820581 |
| **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** | **Paper & Forest Products – 0.0%** |
| 1765 | Clearwater Paper Corp.\* |  | 30711 |
| 418 | Louisiana-Pacific Corp. |  | 33757 |
| 835 | Magnera Corp.\* |  | 12642 |
| 379 | Sylvamo Corp. |  | 18249 |
|  |  |  | 95359 |
| **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** | **Passenger Airlines – 0.1%** |
| 2459 | Alaska Air Group, Inc.\* |  | 123688 |
| 670 | Allegiant Travel Co.\* |  | 57131 |
| 13582 | American Airlines Group, Inc.\* |  | 208212 |
| 1282 | Copa Holdings SA Class A |  | 154622 |
| 11986 | Delta Air Lines, Inc. |  | 831828 |
| 7 | flyExclusive, Inc.\* |  | 29 |
| 356 | Frontier Group Holdings, Inc.\* |  | 1677 |
| 7341 | Joby Aviation, Inc.\* |  | 96901 |
| 1253 | SkyWest, Inc.\* |  | 125814 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Passenger Airlines – (continued)** | **Passenger Airlines – (continued)** | **Passenger Airlines – (continued)** | **Passenger Airlines – (continued)** |
| 109812 | Southwest Airlines Co. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538530 |
| 181 | Sun Country Airlines Holdings, Inc.\* |  | 2604 |
| 6584 | United Airlines Holdings, Inc.\* |  | 736223 |
|  |  |  | 6877259 |
| **Personal Products – 0.0%** | **Personal Products – 0.0%** | **Personal Products – 0.0%** | **Personal Products – 0.0%** |
| 4026 | Beauty Health Co.\* |  | 5596 |
| 2207 | BellRing Brands, Inc.\* |  | 58993 |
| 22674 | Coty, Inc. Class A\* |  | 69836 |
| 893 | Edgewell Personal Care Co. |  | 15226 |
| 567 | elf Beauty, Inc.\* |  | 43115 |
| 2965 | Estee Lauder Cos., Inc. Class A |  | 310495 |
| 24 | FitLife Brands, Inc.\* |  | 390 |
| 13540 | Herbalife Ltd.\* |  | 174531 |
| 15616 | Honest Co., Inc.\* |  | 40289 |
| 1343 | Interparfums, Inc. |  | 113927 |
| 41769 | Kenvue, Inc. |  | 720515 |
| 11338 | Lifevantage Corp. |  | 69842 |
| 10677 | Medifast, Inc.\* |  | 114030 |
| 7959 | Nature's Sunshine Products, Inc.\* |  | 171755 |
| 7208 | Nu Skin Enterprises, Inc. Class A |  | 69341 |
| 2878 | Olaplex Holdings, Inc.\* |  | 3857 |
| 2904 | USANA Health Sciences, Inc.\* |  | 57005 |
| 15291 | Waldencast PLC Class A\* |  | 28747 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067490 |
| **Pharmaceuticals – 1.4%** | **Pharmaceuticals – 1.4%** | **Pharmaceuticals – 1.4%** | **Pharmaceuticals – 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32352 | Aclaris Therapeutics, Inc.\* |  | 97379 |
| 9295 | Alto Neuroscience, Inc.\* |  | 165451 |
| 9613 | Amneal Pharmaceuticals, Inc.\* |  | 121124 |
| 541 | Amphastar Pharmaceuticals, Inc.\* |  | 14488 |
| 8409 | Amylyx Pharmaceuticals, Inc.\* |  | 101581 |
| 1253 | ANI Pharmaceuticals, Inc.\* |  | 98912 |
| 8978 | Aquestive Therapeutics, Inc.\* |  | 57998 |
| 41 | Arvinas, Inc.\* |  | 486 |
| 3598 | Assertio Holdings, Inc.\* |  | 32634 |
| 37710 | Atea Pharmaceuticals, Inc.\* |  | 134625 |
| 9781 | Avadel Pharmaceuticals PLC\* |  | 210780 |
| 1559 | Axsome Therapeutics, Inc.\* |  | 284736 |
| 54 | Biote Corp. Class A\* |  | 140 |
| 48338 | Bristol-Myers Squibb Co. |  | 2607352 |
| 13972 | Cassava Sciences, Inc.\* |  | 27665 |
| 2200 | Collegium Pharmaceutical, Inc.\* |  | 101860 |
| 1170 | Contineum Therapeutics, Inc. Class A\* |  | 13373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 26 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| 3828 | Corcept Therapeutics, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133214 |
| 9764 | CorMedix, Inc.\*<sup>(a)</sup> | 113555 |
| 562 | Crinetics Pharmaceuticals, Inc.\* | 26161 |
| 420 | Edgewise Therapeutics, Inc.\* | 10422 |
| 7863 | Elanco Animal Health, Inc.\* | 177940 |
| 43852 | Eli Lilly & Co. | 47126867 |
| 261 | Enliven Therapeutics, Inc.\* | 4019 |
| 25268 | Esperion Therapeutics, Inc.\* | 93492 |
| 8102 | Eton Pharmaceuticals, Inc.\*<sup>(a)</sup> | 137005 |
| 11856 | Evolus, Inc.\* | 78842 |
| 1822 | EyePoint, Inc.\* | 33288 |
| 2657 | Fulcrum Therapeutics, Inc.\* | 30051 |
| 2990 | Harmony Biosciences Holdings, Inc.\* | 111886 |
| 1189 | Harrow, Inc.\* | 58261 |
| 48197 | Ikena Oncology, Inc.\*<sup>(b)</sup> |  |
| 4242 | Indivior PLC\* | 152203 |
| 7278 | Innoviva, Inc.\* | 145487 |
| 1706 | Jazz Pharmaceuticals PLC\* | 290020 |
| 51539 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;10665996 |
| 76 | Journey Medical Corp.\* | 586 |
| 401 | LENZ Therapeutics, Inc.\* | 6416 |
| 670 | Ligand Pharmaceuticals, Inc.\* | 126677 |
| 2358 | Liquidia Corp.\* | 81327 |
| 8 | Maze Therapeutics, Inc.\* | 331 |
| 45 | MediWound Ltd.\* | 831 |
| 52819 | Merck & Co., Inc. | 5559728 |
| 6437 | Mind Medicine MindMed, Inc.\* | 86191 |
| 225 | Nektar Therapeutics\* | 9513 |
| 4977 | Neumora Therapeutics, Inc.\* | 8909 |
| 123 | Nuvation Bio, Inc.\* | 1102 |
| 5319 | Ocular Therapeutix, Inc.\* | 64573 |
| 10279 | Omeros Corp.\*<sup>(a)</sup> | 176542 |
| 11251 | Organon & Co. | 80670 |
| 8547 | Pacira BioSciences, Inc.\* | 221196 |
| 3954 | Perrigo Co. PLC | 55040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120787 | Pfizer, Inc. | 3007596 |
| 318 | Phathom Pharmaceuticals, Inc.\* | 5276 |
| 1821 | Phibro Animal Health Corp. Class A | 68032 |
| 15496 | Pliant Therapeutics, Inc.\* | 18905 |
| 2236 | Prestige Consumer Healthcare, Inc.\* | 137939 |
| 12209 | Royalty Pharma PLC Class A | 471756 |
| 22737 | scPharmaceuticals, Inc.\*<sup>(a)(b)</sup> | 7276 |
| 9354 | SIGA Technologies, Inc. | 57153 |
| 5133 | Supernus Pharmaceuticals, Inc.\* | 255110 |
| 3586 | Tarsus Pharmaceuticals, Inc.\* | 293622 |
| 9110 | Theravance Biopharma, Inc.\* | 170448 |
| 7399 | Third Harmonic Bio, Inc.\*<sup>(b)</sup> |  |
| 14932 | Trevi Therapeutics, Inc.\* | 186949 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| 3777 | Tvardi Therapeutics, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16241 |
| 25729 | Ventyx Biosciences, Inc.\* |  | 232333 |
| 14960 | Veru, Inc.\*<sup>(a)</sup> |  | 32014 |
| 23915 | Viatris, Inc. |  | 297742 |
| 617 | WaVe Life Sciences Ltd.\* |  | 10489 |
| 23417 | Xeris Biopharma Holdings, Inc.\* |  | 183823 |
| 16025 | Zevra Therapeutics, Inc.\* |  | 143584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11440 | Zoetis, Inc. |  | 1439381 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;76974594 |
| **Professional Services – 0.3%** | **Professional Services – 0.3%** | **Professional Services – 0.3%** | **Professional Services – 0.3%** |
| 1786 | Alight, Inc. Class A |  | 3483 |
| 2133 | Amentum Holdings, Inc.\* |  | 61857 |
| 10111 | Asure Software, Inc.\* |  | 95246 |
| 10800 | Automatic Data Processing, Inc. |  | 2778084 |
| 4666 | Barrett Business Services, Inc. |  | 168956 |
| 2892 | BlackSky Technology, Inc.\* |  | 54225 |
| 2954 | Booz Allen Hamilton Holding Corp. |  | 249199 |
| 3383 | Broadridge Financial Solutions, Inc. |  | 754984 |
| 576 | CACI International, Inc. Class A\* |  | 306898 |
| 588 | CBIZ, Inc.\* |  | 29665 |
| 20704 | Clarivate PLC\* |  | 69151 |
| 2120 | Concentrix Corp. |  | 88150 |
| 12825 | Conduent, Inc.\* |  | 24624 |
| 692 | CRA International, Inc. |  | 138881 |
| 3475 | CSG Systems International, Inc. |  | 266498 |
| 392 | Dayforce, Inc.\* |  | 27111 |
| 5677 | DLH Holdings Corp.\* |  | 32075 |
| 1778 | Equifax, Inc. |  | 385790 |
| 5866 | ExlService Holdings, Inc.\* |  | 248953 |
| 1762 | Exponent, Inc. |  | 122388 |
| 336 | First Advantage Corp.\* |  | 4882 |
| 8307 | FiscalNote Holdings, Inc.\*<sup>(a)</sup> |  | 12211 |
| 7963 | Forrester Research, Inc.\* |  | 64660 |
| 3713 | Franklin Covey Co.\* |  | 62304 |
| 760 | FTI Consulting, Inc.\* |  | 129831 |
| 6885 | HireQuest, Inc. |  | 72361 |
| 1032 | Huron Consulting Group, Inc.\* |  | 178443 |
| 6545 | IBEX Holdings Ltd.\* |  | 249888 |
| 682 | ICF International, Inc. |  | 58175 |
| 516 | Innodata, Inc.\* |  | 26290 |
| 950 | Insperity, Inc. |  | 36784 |
| 2468 | Jacobs Solutions, Inc. |  | 326911 |
| 1467 | KBR, Inc. |  | 58973 |
| 2262 | Kelly Services, Inc. Class A |  | 19906 |
| 3403 | Kforce, Inc. |  | 105221 |
| 1391 | Korn Ferry |  | 91834 |
| 8475 | Legalzoom.com, Inc.\* |  | 84157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 27

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 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) |
| **Professional Services – (continued)** | **Professional Services – (continued)** | **Professional Services – (continued)** | **Professional Services – (continued)** |
| 15363 | Leidos Holdings, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771485 |
| 27 | ManpowerGroup, Inc. |  | 803 |
| 1574 | Maximus, Inc. |  | 135868 |
| 4651 | Mistras Group, Inc.\* |  | 58835 |
| 977 | Parsons Corp.\* |  | 60379 |
| 6961 | Paychex, Inc. |  | 780885 |
| 1293 | Paycom Software, Inc. |  | 206052 |
| 970 | Paylocity Holding Corp.\* |  | 147925 |
| 5408 | Planet Labs PBC\* |  | 106646 |
| 31 | RCM Technologies, Inc.\* |  | 634 |
| 1854 | Resolute Holdings Management, Inc.\* |  | 382721 |
| 17166 | Resources Connection, Inc. |  | 86517 |
| 2442 | Robert Half, Inc. |  | 66325 |
| 1027 | Science Applications International Corp. |  | 103378 |
| 2733 | Skillsoft Corp.\* |  | 25417 |
| 9511 | Spire Global, Inc.\*<sup>(a)</sup> |  | 71332 |
| 4917 | SS&C Technologies Holdings, Inc. |  | 429844 |
| 3435 | TaskUS, Inc. Class A\* |  | 40499 |
| 1084 | TIC Solutions, Inc.\* |  | 10959 |
| 1323 | TransUnion |  | 113447 |
| 529 | TriNet Group, Inc. |  | 31280 |
| 12297 | TrueBlue, Inc.\* |  | 55951 |
| 1363 | TTEC Holdings, Inc.\* |  | 4907 |
| 3057 | UL Solutions, Inc. Class A |  | 241075 |
| 6370 | Upwork, Inc.\* |  | 126253 |
| 3474 | Verisk Analytics, Inc. |  | 777099 |
| 3988 | Verra Mobility Corp.\* |  | 89371 |
| 1470 | Willdan Group, Inc.\* |  | 152380 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14567316 |
| **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** | **Real Estate Management & Development – 0.1%** |
| 6241 | CBRE Group, Inc. Class A\* |  | 1003490 |
| 24490 | Compass, Inc. Class A\* |  | 258859 |
| 59584 | CoStar Group, Inc.\* |  | 4006428 |
| 30679 | Douglas Elliman, Inc.\* |  | 72709 |
| 4798 | eXp World Holdings, Inc. |  | 43422 |
| 28564 | Five Point Holdings LLC Class A\* |  | 159673 |
| 1794 | Forestar Group, Inc.\* |  | 44186 |
| 7896 | FRP Holdings, Inc.\* |  | 179950 |
| 746 | Howard Hughes Holdings, Inc.\* |  | 59508 |
| 969 | Jones Lang LaSalle, Inc.\* |  | 326039 |
| 5017 | Kennedy-Wilson Holdings, Inc. |  | 48514 |
| 539 | Landbridge Co. LLC Class A |  | 26406 |
| 3006 | Marcus & Millichap, Inc. |  | 82034 |
| 4303 | Maui Land & Pineapple Co., Inc.\* |  | 72893 |
| 849 | Newmark Group, Inc. Class A |  | 14722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17185 | Opendoor Technologies, Inc.\* |  | 100189 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** | **Real Estate Management & Development – (continued)** |
| 1175 | RE/MAX Holdings, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8918 |
| 10914 | Real Brokerage, Inc.\* |  | 39836 |
| 8155 | RMR Group, Inc. Class A |  | 121510 |
| 2548 | Seaport Entertainment Group, Inc.\* |  | 50374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29338 | Seritage Growth Properties Class A\* |  | 95349 |
| 2247 | St. Joe Co. |  | 133404 |
| 13274 | Star Holdings\* |  | 109245 |
| 2888 | Stratus Properties, Inc.\* |  | 69832 |
| 12118 | Tejon Ranch Co.\* |  | 191101 |
| 3294 | Transcontinental Realty Investors, Inc.\* |  | 193094 |
| 3446 | Zillow Group, Inc. Class C\* |  | 235086 |
| 1304 | Zillow Group, Inc. Class A\* |  | 88972 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7835743 |
| **Residential REITs – 0.1%** | **Residential REITs – 0.1%** | **Residential REITs – 0.1%** | **Residential REITs – 0.1%** |
| 4953 | American Homes 4 Rent Class A |  | 158991 |
| 23220 | Apartment Investment & Management Co. Class A |  | 137927 |
| 2022 | AvalonBay Communities, Inc. |  | 366609 |
| 11176 | BRT Apartments Corp. |  | 164287 |
| 1505 | Camden Property Trust |  | 165670 |
| 2698 | Centerspace |  | 180011 |
| 6 | Clipper Realty, Inc. |  | 23 |
| 7371 | Elme Communities |  | 128255 |
| 2433 | Equity LifeStyle Properties, Inc. |  | 147464 |
| 4632 | Equity Residential |  | 292001 |
| 670 | Essex Property Trust, Inc. |  | 175326 |
| 3843 | Independence Realty Trust, Inc. |  | 67176 |
| 6230 | Invitation Homes, Inc. |  | 173132 |
| 1561 | Mid-America Apartment Communities, Inc. |  | 216838 |
| 2920 | NexPoint Residential Trust, Inc. |  | 87892 |
| 2583 | Sun Communities, Inc. |  | 320060 |
| 3238 | UDR, Inc. |  | 118770 |
| 11210 | UMH Properties, Inc. |  | 178351 |
| 6207 | Veris Residential, Inc. |  | 92360 |
|  |  |  | 3171143 |
| **Retail REITs – 0.1%** | **Retail REITs – 0.1%** | **Retail REITs – 0.1%** | **Retail REITs – 0.1%** |
| 3381 | Acadia Realty Trust |  | 69446 |
| 2475 | Agree Realty Corp. |  | 178274 |
| 685 | Alexander's, Inc. |  | 149289 |
| 6072 | Brixmor Property Group, Inc. |  | 159208 |
| 4115 | CBL & Associates Properties, Inc. |  | 152255 |
| 3951 | Curbline Properties Corp. |  | 91703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 28 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Retail REITs – (continued)** | **Retail REITs – (continued)** | **Retail REITs – (continued)** | **Retail REITs – (continued)** |
| 839 | Federal Realty Investment Trust | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10612 | FrontView REIT, Inc. |  | 156633 |
| 5345 | Getty Realty Corp. |  | 146293 |
| 3839 | InvenTrust Properties Corp. |  | 108298 |
| 10114 | Kimco Realty Corp. |  | 205011 |
| 2751 | Kite Realty Group Trust |  | 65941 |
| 10233 | NETSTREIT Corp. |  | 180510 |
| 2856 | NNN REIT, Inc. |  | 113183 |
| 2753 | Phillips Edison & Co., Inc. |  | 97924 |
| 17642 | Realty Income Corp. |  | 994479 |
| 3121 | Regency Centers Corp. |  | 215443 |
| 4605 | Saul Centers, Inc. |  | 145196 |
| 6436 | Simon Property Group, Inc. |  | 1191368 |
| 9804 | SITE Centers Corp. |  | 62942 |
| 4174 | Tanger, Inc. |  | 139286 |
| 4782 | Urban Edge Properties |  | 91767 |
| 12502 | Whitestone REIT |  | 173653 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972673 |
| **Semiconductors & Semiconductor Equipment – 4.4%** | **Semiconductors & Semiconductor Equipment – 4.4%** | **Semiconductors & Semiconductor Equipment – 4.4%** | **Semiconductors & Semiconductor Equipment – 4.4%** |
| 365 | ACM Research, Inc. Class A\* |  | 14399 |
| 115642 | Advanced Micro Devices, Inc.\* |  | 24765891 |
| 832 | Aehr Test Systems\* |  | 16798 |
| 4041 | Aeluma, Inc.\* |  | 69384 |
| 253 | Ambarella, Inc.\* |  | 17923 |
| 19 | Ambiq Micro, Inc.\* |  | 542 |
| 9272 | Analog Devices, Inc. |  | 2514566 |
| 54581 | Applied Materials, Inc. |  | 14026771 |
| 2212 | Astera Labs, Inc.\* |  | 367988 |
| 24111 | Atomera, Inc.\* |  | 53285 |
| 15 | Axcelis Technologies, Inc.\* |  | 1205 |
| 8780 | AXT, Inc.\* |  | 143553 |
| 927 | Blaize Holdings, Inc.\*<sup>(a)</sup> |  | 1808 |
| 123275 | Broadcom, Inc. |  | 42665478 |
| 2086 | CEVA, Inc.\* |  | 44891 |
| 511 | Cirrus Logic, Inc.\* |  | 60554 |
| 922 | Credo Technology Group Holding Ltd.\* |  | 132667 |
| 59 | Diodes, Inc.\* |  | 2911 |
| 1675 | Enphase Energy, Inc.\* |  | 53684 |
| 153 | Entegris, Inc. |  | 12890 |
| 432 | First Solar, Inc.\* |  | 112851 |
| 362 | FormFactor, Inc.\* |  | 20192 |
| 47342 | GCT Semiconductor Holding, Inc.\*<sup>(a)</sup> |  | 56810 |
| 1518 | GLOBALFOUNDRIES, Inc.\* |  | 53009 |
| 161 | Impinj, Inc.\* |  | 28016 |
| 463 | indie Semiconductor, Inc. Class A\* |  | 1634 |
| 77583 | Intel Corp.\* |  | 2862813 |
| 9420 | KLA Corp. |  | 11446054 |
| 35008 | Kopin Corp.\* |  | 81919 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| 187 | Kulicke & Soffa Industries, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8520 |
| 33789 | Lam Research Corp. |  | 5784001 |
| 1085 | Lattice Semiconductor Corp.\* |  | 79834 |
| 484 | MACOM Technology Solutions Holdings, Inc.\* |  | 82900 |
| 12617 | Marvell Technology, Inc. |  | 1072193 |
| 98 | MaxLinear, Inc.\* |  | 1708 |
| 3433 | Microchip Technology, Inc. |  | 218751 |
| 21294 | Micron Technology, Inc. |  | 6077521 |
| 232 | MKS, Inc. |  | 37074 |
| 862 | Monolithic Power Systems, Inc. |  | 781282 |
| 987 | Navitas Semiconductor Corp.\* |  | 7047 |
| 2040 | NVE Corp. |  | 121033 |
| 616448 | NVIDIA Corp. |  | 114967552 |
| 2893 | ON Semiconductor Corp.\* |  | 156656 |
| 68 | Onto Innovation, Inc.\* |  | 10734 |
| 2357 | PDF Solutions, Inc.\* |  | 67245 |
| 724 | Penguin Solutions, Inc.\* |  | 14161 |
| 415 | Power Integrations, Inc. |  | 14749 |
| 2815 | Qnity Electronics, Inc. Class W/I |  | 229845 |
| 726 | Qorvo, Inc.\* |  | 61354 |
| 23467 | QUALCOMM, Inc. |  | 4014030 |
| 1482 | Rambus, Inc.\* |  | 136181 |
| 3953 | Rigetti Computing, Inc.\* |  | 87559 |
| 542 | Semtech Corp.\* |  | 39940 |
| 201 | Silicon Laboratories, Inc.\* |  | 26271 |
| 179 | SiTime Corp.\* |  | 63221 |
| 163 | SkyWater Technology, Inc.\* |  | 2960 |
| 1335 | Skyworks Solutions, Inc. |  | 84652 |
| 21 | Synaptics, Inc.\* |  | 1554 |
| 1103 | Teradyne, Inc. |  | 213497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65482 | Texas Instruments, Inc. |  | 11360472 |
| 19 | Ultra Clean Holdings, Inc.\* |  | 481 |
| 48 | Universal Display Corp. |  | 5605 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;245461069 |
| **Software – 4.9%** | **Software – 4.9%** | **Software – 4.9%** | **Software – 4.9%** |
| 21227 | 8x8, Inc.\* |  | 41817 |
| 8920 | A10 Networks, Inc. |  | 157795 |
| 1037 | ACI Worldwide, Inc.\* |  | 49579 |
| 762 | Adeia, Inc. |  | 13145 |
| 32310 | Adobe, Inc.\* |  | 11308177 |
| 401 | Agilysys, Inc.\* |  | 47655 |
| 98 | Airship AI Holdings, Inc.\* |  | 283 |
| 1632 | Alarm.com Holdings, Inc.\* |  | 83265 |
| 424 | Alkami Technology, Inc.\* |  | 9782 |
| 4752 | Amplitude, Inc. Class A\* |  | 55028 |
| 792 | Appfolio, Inc. Class A\* |  | 184259 |
| 2079 | Appian Corp. Class A\* |  | 73638 |
| 6468 | AppLovin Corp. Class A\* |  | 4358268 |
| 9591 | Arteris, Inc.\* |  | 148660 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 29

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 2672 | Asana, Inc. Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36633 |
| 3694 | Atlassian Corp. Class A\* | 598945 |
| 4926 | AudioEye, Inc.\* | 49211 |
| 5793 | Aurora Innovation, Inc.\* | 22245 |
| 5943 | Autodesk, Inc.\* | 1759187 |
| 4275 | AvePoint, Inc.\* | 59380 |
| 4933 | Bentley Systems, Inc. Class B | 188268 |
| 1154 | Bill Holdings, Inc.\* | 62939 |
| 925 | Bit Digital, Inc.\* | 1748 |
| 558 | Bitdeer Technologies Group Class A\* | 6255 |
| 609 | Blackbaud, Inc.\* | 38562 |
| 1160 | BlackLine, Inc.\* | 64136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17927 | Blend Labs, Inc. Class A\* | 54498 |
| 5967 | Box, Inc. Class A\* | 178473 |
| 1211 | Braze, Inc. Class A\* | 41525 |
| 763 | C3.ai, Inc. Class A\* | 10285 |
| 7367 | Cadence Design Systems, Inc.\* | 2302777 |
| 6448 | CCC Intelligent Solutions Holdings, Inc.\* | 51262 |
| 1803 | Cerence, Inc.\* | 19274 |
| 13 | Chaince Digital Holdings, Inc.\* | 65 |
| 404 | Circle Internet Group, Inc.\* | 32037 |
| 3379 | Clear Secure, Inc. Class A | 118535 |
| 2127 | Clearwater Analytics Holdings, Inc. Class A\* | 51303 |
| 853 | Commvault Systems, Inc.\* | 106932 |
| 1740 | Confluent, Inc. Class A\* | 52618 |
| 1842 | Consensus Cloud Solutions, Inc.\* | 40192 |
| 1802 | Core Scientific, Inc.\* | 26237 |
| 6431 | Crowdstrike Holdings, Inc. Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014596 |
| 27677 | CS Disco, Inc.\* | 214774 |
| 114 | Daily Journal Corp.\* | 55554 |
| 7591 | Datadog, Inc. Class A\* | 1032300 |
| 8412 | Digimarc Corp.\* | 55183 |
| 6817 | Digital Turbine, Inc.\* | 34085 |
| 5230 | Docusign, Inc.\* | 357732 |
| 1629 | Dolby Laboratories, Inc. Class A | 104614 |
| 6363 | Domo, Inc. Class B\* | 53640 |
| 7005 | Dropbox, Inc. Class A\* | 194739 |
| 4133 | D-Wave Quantum, Inc.\* | 108078 |
| 6045 | Dynatrace, Inc.\* | 261990 |
| 13804 | eGain Corp.\* | 142043 |
| 1077 | Elastic NV\* | 81249 |
| 1585 | EverCommerce, Inc.\*<sup>(a)</sup> | 19194 |
| 1502 | Exodus Movement, Inc. Class A\*<sup>(a)</sup> | 22215 |
| 16447 | Expensify, Inc. Class A\* | 24835 |
| 466 | Fair Isaac Corp.\* | 787829 |
| 475 | Five9, Inc.\* | 9524 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 16569 | Fortinet, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315744 |
| 2081 | Freshworks, Inc. Class A\* | 25492 |
| 129018 | Gen Digital, Inc. | 3507999 |
| 1753 | Gitlab, Inc. Class A\* | 65790 |
| 2004 | Guidewire Software, Inc.\* | 402824 |
| 1020 | HubSpot, Inc.\* | 409326 |
| 4549 | I3 Verticals, Inc. Class A\* | 114589 |
| 676 | Intapp, Inc.\* | 30974 |
| 906 | InterDigital, Inc. | 288452 |
| 18959 | Intuit, Inc. | 12558821 |
| 449 | Jamf Holding Corp.\* | 5841 |
| 1658 | JFrog Ltd.\* | 103559 |
| 61008 | Kaltura, Inc.\* | 100053 |
| 1515 | Klaviyo, Inc. Class A\* | 49192 |
| 1101 | Life360, Inc.\* | 70618 |
| 3178 | LiveRamp Holdings, Inc.\* | 93338 |
| 983 | Manhattan Associates, Inc.\* | 170364 |
| 311993 | Microsoft Corp. | 150886055 |
| 7402 | Mitek Systems, Inc.\* | 78091 |
| 245 | nCino, Inc.\* | 6282 |
| 1809 | NCR Voyix Corp.\* | 18452 |
| 3581 | NextNav, Inc.\* | 59588 |
| 4720 | Nutanix, Inc. Class A\* | 243977 |
| 27829 | ON24, Inc.\* | 221519 |
| 4466 | OneSpan, Inc. | 57343 |
| 15495 | Ooma, Inc.\* | 181756 |
| 44513 | Oracle Corp. | 8676029 |
| 773 | Pagaya Technologies Ltd. Class A\* | 16156 |
| 1371 | PagerDuty, Inc.\* | 17974 |
| 56855 | Palantir Technologies, Inc. Class A\* | 10105976 |
| 52565 | Palo Alto Networks, Inc.\* | 9682473 |
| 438 | PAR Technology Corp.\* | 15891 |
| 2699 | Pegasystems, Inc. | 161184 |
| 721 | Porch Group, Inc.\* | 6583 |
| 1577 | Procore Technologies, Inc.\* | 114711 |
| 1056 | Progress Software Corp.\* | 45366 |
| 2555 | PTC, Inc.\* | 445107 |
| 512 | Q2 Holdings, Inc.\* | 36946 |
| 942 | Qualys, Inc.\* | 125192 |
| 810 | Rapid7, Inc.\* | 12312 |
| 2989 | Red Violet, Inc. | 170224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59904 | Rekor Systems, Inc.\* | 82668 |
| 9756 | ReposiTrak, Inc.<sup>(a)</sup> | 120682 |
| 912 | Rezolve AI PLC\*<sup>(a)</sup> | 2344 |
| 30951 | Rimini Street, Inc.\* | 120090 |
| 2572 | RingCentral, Inc. Class A\* | 74279 |
| 1320 | Riot Platforms, Inc.\* | 16724 |
| 72777 | Roadzen, Inc.\* | 175393 |
| 2139 | Roper Technologies, Inc. | 952133 |
| 1961 | Rubrik, Inc. Class A\* | 149977 |
| 60639 | Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16063877 |
| 3690 | Samsara, Inc. Class A\* | 130811 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 30 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 3724 | SEMrush Holdings, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44278 |
| 1979 | SentinelOne, Inc. Class A\* |  | 29685 |
| 77120 | ServiceNow, Inc.\* |  | 11814013 |
| 315 | ServiceTitan, Inc. Class A\* |  | 33548 |
| 10208 | Silvaco Group, Inc.\* |  | 41342 |
| 3519 | SoundHound AI, Inc. Class A\*<sup>(a)</sup> |  | 35084 |
| 5829 | SoundThinking, Inc.\* |  | 46807 |
| 4697 | Sprinklr, Inc. Class A\* |  | 36543 |
| 3334 | Sprout Social, Inc. Class A\* |  | 37574 |
| 591 | SPS Commerce, Inc.\* |  | 52676 |
| 4712 | Strategy, Inc.\* |  | 715988 |
| 64 | Synchronoss Technologies, Inc.\* |  | 548 |
| 4477 | Synopsys, Inc.\* |  | 2102936 |
| 1638 | Telos Corp.\* |  | 8354 |
| 3481 | Tenable Holdings, Inc.\* |  | 81908 |
| 2475 | Teradata Corp.\* |  | 75339 |
| 1667 | Terawulf, Inc.\* |  | 19154 |
| 4118 | Trimble, Inc.\* |  | 322645 |
| 986 | Tyler Technologies, Inc.\* |  | 447595 |
| 3345 | UiPath, Inc. Class A\* |  | 54825 |
| 3346 | Unity Software, Inc.\* |  | 147793 |
| 15728 | Upland Software, Inc.\* |  | 22491 |
| 2365 | Varonis Systems, Inc.\* |  | 77572 |
| 21909 | Veritone, Inc.\* |  | 101877 |
| 1774 | Vertex, Inc. Class A\* |  | 35427 |
| 3085 | Viant Technology, Inc. Class A\* |  | 37143 |
| 6760 | Weave Communications, Inc.\* |  | 51308 |
| 64516 | WM Technology, Inc.\* |  | 53232 |
| 5315 | Workday, Inc. Class A\* |  | 1141556 |
| 835 | Workiva, Inc.\* |  | 72019 |
| 16896 | Xperi, Inc.\* |  | 99011 |
| 16321 | Yext, Inc.\* |  | 131547 |
| 2658 | Zeta Global Holdings Corp. Class A\* |  | 54090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42118 | Zoom Communications, Inc.\* |  | 3634362 |
| 2350 | Zscaler, Inc.\* |  | 528562 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;269855020 |
| **Specialized REITs – 0.3%** | **Specialized REITs – 0.3%** | **Specialized REITs – 0.3%** | **Specialized REITs – 0.3%** |
| 12227 | American Tower Corp. |  | 2146694 |
| 7810 | Crown Castle, Inc. |  | 694075 |
| 2439 | CubeSmart |  | 87926 |
| 6527 | Digital Realty Trust, Inc. |  | 1009792 |
| 3225 | EPR Properties |  | 160927 |
| 1797 | Equinix, Inc. |  | 1376790 |
| 2939 | Extra Space Storage, Inc. |  | 382717 |
| 20894 | Farmland Partners, Inc. |  | 202463 |
| 5360 | Four Corners Property Trust, Inc. |  | 123602 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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)** |
| 3980 | Gaming & Leisure Properties, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177866 |
| 19008 | Gladstone Land Corp. |  | 173923 |
| 59377 | Iron Mountain, Inc. |  | 4925322 |
| 1876 | Lamar Advertising Co. Class A |  | 237464 |
| 2212 | Millrose Properties, Inc. |  | 66072 |
| 1342 | National Storage Affiliates Trust |  | 37858 |
| 3495 | Outfront Media, Inc. |  | 84230 |
| 2296 | PotlatchDeltic Corp. |  | 91335 |
| 2829 | Public Storage |  | 734125 |
| 4338 | Rayonier, Inc. |  | 93918 |
| 1910 | Safehold, Inc. |  | 26148 |
| 1952 | SBA Communications Corp. |  | 377575 |
| 3537 | Smartstop Self Storage REIT, Inc. |  | 109435 |
| 21527 | VICI Properties, Inc. |  | 605339 |
| 7671 | Weyerhaeuser Co. |  | 181726 |
|  |  |  | 14107322 |
| **Specialty Retail – 1.2%** | **Specialty Retail – 1.2%** | **Specialty Retail – 1.2%** | **Specialty Retail – 1.2%** |
| 14151 | 1-800-Flowers.com, Inc. Class A\* |  | 55613 |
| 1838 | Abercrombie & Fitch Co. Class A\* |  | 231349 |
| 1533 | Academy Sports & Outdoors, Inc. |  | 76589 |
| 1493 | Advance Auto Parts, Inc. |  | 58675 |
| 2971 | American Eagle Outfitters, Inc. |  | 78345 |
| 1087 | America's Car-Mart, Inc.\* |  | 27458 |
| 684 | Arhaus, Inc.\* |  | 7668 |
| 948 | Arko Corp. |  | 4304 |
| 523 | Asbury Automotive Group, Inc.\* |  | 121613 |
| 653 | AutoNation, Inc.\* |  | 134831 |
| 1705 | AutoZone, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98262 | BARK, Inc.\* |  | 59203 |
| 3552 | Barnes & Noble Education, Inc.\* |  | 32643 |
| 4565 | Bath & Body Works, Inc. |  | 91665 |
| 2770 | Bed Bath & Beyond, Inc.\* |  | 15124 |
| 3120 | Best Buy Co., Inc. |  | 208822 |
| 409 | Boot Barn Holdings, Inc.\* |  | 72176 |
| 3677 | Buckle, Inc. |  | 196425 |
| 1963 | Build-A-Bear Workshop, Inc. |  | 120273 |
| 1442 | Burlington Stores, Inc.\* |  | 416522 |
| 1501 | Caleres, Inc. |  | 18267 |
| 375 | Camping World Holdings, Inc. Class A |  | 3649 |
| 2354 | CarMax, Inc.\* |  | 90959 |
| 16683 | Carvana Co.\* |  | 7040560 |
| 7437 | Chewy, Inc. Class A\* |  | 245793 |
| 12937 | Children's Place, Inc.\* |  | 51489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 31

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |
| 3009 | Citi Trends, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125054 |
| 42813 | Destination XL Group, Inc.\* | 39367 |
| 575 | Dick's Sporting Goods, Inc. | 113833 |
| 15098 | Duluth Holdings, Inc. Class B\* | 31404 |
| 41 | Envela Corp.\* | 549 |
| 121 | EVgo, Inc.\* | 352 |
| 1422 | Five Below, Inc.\* | 267848 |
| 1138 | Floor & Decor Holdings, Inc. Class A\* | 69293 |
| 7607 | GameStop Corp. Class A\* | 152749 |
| 7431 | Gap, Inc. | 190234 |
| 1008 | Genesco, Inc.\* | 24968 |
| 558 | Group 1 Automotive, Inc. | 219461 |
| 747 | Guess?, Inc. | 12512 |
| 5110 | Haverty Furniture Cos., Inc. | 119370 |
| 57860 | Home Depot, Inc. | 19909626 |
| 3495 | J Jill, Inc. | 47951 |
| 2756 | Lands' End, Inc.\* | 40017 |
| 8846 | Leslie's, Inc.\* | 14596 |
| 16322 | Lithia Motors, Inc. | 5424290 |
| 12033 | Lowe's Cos., Inc. | 2901878 |
| 299 | MarineMax, Inc.\* | 7245 |
| 936 | Monro, Inc. | 18757 |
| 545 | Murphy USA, Inc. | 219918 |
| 7677 | National Vision Holdings, Inc.\* | 198220 |
| 295 | OneWater Marine, Inc. Class A\* | 3192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68956 | O'Reilly Automotive, Inc.\* | 6289477 |
| 50652 | Outdoor Holding Co.\* | 86615 |
| 813 | Penske Automotive Group, Inc. | 128690 |
| 19460 | Petco Health & Wellness Co., Inc.\* | 54683 |
| 23368 | PetMed Express, Inc.\* | 74778 |
| 9426 | RealReal, Inc.\* | 148742 |
| 1547 | Revolve Group, Inc.\* | 46704 |
| 16 | RH\* | 2866 |
| 374 | RideNow Group, Inc.\* | 2064 |
| 7317 | Ross Stores, Inc. | 1318084 |
| 8420 | Sally Beauty Holdings, Inc.\* | 120069 |
| 42 | Shoe Carnival, Inc. | 709 |
| 1649 | Signet Jewelers Ltd. | 136669 |
| 4879 | Sleep Number Corp.\* | 41276 |
| 1822 | Sonic Automotive, Inc. Class A | 112709 |
| 26392 | Sportsman's Warehouse Holdings, Inc.\* | 38532 |
| 6895 | Stitch Fix, Inc. Class A\* | 36199 |
| 8132 | ThredUp, Inc. Class A\* | 51963 |
| 28563 | Tile Shop Holdings, Inc.\*<sup>(a)</sup> | 100542 |
| 73775 | TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11332578 |
| 14363 | Torrid Holdings, Inc.\* | 14053 |
| 15279 | Tractor Supply Co. | 764103 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Specialty Retail – (continued)** | **Specialty Retail – (continued)** | **Specialty Retail – (continued)** | **Specialty Retail – (continued)** |
| 1290 | Ulta Beauty, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780463 |
| 2200 | Upbound Group, Inc. |  | 38632 |
| 3881 | Urban Outfitters, Inc.\* |  | 292084 |
| 3474 | Valvoline, Inc.\* |  | 100954 |
| 2831 | Victoria's Secret & Co.\* |  | 153355 |
| 4361 | Warby Parker, Inc. Class A\* |  | 95026 |
| 2089 | Wayfair, Inc. Class A\* |  | 209757 |
| 2883 | Williams-Sonoma, Inc. |  | 514875 |
| 509 | Winmark Corp. |  | 206114 |
| 1836 | Zumiez, Inc.\* |  | 47828 |
|  |  |  | 68736400 |
| **Technology Hardware, Storage & Peripherals – 3.1%** | **Technology Hardware, Storage & Peripherals – 3.1%** | **Technology Hardware, Storage & Peripherals – 3.1%** | **Technology Hardware, Storage & Peripherals – 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594024 | Apple, Inc. |  | 161491365 |
| 6642 | CompoSecure, Inc. Class A\* |  | 128058 |
| 2704 | Corsair Gaming, Inc.\* |  | 16062 |
| 2319 | CPI Card Group, Inc.\* |  | 34043 |
| 41531 | Dell Technologies, Inc. Class C |  | 5227922 |
| 2585 | Diebold Nixdorf, Inc.\* |  | 175496 |
| 6144 | Eastman Kodak Co.\* |  | 51978 |
| 17170 | Hewlett Packard Enterprise Co. |  | 412423 |
| 13072 | HP, Inc. |  | 291244 |
| 15261 | Immersion Corp. |  | 103775 |
| 3293 | IonQ, Inc.\* |  | 147757 |
| 3434 | NetApp, Inc. |  | 367747 |
| 5624 | Pure Storage, Inc. Class A\* |  | 376864 |
| 982 | Quantum Computing, Inc.\* |  | 10075 |
| 748 | Sandisk Corp.\* |  | 177560 |
| 3698 | Seagate Technology Holdings PLC |  | 1018392 |
| 7670 | Super Micro Computer, Inc.\* |  | 224501 |
| 3187 | Turtle Beach Corp.\* |  | 44714 |
| 5999 | Western Digital Corp. |  | 1033448 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;171333424 |
| **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** | **Textiles, Apparel & Luxury Goods – 0.1%** |
| 209 | Birkenstock Holding PLC\* |  | 8548 |
| 662 | Capri Holdings Ltd.\* |  | 16153 |
| 961 | Carter's, Inc. |  | 31165 |
| 1268 | Columbia Sportswear Co. |  | 69854 |
| 1724 | Crocs, Inc.\* |  | 147437 |
| 2782 | Deckers Outdoor Corp.\* |  | 288410 |
| 6796 | Ermenegildo Zegna NV |  | 69659 |
| 7083 | Figs, Inc. Class A\* |  | 80463 |
| 2707 | G-III Apparel Group Ltd. |  | 78395 |
| 276 | Gildan Activewear, Inc. |  | 17239 |
| 765 | Kontoor Brands, Inc. |  | 46734 |
| 2996 | Levi Strauss & Co. Class A |  | 62137 |
| 2097 | Lululemon Athletica, Inc.\* |  | 435778 |
| 4586 | Movado Group, Inc. |  | 94563 |
| 23447 | NIKE, Inc. Class B |  | 1493808 |
| 1385 | On Holding AG Class A\* |  | 64375 |
| 816 | Oxford Industries, Inc. |  | 27907 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 32 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** | **Textiles, Apparel & Luxury Goods – (continued)** |
| 1464 | PVH Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98117 |
| 7517 | Ralph Lauren Corp. |  | 2658086 |
| 737 | Rocky Brands, Inc. |  | 21616 |
| 691 | Steven Madden Ltd. |  | 28773 |
| 7091 | Superior Group of Cos., Inc. |  | 68641 |
| 6437 | Tapestry, Inc. |  | 822456 |
| 5336 | Under Armour, Inc. Class A\*<sup>(a)</sup> |  | 26520 |
| 5019 | Under Armour, Inc. Class C\* |  | 24091 |
| 17114 | Unifi, Inc.\* |  | 59899 |
| 23015 | Vera Bradley, Inc.\* |  | 55696 |
| 1908 | VF Corp. |  | 34497 |
| 2333 | Wolverine World Wide, Inc. |  | 42344 |
|  |  |  | 6973361 |
| **Tobacco – 0.2%** | **Tobacco – 0.2%** | **Tobacco – 0.2%** | **Tobacco – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38544 | Altria Group, Inc. |  | 2222447 |
| 19521 | Ispire Technology, Inc.\* |  | 54659 |
| 33901 | Philip Morris International, Inc. |  | 5437720 |
| 2112 | Turning Point Brands, Inc. |  | 228941 |
| 3309 | Universal Corp. |  | 174550 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118317 |
| **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** | **Trading Companies & Distributors – 0.2%** |
| 3107 | AerCap Holdings NV |  | 446662 |
| 1803 | Air Lease Corp. |  | 115807 |
| 8355 | Alta Equipment Group, Inc. |  | 38433 |
| 9441 | Applied Industrial Technologies, Inc. |  | 2424166 |
| 326 | BlueLinx Holdings, Inc.\* |  | 20026 |
| 226 | Boise Cascade Co. |  | 16634 |
| 3746 | Core & Main, Inc. Class A\* |  | 194680 |
| 3411 | Custom Truck One Source, Inc.\* |  | 19647 |
| 1016 | Distribution Solutions Group, Inc.\* |  | 27828 |
| 5327 | DNOW, Inc.\* |  | 70583 |
| 658 | DXP Enterprises, Inc.\* |  | 72242 |
| 3986 | EVI Industries, Inc. |  | 98215 |
| 32333 | Fastenal Co. |  | 1297523 |
| 20507 | Ferguson Enterprises, Inc. |  | 4565473 |
| 1026 | FTAI Aviation Ltd. |  | 201968 |
| 925 | GATX Corp. |  | 156880 |
| 2537 | Global Industrial Co. |  | 74131 |
| 203 | Herc Holdings, Inc. |  | 30121 |
| 7318 | Hudson Technologies, Inc.\* |  | 50128 |
| 6492 | Karat Packaging, Inc. |  | 146524 |
| 1060 | McGrath RentCorp |  | 111226 |
| 1639 | MSC Industrial Direct Co., Inc. Class A |  | 137840 |
| 6382 | NPK International, Inc.\* |  | 76073 |
| 7744 | QXO, Inc.\* |  | 149382 |
| 2424 | Rush Enterprises, Inc. Class A |  | 130751 |
| 29 | Rush Enterprises, Inc. Class B |  | 1632 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| **Trading Companies & Distributors – (continued)** | **Trading Companies & Distributors – (continued)** | **Trading Companies & Distributors – (continued)** |
| 687 | SiteOne Landscape Supply, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85573 |
| 3832 | Titan Machinery, Inc.\* | 57633 |
| 280 | Transcat, Inc.\* | 15884 |
| 1229 | United Rentals, Inc. | 994654 |
| 521 | Watsco, Inc. | 175551 |
| 1048 | WESCO International, Inc. | 256383 |
| 212 | Willis Lease Finance Corp. | 28756 |
| 1175 | WW Grainger, Inc. | 1185634 |
| 739 | Xometry, Inc. Class A\* | 43948 |
|  |  | 13518591 |
| **Transportation Infrastructure\* – 0.0%** | **Transportation Infrastructure\* – 0.0%** | **Transportation Infrastructure\* – 0.0%** |
| 5154 | Sky Harbour Group Corp. | 46231 |
| **Water Utilities – 0.0%** | **Water Utilities – 0.0%** | **Water Utilities – 0.0%** |
| 2219 | American States Water Co. | 160833 |
| 3867 | American Water Works Co., Inc. | 504643 |
| 6996 | Artesian Resources Corp. Class A | 221144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21080 | Cadiz, Inc.\* | 118259 |
| 2867 | California Water Service Group | 124227 |
| 5402 | Consolidated Water Co. Ltd. | 190637 |
| 5098 | Essential Utilities, Inc. | 195559 |
| 24068 | Global Water Resources, Inc. | 203375 |
| 2582 | H2O America | 126492 |
| 2283 | Middlesex Water Co. | 115109 |
| 17873 | Pure Cycle Corp.\* | 196424 |
| 7256 | York Water Co. | 231031 |
|  |  | 2387733 |
| **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** | **Wireless Telecommunication Services – 0.1%** |
| 3845 | Array Digital Infrastructure, Inc. | 206169 |
| 4930 | Gogo, Inc.\* | 22974 |
| 14909 | Spok Holdings, Inc. | 196650 |
| 6417 | Telephone & Data Systems, Inc. | 263097 |
| 10406 | T-Mobile U.S., Inc. | 2112834 |
|  |  | 2801724 |
| TOTAL COMMON STOCKS<br>(Cost $2,017,924,826) | TOTAL COMMON STOCKS<br>(Cost $2,017,924,826) | $2456299710 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| U.S. Treasury Obligations<sup>(d)</sup> – 7.1% | U.S. Treasury Obligations<sup>(d)</sup> – 7.1% | U.S. Treasury Obligations<sup>(d)</sup> – 7.1% | U.S. Treasury Obligations<sup>(d)</sup> – 7.1% |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $100000000 | 0.000 %<sup>(c)</sup> | 02/17/26 | $99549091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000000 | 0.000 <sup>(c)</sup> | 02/24/26 | &nbsp;&nbsp;&nbsp;&nbsp;149218561 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 33

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 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;Principal** <br> **&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date**  | **Value** |
| U.S. Treasury Obligations<sup>(d)</sup> – (continued) | U.S. Treasury Obligations<sup>(d)</sup> – (continued) | U.S. Treasury Obligations<sup>(d)</sup> – (continued) | U.S. Treasury Obligations<sup>(d)</sup> – (continued) |
| $150000000 | 0.000% | 04/23/26 | $&nbsp;&nbsp;&nbsp;&nbsp;148377233 |
|  **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** |  |
|  **(Cost $396,976,692)** | **(Cost $396,976,692)** | **(Cost $396,976,692)** | $397144885 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Exchange Traded Funds – 30.8% | Exchange Traded Funds – 30.8% | Exchange Traded Funds – 30.8% |
| 3427100 | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF<sup>(e)</sup> | $173513730 |
| 898900 | iShares Convertible Bond ETF | 88541650 |
| 6635727 | iShares Core MSCI Emerging Markets ETF | 446053569 |
| 376700 | iShares Global Clean Energy ETF<sup>(a)</sup> | 6189181 |
| 61000 | iShares JP Morgan USD Emerging Markets Bond ETF | 5873080 |
| 2533714 | State Street Blackstone Senior Loan ETF | 104566377 |
| 734800 | State Street Energy Select Sector SPDR ETF | 32852908 |
| 231800 | State Street Financial Select Sector SPDR ETF | 12695686 |
| 633500 | State Street Health Care Select Sector SPDR ETF | 98065800 |
| 595100 | State Street Industrial Select Sector SPDR ETF | 92311912 |
| 222000 | State Street Materials Select Sector SPDR ETF | 10067700 |
| 497122 | State Street SPDR Bloomberg Convertible Securities ETF<sup>(a)</sup> | 44343282 |
| 959500 | State Street Technology Select Sector SPDR ETF | 138139215 |
| 140100 | VanEck Fallen Angel High Yield Bond ETF | 4114037 |
| 153700 | Vanguard Real Estate ETF | 13600913 |
| &nbsp;&nbsp;&nbsp;&nbsp;8912200 | Vanguard Short-Term Inflation-Protected Securities ETF | 440797412 |
| TOTAL EXCHANGE TRADED FUNDS | TOTAL EXCHANGE TRADED FUNDS |  |
| (Cost $1,517,486,369) | (Cost $1,517,486,369) | $1711726452 |

---

---

| | | |
|:---|:---|:---|
| Shares | Dividend<br>Rate | Value |
| Investment Company<sup>(e)</sup> – 12.7% | Investment Company<sup>(e)</sup> – 12.7% | Investment Company<sup>(e)</sup> – 12.7% |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 707206834 | 3.686% | $707206834 |
| **(Cost $707,206,834)** | **(Cost $707,206,834)** |  |
| Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.9% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.9% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.9% |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 50132836 | 3.686% | $50132836 |
| **(Cost $50,132,836)** | **(Cost $50,132,836)** |  |
| TOTAL INVESTMENTS – 95.7%<br>(Cost $4,689,727,557) | TOTAL INVESTMENTS – 95.7%<br>(Cost $4,689,727,557) | $5322510717 |
| OTHER ASSETS IN EXCESS OF<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 4.3%** | OTHER ASSETS IN EXCESS OF<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 4.3%** | 237621070 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $5560131787 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 34 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | Settlement<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br>Gain |
|  JPMorgan Securities, Inc. | CAD | 38810000 | USD | 28298411 | 03/18/26 | $72551 |
|  | CHF | 8650000 | USD | 10928534 | 03/18/26 | 83137 |
|  | CLP | 6654670000 | USD | 7251861 | 03/18/26 | 146261 |
|  | CZK | 334030000 | USD | 16188512 | 03/18/26 | 79723 |
|  | EUR | 15950000 | USD | 18698314 | 03/18/26 | 115115 |
|  | HUF | 2580030000 | USD | 7846581 | 03/18/26 | 1322 |
|  | ILS | 43350000 | USD | 13423743 | 03/18/26 | 192992 |
|  | MXN | 305440000 | USD | 16546025 | 03/18/26 | 285259 |
|  | PLN | 52870000 | USD | 14585029 | 03/18/26 | 135876 |
|  | SEK | 103260000 | USD | 11074788 | 03/18/26 | 187647 |
|  | USD | 19065144 | IDR | 318189620000 | 03/25/26 | 54561 |
|  | USD | 32446540 | JPY | 4982730000 | 03/18/26 | 420960 |
|  | USD | 26947544 | NZD | 46540000 | 03/18/26 | 72788 |
|  | USD | 21150324 | PHP | 1244760000 | 03/18/26 | 125393 |
|  | USD | 11839635 | TWD | 368350000 | 03/18/26 | 130558 |
|  | ZAR | 241620000 | USD | 14072405 | 03/18/26 | 437128 |
|  **TOTAL** |  |  |  |  |  | $2541271 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | Currency Sold | Currency Sold | Settlement<br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized <br>Loss |
|  JPMorgan Securities, Inc. | BRL | 77040000 | USD | 14190803 | 03/18/26 | $(389125) |
|  | HUF | 2668500000 | USD | 8120462 | 03/18/26 | (3452) |
|  | NOK | 70570000 | USD | 7008648 | 03/18/26 | (9721) |
|  | USD | 46271466 | CAD | 64210000 | 03/18/26 | (667452) |
|  | USD | 26898721 | INR | 2440070000 | 03/18/26 | (54741) |
|  | USD | 16336640 | KRW | 23830420000 | 03/18/26 | (213297) |
|  **TOTAL** |  |  |  |  |  | $(1337788) |

---

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration <br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 968 | 03/20/26 | $108839500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775493) |
|  2 Year U.S. Treasury Notes | 431 | 03/31/26 | 89988086 | (23245) |
|  20 Year U.S. Treasury Bonds | 286 | 03/20/26 | 33059812 | (454345) |
|  3 Month SOFR | 4 | 03/16/27 | 968900 | (209) |
|  3 Month SOFR | 127 | 03/14/28 | 30716537 | (36368) |
|  3 Month SOFR | 65 | 06/15/27 | 15743812 | (10327) |
|  3 Month SOFR | 100 | 09/14/27 | 24213750 | (24269) |
|  3 Month SOFR | 129 | 12/14/27 | 31219612 | (40949) |
|  3M CORRA | 82 | 06/16/26 | 14594423 | (12840) |
|  3M CORRA | 75 | 09/15/26 | 13344459 | (17727) |
|  3M CORRA | 44 | 12/15/26 | 7822739 | (13204) |
|  5 Year German Euro-Btp | 15 | 03/06/26 | 2118533 | 5421 |
|  5 Year U.S. Treasury Notes | 1059 | 03/31/26 | 115753665 | (421576) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 35

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> 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;Expiration <br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  Australian 10 Year Government Bonds | 1019 | 03/16/26 | $74452411 | $(97807) |
|  CAC40 Index | 162 | 01/16/26 | 15523781 | 99698 |
|  Cattle Feeder | 13 | 03/26/26 | 2244612 | 74396 |
|  Coffee | 18 | 03/19/26 | 2354062 | (176434) |
|  Copper | 72 | 03/27/26 | 10227600 | 420276 |
|  DAX Index | 29 | 03/20/26 | 21036374 | 469360 |
|  Dollar Index | 258 | 03/16/26 | 25296126 | (95173) |
|  E-Mini Nasdaq 100 Index | 127 | 03/20/26 | 64660145 | 310477 |
|  E-Mini Russell 2000 Index | 127 | 03/20/26 | 15862300 | (382213) |
|  Euro Stoxx 50 Index | 3729 | 03/20/26 | 255971356 | 5671704 |
|  French 10 Year Government Bonds | 163 | 03/06/26 | 23099931 | (86134) |
|  FTSE 100 Index | 869 | 03/20/26 | 116445791 | 2528658 |
|  FTSE/JSE Top 40 Index | 78 | 03/19/26 | 5150355 | 94408 |
|  FTSE/MIB Index | 50 | 03/20/26 | 13236571 | 236293 |
|  Gold | 45 | 02/25/26 | 19534950 | 1153587 |
|  Hang Seng Index | 79 | 01/29/26 | 13017282 | (91735) |
|  HSCEI | 146 | 01/29/26 | 8350817 | (25627) |
|  IBEX 35 Index | 60 | 01/16/26 | 12184121 | 237867 |
|  ICE 3M Sonia Bonds | 74 | 03/16/27 | 24106679 | 9411 |
|  Ice 3M Sonia Index | 39 | 09/15/26 | 12694358 | 2028 |
|  Ice 3M Sonia Index | 67 | 12/15/26 | 21824060 | 7982 |
|  Ice 3M Sonia Index | 76 | 06/15/27 | 24750528 | 6982 |
|  Ice 3M Sonia Index | 74 | 09/14/27 | 24087977 | 1091 |
|  Ice 3M Sonia Index | 66 | 12/14/27 | 21473863 | (2794) |
|  Ice 3M Sonia Index | 55 | 03/14/28 | 17886545 | (3152) |
|  Live Cattle | 36 | 02/27/26 | 3335040 | 54274 |
|  LME Lead | 328 | 01/19/26 | 16240756 | 12574 |
|  LME Lead | 29 | 06/15/26 | 1481095 | (11745) |
|  LME Lead | 16 | 08/17/26 | 824356 | (920) |
|  LME Lead | 18 | 10/19/26 | 934020 | (23643) |
|  LME Nickel | 263 | 01/19/26 | 26108909 | 2315997 |
|  LME Nickel | 36 | 02/16/26 | 3583470 | 416497 |
|  LME Nickel | 19 | 04/13/26 | 1901843 | 57109 |
|  LME Nickel | 10 | 05/18/26 | 1004696 | 66324 |
|  LME Nickel | 40 | 06/15/26 | 4029559 | 270200 |
|  LME Nickel | 22 | 08/17/26 | 2229986 | 149547 |
|  LME Nickel | 32 | 09/14/26 | 3253023 | 252072 |
|  LME Primary Aluminum | 274 | 01/19/26 | 20404780 | 1862156 |
|  LME Primary Aluminum | 210 | 02/16/26 | 15680962 | 519749 |
|  LME Primary Aluminum | 100 | 05/18/26 | 7513100 | 936560 |
|  LME Primary Aluminum | 80 | 07/13/26 | 6021000 | 241591 |
|  LME Zinc | 164 | 01/19/26 | 12683596 | 289864 |
|  LME Zinc | 28 | 05/18/26 | 2187262 | 259030 |
|  LME Zinc | 39 | 04/13/26 | 3044106 | 134647 |
|  LME Zinc | 48 | 03/16/26 | 3742704 | 359173 |
|  LME Zinc | 123 | 02/16/26 | 9563373 | 8686 |
|  Low Sulphur Gas Oil | 36 | 02/12/26 | 2232000 | (152091) |
|  MSCI Emerging Markets Index | 35 | 03/20/26 | 2469950 | 72631 |
|  NY Harbor ULSD | 35 | 01/30/26 | 3118605 | (309679) |
|  Omxs30 Index | 548 | 01/16/26 | 17233444 | 565814 |
|  S&P 500 E-Mini Index | 872 | 03/20/26 | 300513000 | 468820 |
|  S&P Mid 400 Emini | 24 | 03/20/26 | 7980480 | (123322) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 36 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br> 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;Expiration <br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  S&P Toronto Stock Exchange 60 Index | 55 | 03/19/26 | $14921788 | $204654 |
|  Silver | 13 | 03/27/26 | 4589195 | 1420938 |
|  Soybean Oil | 69 | 03/13/26 | 3613875 | (236299) |
|  TOPIX Futures | 487 | 03/12/26 | 106127075 | 745283 |
|  VSTOXX Index | 2030 | 01/21/26 | 3817050 | (311483) |
|  **Total** |  |  |  | $19053026 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | (83) | 03/27/26 | (10222466) | (14953) |
|  3 Month SOFR | (87) | 12/15/26 | (21063788) | (14377) |
|  3 Month SOFR | (156) | 06/16/26 | (37629150) | (23699) |
|  3 Month SOFR | (157) | 09/15/26 | (37950825) | (13777) |
|  30 Year German Euro-Buxl | (148) | 03/06/26 | (19153127) | 247648 |
|  3M Euribor | (236) | 03/16/26 | (67922329) | 30475 |
|  3M Euribor | (157) | 06/15/26 | (45185617) | 21402 |
|  3M Euribor | (95) | 03/15/27 | (27305331) | (14072) |
|  3M Euribor | (112) | 12/14/26 | (32212937) | (11528) |
|  3M Euribor | (126) | 09/14/26 | (36256212) | 1625 |
|  3M Euribor | (95) | 06/14/27 | (27285793) | (12868) |
|  3M Euribor | (94) | 09/13/27 | (26979242) | (10817) |
|  3M Euribor | (80) | 12/13/27 | (22945780) | (8727) |
|  3M SARON | (26) | 06/16/26 | (8210138) | 2040 |
|  3M SARON | (24) | 09/15/26 | (7579346) | 1223 |
|  3M SARON | (26) | 12/15/26 | (8209317) | (43) |
|  5 Year German Euro-Bobl | (447) | 03/06/26 | (61020520) | 39300 |
|  5 Year German Euro-Bund | (896) | 03/06/26 | (134328555) | (355986) |
|  ASX 90 Day Bank Accepted Bills | (306) | 03/12/26 | (202298636) | 140135 |
|  ASX 90 Day Bank Accepted Bills | (352) | 06/11/26 | (232641348) | 174360 |
|  ASX 90 Day Bank Accepted Bills | (338) | 09/10/26 | (223328579) | 141881 |
|  Brent Crude | (225) | 01/30/26 | (13691250) | 281045 |
|  Canada 10 Year Government Bonds | (401) | 03/20/26 | (35324695) | (75753) |
|  CBOE Volatility Index | (674) | 01/21/26 | (11142905) | 720644 |
|  CBOE Volatility Index | (254) | 02/18/26 | (4707636) | 630537 |
|  CBOE Volatility Index | (152) | 03/18/26 | (3000176) | 123035 |
|  Corn | (256) | 03/13/26 | (5635200) | 60805 |
|  Cotton No.2 | (214) | 03/09/26 | (6876890) | 39169 |
|  Euro-Schatz | (745) | 03/06/26 | (93497207) | 39557 |
|  Gasoline RBOB | (27) | 01/30/26 | (1944810) | (5593) |
|  Ice 3M Sonia Index | (44) | 06/16/26 | (14298115) | 968 |
|  Japan 10 Year Government Bond | (71) | 03/13/26 | (60017301) | 412999 |
|  Lean Hogs | (13) | 02/13/26 | (442520) | (19412) |
|  LME Lead | (328) | 01/19/26 | (16240756) | 319193 |
|  LME Lead | (29) | 06/15/26 | (1481095) | 7842 |
|  LME Lead | (256) | 02/16/26 | (12785280) | (208255) |
|  LME Lead | (16) | 08/17/26 | (824356) | 11616 |
|  LME Lead | (18) | 10/19/26 | (934020) | (18000) |
|  LME Nickel | (263) | 01/19/26 | (26108909) | (2027454) |
|  LME Nickel | (203) | 02/16/26 | (20206791) | (1966110) |
|  LME Nickel | (19) | 04/13/26 | (1901843) | (124704) |
|  LME Nickel | (10) | 05/18/26 | (1004696) | (70767) |
|  LME Nickel | (40) | 06/15/26 | (4029559) | (270555) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 37

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of <br> Contracts | **Expiration**<br> **Date** | Notional Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Short position contracts:** |  |  |  |  |
|  LME Nickel | (22) | 08/17/26 | $(2229986) | $(166783) |
|  LME Nickel | (32) | 09/14/26 | (3253023) | (316237) |
|  LME Primary Aluminum | (274) | 01/19/26 | (20404780) | (1783758) |
|  LME Primary Aluminum | (100) | 05/18/26 | (7513100) | (927666) |
|  LME Primary Aluminum | (80) | 07/13/26 | (6021000) | (204301) |
|  LME Zinc | (164) | 01/19/26 | (12683596) | (160690) |
|  LME Zinc | (28) | 05/18/26 | (2187262) | (200656) |
|  LME Zinc | (48) | 03/16/26 | (3742704) | (210995) |
|  LME Zinc | (39) | 04/13/26 | (3044106) | (90077) |
|  MSCI EAFE Index | (213) | 03/20/26 | (30907365) | (253907) |
|  Natural Gas | (57) | 01/28/26 | (2101020) | (20757) |
|  Sugar 11 | (209) | 02/27/26 | (3513541) | (213528) |
|  Wheat | (312) | 03/13/26 | (7909200) | 454640 |
|  WTI Crude | (290) | 01/20/26 | (16651800) | 376607 |
|  **Total** |  |  |  | $(5538059) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $13514967 |

---

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation/Index | Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup> | Credit<br>Spread at<br>December 31,<br>2025<sup>(b)</sup> | Termination<br>Date | Notional<br>Amount<br>(000s) | Value | Upfront<br>Premiums<br>(Received)<br>Paid | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | 5.000% | 3.168% | 12/20/30 | $149350 | $11558777 | $10727387 | $831390 |
|  CDX.NA.IG Index 45 | 1.000 | 0.499 | 12/20/30 | 51700 | 1186979 | 1157572 | 29407 |
|  ICE CD ITXEB 44 | 1.000 | 0.505 | 12/20/30 | EUR 260,500 | 7157047 | 6720321 | 436726 |
|  ICE CD ITXEX 44 | 5.000 | 2.438 | 12/20/30 | 130350 | 17162677 | 15536079 | 1626598 |
|  **TOTAL** |  |  |  |  | $37065480 | $34141359 | $2924121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 38 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | **Financing Rate**<br> **Paid/(Received)<br>by the Fund** | Counterparty | **Termination**<br> **Date<sup>#</sup>** | Notional<br>Amount<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)\* |
|  CIEQDUV5 Index | 0.000(a) | Citibank NA | 03/11/26-12/08/26 | $49874 | $(125417) |
|  CIEQDUV5 Index | 12M SOFR(a) | Citibank NA | 06/10/26-09/10/26 | 18549 | (46644) |
|  M1WO Index | 12M SOFR+0.320(a) | Citibank NA | 12/10/26 | 67589 | (228546) |
|  BCOMRS Index | 0.000(a) | JPMorgan Securities, Inc. | 05/29/26-12/10/26 | 30927 | 332703 |
|  JPGSMARB Index | 12M SOFR+0.890(a) | JPMorgan Securities, Inc. | 04/09/26-09/10/26 | 48814 | (873385) |
|  JPOSSVHY Index | 0.000(b) | JPMorgan Securities, Inc. | 01/12/26 | 82352 | 545639 |
|  JPOSSVUA Index | 0.000(b) | JPMorgan Securities, Inc. | 01/12/26 | 17094 | 219938 |
|  M1WO Index | 12M SOFR+0.350(a) | JPMorgan Securities, Inc. | 11/12/26 | 46491 | (156664) |
|  Russell 1000 TR Index | 12M SOFR+0.700(a) | JPMorgan Securities, Inc. | 02/17/26 | 775168 | (581699) |
|  Russell 1000 TR Index | 12M SOFR+0.680(a) | JPMorgan Securities, Inc. | 03/10/26 | 246414 | (187240) |
|  Russell 1000 TR Index | 12M SOFR+0.660(a) | JPMorgan Securities, Inc. | 07/29/26 | 14724 | (11327) |
|  Russell 1000 TR Index | 12M SOFR+0.640(a) | JPMorgan Securities, Inc. | 08/17/26 | 220114 | (171414) |
|  Russell 1000 TR Index | 12M SOFR+0.720(a) | JPMorgan Securities, Inc. | 09/09/26 | 65352 | (48425) |
|  Russell 1000 TR Index | 12M SOFR+0.685(a) | JPMorgan Securities, Inc. | 10/08/26 | 299149 | 41175 |
|  **TOTAL** |  |  |  |  | $(1291306) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made at maturity.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

**A basket (CIEQDUV5) of common stocks and Investment Company**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Common Stocks | Sector | Shares | Value | Weight |
|  Microsoft Corp | Information Technology | (69) | $(33541) | 19.5% |
|  NVIDIA Corp | Information Technology | (125) | (23283) | 13.5 |
|  Meta Platforms Inc | Communication Services | (22) | (14533) | 8.4 |
|  Apple Inc | Information Technology | (52) | (14006) | 8.1 |
|  Amazon.com Inc | Consumer Discretionary | (50) | (11510) | 6.7 |
|  Broadcom Inc | Information Technology | (27) | (9197) | 5.3 |
|  Netflix Inc | Communication Services | (92) | (8633) | 5 |
|  Oracle Corp | Information Technology | (37) | (7285) | 4.2 |
|  Costco Wholesale Corp | Consumer Staples | (7) | (5844) | 3.4 |
|  Tesla Inc | Consumer Discretionary | (12) | (5267) | 3.1 |
|  Home Depot Inc/The | Consumer Discretionary | (15) | (5024) | 2.9 |
|  Procter & Gamble Co/The | Consumer Staples | (34) | (4864) | 2.8 |
|  Alphabet Inc | Communication Services | (14) | (4274) | 2.5 |
|  Berkshire Hathaway Inc | Financials | (8) | (3988) | 2.3 |
|  JPMorgan Chase & Co | Financials | (10) | (3376) | 2 |
|  Alphabet Inc | Communication Services | (11) | (3361) | 2 |
|  ServiceNow Inc | Information Technology | (17) | (2595) | 1.5 |
|  Visa Inc | Financials | (7) | (2575) | 1.5 |
|  AT&T Inc | Communication Services | (101) | (2508) | 1.5 |
|  Uber Technologies Inc | Industrials | (26) | (2107) | 1.2 |
|  Linde PLC | Materials | (5) | (1960) | 1.1 |
|  Advanced Micro Devices Inc | Information Technology | (15) | (1914) | 1.1 |
|  Abbott Laboratories | Health Care | (9) | (1892) | 1.1 |
|  AbbVie Inc | Health Care | (8) | (1861) | 1.1 |
|  Walmart Inc | Consumer Staples | (16) | (1801) | 1 |
|  UnitedHealth Group Inc | Health Care | (5) | (1762) | 1 |
|  Chevron Corp | Energy | (11) | (1721) | 1 |
|  Eli Lilly & Co | Health Care | (2) | (1714) | 1 |
|  Exxon Mobil Corp | Energy | (14) | (1711) | 1 |
|  Intuit Inc | Information Technology | (3) | (1683) | 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 39

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

**A basket (CIEQDUV5) of common stocks and Investment Company (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Common Stocks | Sector | Shares | Value | Weight |
|  Johnson & Johnson | Health Care | (7) | $(1491) | 0.9% |
|  Verizon Communications Inc | Communication Services | (37) | (1489) | 0.9 |
|  Philip Morris International Inc | Consumer Staples | (9) | (1461) | 0.8 |
|  Bank of America Corp | Financials | (25) | (1391) | 0.8 |
|  Coca-Cola Co/The | Consumer Staples | (20) | (1386) | 0.8 |
|  Texas Instruments Inc | Information Technology | (8) | (1382) | 0.8 |
|  General Electric Co | Industrials | (4) | (1334) | 0.8 |
|  McDonald's Corp | Consumer Discretionary | (4) | (1224) | 0.7 |
|  International Business Machines Corp | Information Technology | (4) | (1206) | 0.7 |
|  PepsiCo Inc | Consumer Staples | (8) | (1186) | 0.7 |
|  Walt Disney Co/The | Communication Services | (10) | (1166) | 0.7 |
|  Cisco Systems Inc | Information Technology | (13) | (1013) | 0.6 |
|  Wells Fargo & Co | Financials | (10) | (961) | 0.6 |
|  Salesforce Inc | Information Technology | (3) | (880) | 0.5 |
|  QUALCOMM Inc | Information Technology | (5) | (871) | 0.5 |
|  The Goldman Sachs Group, Inc. | Investment Companies | (1) | (718) | 0.4 |
|  Morgan Stanley | Financials | (4) | (681) | 0.4 |
|  RTX Corp | Industrials | (4) | (680) | 0.4 |
|  American Express Co | Financials | (2) | (672) | 0.4 |
|  Merck & Co Inc | Health Care | (5) | (508) | 0.3 |
|  **A basket (JPOSSVHY) of Options** |  |  |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF,<br> 02/20/26 | Options | (9190) | (3860) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF,<br> 02/20/26 | Options | (9190) | (2711) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF,<br> 01/16/26 | Options | (12364) | (989) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF,<br> 01/16/26 | Options | (12364) | (865) | 0.0 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | **Exercise**<br> **Price** | Expiration<br>Date | Number of<br>Contracts | **Notional**<br> **Amount** | Market<br>Value | Premiums Paid<br>(Received)<br>by Fund | Unrealized <br>Appreciation/<br>(Depreciation) |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  CBOE Volatility Index | $23.000 | 01/21/2026 | 1610 | $3703000 | $68425 | $441543 | $(373118) |
|  CBOE Volatility Index | 25.000 | 02/18/2026 | 1420 | 3550000 | 164720 | 456175 | (291455) |
|  CBOE Volatility Index | 22.000 | 03/18/2026 | 1520 | 3344000 | 345800 | 412300 | (66500) |
|  **Total purchased option contracts** |  |  | 4550 | $10597000 | $578945 | $1310018 | $(731073) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5925.000 | 01/02/2026 | (36) | (21330000) | (85) | (2993) | 2908 |
|  Euro Stoxx 50 Index | 5950.000 | 01/09/2026 | (36) | (21420000) | (1862) | (3217) | 1355 |
|  Euro Stoxx 50 Index | 5975.000 | 01/16/2026 | (36) | (21510000) | (4104) | (2189) | (1915) |
|  Euro Stoxx 50 Index | 5950.000 | 01/23/2026 | (36) | (21420000) | (8546) | (4467) | (4079) |
|  FTSE 100 Index | 10050.000 | 01/16/2026 | (5) | (5025000) | (2527) | (1196) | (1331) |
|  FTSE 100 Index | 10100.000 | 01/16/2026 | (3) | (3030000) | (1011) | (335) | (676) |
|  FTSE 100 Index | 10150.000 | 01/16/2026 | (2) | (2030000) | (458) | (473) | 15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 40 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | **Exercise**<br> **Price** | Expiration<br>Date | Number of<br>Contracts | **Notional**<br> **Amount** | **Market**<br> **Value** | Premiums Paid<br>(Received) by<br>Fund | Unrealized<br>Appreciation/<br>(Depreciation) |
|  FTSE 100 Index | $10175.000 | 01/16/2026 | (5) | $(5087500) | $(944) | $(656) | $(288) |
|  FTSE 100 Index | 10200.000 | 01/16/2026 | (7) | (7140000) | (1085) | (1324) | 239 |
|  FTSE 100 Index | 10375.000 | 02/20/2026 | (2) | (2075000) | (727) | (496) | (231) |
|  Nikkei 225 Index | 52500.000 | 01/09/2026 | (3) | (15750000) | (843) | (2509) | 1666 |
|  Nikkei 225 Index | 53875.000 | 01/09/2026 | (5) | (26937500) | (255) | (9837) | 9582 |
|  Nikkei 225 Index | 54500.000 | 01/09/2026 | (7) | (38150000) | (134) | (5242) | 5108 |
|  Nikkei 225 Index | 54500.000 | 02/13/2026 | (1) | (5450000) | (1156) | (1450) | 294 |
|  S&P 500 Index | 7020.000 | 01/02/2026 | (20) | (14040000) | (150) | (1505) | 1355 |
|  S&P 500 Index | 7015.000 | 01/05/2026 | (20) | (14030000) | (100) | (3726) | 3626 |
|  S&P 500 Index | 6990.000 | 01/07/2026 | (20) | (13980000) | (1200) | (3655) | 2455 |
|  S&P 500 Index | 7125.000 | 01/07/2026 | (15) | (10687500) | (75) | (14148) | 14073 |
|  S&P 500 Index | 7050.000 | 01/14/2026 | (15) | (10575000) | (3787) | (15028) | 11241 |
|  S&P 500 Index | 7125.000 | 01/21/2026 | (15) | (10687500) | (3450) | (11571) | 8121 |
|  S&P 500 Index | 7150.000 | 01/28/2026 | (15) | (10725000) | (7275) | (10616) | 3341 |
|  |  |  | (304) | $(281080000) | $(39774) | $(96633) | $56859 |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5525.000 | 01/02/2026 | (72) | (39780000) | (85) | (17255) | 17170 |
|  Euro Stoxx 50 Index | 5525.000 | 01/09/2026 | (71) | (39227500) | (1335) | (15644) | 14309 |
|  Euro Stoxx 50 Index | 5575.000 | 01/16/2026 | (72) | (40140000) | (6685) | (16731) | 10046 |
|  Euro Stoxx 50 Index | 5550.000 | 01/23/2026 | (72) | (39960000) | (10408) | (17536) | 7128 |
|  FTSE 100 Index | 9000.000 | 01/16/2026 | (1) | (900000) | (81) | (863) | 782 |
|  FTSE 100 Index | 9300.000 | 01/16/2026 | (3) | (2790000) | (303) | (1541) | 1238 |
|  FTSE 100 Index | 9400.000 | 01/16/2026 | (7) | (6580000) | (802) | (3893) | 3091 |
|  FTSE 100 Index | 9425.000 | 01/16/2026 | (11) | (10367500) | (1260) | (3660) | 2400 |
|  FTSE 100 Index | 9550.000 | 01/16/2026 | (13) | (12415000) | (2103) | (4118) | 2015 |
|  FTSE 100 Index | 9675.000 | 01/16/2026 | (11) | (10642500) | (2891) | (3556) | 665 |
|  FTSE 100 Index | 9500.000 | 02/20/2026 | (3) | (2850000) | (1779) | (1980) | 201 |
|  Nikkei 225 Index | 43000.000 | 01/09/2026 | (3) | (12900000) | (192) | (13232) | 13040 |
|  Nikkei 225 Index | 44750.000 | 01/09/2026 | (6) | (26850000) | (651) | (12656) | 12005 |
|  Nikkei 225 Index | 46000.000 | 01/09/2026 | (7) | (32200000) | (1296) | (17114) | 15818 |
|  Nikkei 225 Index | 46250.000 | 01/09/2026 | (7) | (32375000) | (1385) | (12605) | 11220 |
|  Nikkei 225 Index | 47000.000 | 01/09/2026 | (8) | (37600000) | (2503) | (17246) | 14743 |
|  Nikkei 225 Index | 44750.000 | 02/13/2026 | (2) | (8950000) | (2949) | (6274) | 3325 |
|  S&P 500 Index | 6845.000 | 01/02/2026 | (39) | (26695500) | (59280) | (36545) | (22735) |
|  S&P 500 Index | 6845.000 | 01/05/2026 | (39) | (26695500) | (87165) | (49654) | (37511) |
|  S&P 500 Index | 6575.000 | 01/07/2026 | (30) | (19725000) | (3000) | (108095) | 105095 |
|  S&P 500 Index | 6805.000 | 01/07/2026 | (39) | (26539500) | (69615) | (41642) | (27973) |
|  S&P 500 Index | 6525.000 | 01/14/2026 | (30) | (19575000) | (18150) | (105030) | 86880 |
|  S&P 500 Index | 6690.000 | 01/21/2026 | (30) | (20070000) | (85800) | (66554) | (19246) |
|  S&P 500 Index | 6675.000 | 01/28/2026 | (30) | (20025000) | (112350) | (92633) | (19717) |
|  |  |  | (606) | $(515853000) | $(472068) | $(666057) | $193989 |
|  **Total written option contracts** |  |  | (910) | $(796933000) | $(511842) | $(762690) | $250848 |
|  **TOTAL** |  |  | 3640 | $(786336000) | $67103 | $547328 | $(480225) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 41

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| HUF | —Hungarian Forint |
| IDR | —Indonesia Rupiah |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PHP | —Philippines Peso |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| ICE | —Inter-Continental Exchange |
| ICE CD ITXEB | —iTraxx Europe Index |
| ICE CD ITXEX | —iTraxx Europe Crossover Index |
| SOFR | —Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 42 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(a)</sup> – 11.3% | Investment Company<sup>(a)</sup> – 11.3% | Investment Company<sup>(a)</sup> – 11.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38242953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.686% | $38242953 |
|  **(Cost $38,242,953)** | **(Cost $38,242,953)** | **(Cost $38,242,953)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount** | Interest<br>Rate | **Maturity**<br> **Date** | Value |
| Short-term Investments<sup>(c)</sup> – 88.7% | Short-term Investments<sup>(c)</sup> – 88.7% | Short-term Investments<sup>(c)</sup> – 88.7% | Short-term Investments<sup>(c)</sup> – 88.7% |
|  **U.S. Treasury Obligations – 88.7%** | **U.S. Treasury Obligations – 88.7%** | **U.S. Treasury Obligations – 88.7%** | **U.S. Treasury Obligations – 88.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills |  |  |
| $67300000 | 0.000%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01/15/26 | $67214020 |
| 36400000 | 0.000<sup>(b)</sup> | 03/24/26 | 36112971 |
| 64400000 | 0.000<sup>(b)</sup> | 04/16/26 | 63744432 |
| 42000000 | 0.000 | 05/28/26 | 41403395 |
| 92100000 | 0.000 | 06/25/26 | 90548355 |
|  **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  **(Cost $298,923,186)** | **(Cost $298,923,186)** | **(Cost $298,923,186)** | $299023173 |
|  **TOTAL INVESTMENTS – 100.0%** | **TOTAL INVESTMENTS – 100.0%** | **TOTAL INVESTMENTS – 100.0%** |  |
|  **(Cost $337,166,139)** | **(Cost $337,166,139)** | **(Cost $337,166,139)** | $337266126 |
|  **LIABILITIES IN EXCESS OF OTHER** | **LIABILITIES IN EXCESS OF OTHER** | **LIABILITIES IN EXCESS OF OTHER** |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (0.0)%** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (0.0)%** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (0.0)%** | (40416) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $337225710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional <br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  Brent Crude | 124 | 03/31/26 | $7479680 | $&nbsp;&nbsp;&nbsp;&nbsp;(431484) |
|  Cocoa | 26 | 03/16/26 | 1576900 | (21087) |
|  Coffee | &nbsp;&nbsp;&nbsp;&nbsp;2 | 05/18/26 | 250013 | (23646) |
|  Copper | 26 | 05/27/26 | 3729700 | 424401 |
|  Corn | 123 | 05/14/26 | 2756737 | (46513) |
|  Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;1 | 05/06/26 | 32800 | (692) |
|  FCOJ-A | &nbsp;&nbsp;&nbsp;&nbsp;3 | 03/11/26 | 90540 | 21716 |
|  Gasoline RBOB | 29 | 04/30/26 | 2396659 | (138746) |
|  Gold | &nbsp;&nbsp;&nbsp;&nbsp;2 | 02/25/26 | 868220 | 61336 |
|  Gold | 45 | 06/26/26 | 19831050 | 505359 |
|  KC HRW Wheat | 25 | 05/14/26 | 660000 | (41555) |
|  Lean Hogs | 22 | 06/12/26 | 905300 | 51403 |
|  Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp;5 | 06/30/26 | 453550 | 14139 |
|  LME Lead | 11 | 01/19/26 | 544660 | (29378) |
|  LME Lead | 11 | 05/18/26 | 559045 | (7478) |
|  LME Lead | 11 | 03/16/26 | 552115 | (3751) |
|  LME Nickel | 20 | 01/19/26 | 1985468 | 125410 |
|  LME Nickel | 20 | 05/18/26 | 2009392 | 177560 |
|  LME Nickel | 20 | 03/16/26 | 1996672 | 141242 |
|  LME Primary Aluminum | 89 | 01/19/26 | 6627830 | 809843 |
|  LME Primary Aluminum | 87 | 05/18/26 | 6536397 | 285033 |
|  LME Primary Aluminum | 89 | 03/16/26 | 6662696 | 825890 |
|  LME Zinc | 27 | 01/19/26 | 2088153 | 222366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 43

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Schedule of Investments (continued)
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional <br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  LME Zinc | 26 | 05/18/26 | $2031029 | $53505 |
|  LME Zinc | 54 | 03/16/26 | 4210542 | 233571 |
|  Low Sulphur Gas Oil | 28 | 05/12/26 | 1694000 | (140576) |
|  Low Sulphur Gas Oil | 23 | 02/12/26 | 1426000 | (78169) |
|  Natural Gas | 42 | 03/27/26 | 1324260 | (387881) |
|  Natural Gas | 242 | 01/28/26 | 8920120 | (2040873) |
|  NY Harbor ULSD | 4 | 04/30/26 | 344232 | (34499) |
|  Palladium | &nbsp;&nbsp;&nbsp;&nbsp;3 | 03/27/26 | 495420 | 70656 |
|  Robusta Coffee 10-T | 36 | 05/22/26 | 1393920 | (219776) |
|  Silver | &nbsp;&nbsp;&nbsp;&nbsp;4 | 03/27/26 | 1412060 | 536068 |
|  Silver | 18 | 05/27/26 | 6407100 | 2025063 |
|  Soybean | 194 | 05/14/26 | 7596350 | (615946) |
|  Soybean Oil | 56 | 03/13/26 | 1631616 | (85297) |
|  Soybean Oil | 46 | 05/14/26 | 1354884 | (48722) |
|  Sugar 11 | 131 | 04/30/26 | 2150915 | 123275 |
|  Wheat | 33 | 05/14/26 | 855525 | (91832) |
|  WTI Crude | 125 | 01/20/26 | 7177500 | (177869) |
|  **Total** |  |  |  | $2042066 |
|  **Short position contracts:** |  |  |  |  |
|  Brent Crude | (12) | 05/29/26 | (722640) | (10337) |
|  Cocoa | (21) | 05/13/26 | (1281420) | (13102) |
|  FCOJ-A | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 05/08/26 | (268785) | (51339) |
|  LME Lead | (11) | 01/19/26 | (544660) | 6382 |
|  LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;(4) | 05/18/26 | (203289) | (2980) |
|  LME Lead | (11) | 03/16/26 | (552115) | 9539 |
|  LME Nickel | (20) | 01/19/26 | (1985468) | (143155) |
|  LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 05/18/26 | (602817) | (39474) |
|  LME Nickel | (20) | 03/16/26 | (1996672) | (179576) |
|  LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;(2) | 06/15/26 | (201478) | (26562) |
|  LME Primary Aluminum | (89) | 01/19/26 | (6627830) | (813148) |
|  LME Primary Aluminum | (89) | 03/16/26 | (6662696) | (292478) |
|  LME Primary Aluminum | (17) | 05/18/26 | (1277227) | (18536) |
|  LME Primary Aluminum | (17) | 06/15/26 | (1278188) | (36442) |
|  LME Zinc | (27) | 01/19/26 | (2088153) | (159934) |
|  LME Zinc | &nbsp;&nbsp;&nbsp;&nbsp;(7) | 05/18/26 | (546816) | (6075) |
|  LME Zinc | (54) | 03/16/26 | (4210542) | (164000) |
|  Natural Gas | (130) | 04/28/26 | (4199000) | 263745 |
|  Soybean | (13) | 03/13/26 | (680875) | 50341 |
|  WTI Crude | (206) | 04/21/26 | (11742000) | 169384 |
|  **Total** |  |  |  | $(1457747) |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $584319 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 44 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 2025, the Fund had the following swap contracts:

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS<sup>#</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/**<br> **Index<sup>(a)</sup>** | **Financing Rate**<br> **Paid/(Received)**<br> **by the Fund** | Counterparty | Termination<br>Date | Notional<br>Amount<br>(000s) | Unrealized<br>Appreciation/<br>(Depreciation)\* |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.11% | Citibank NA | 10/30/26 | $95084 | $(25) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.24 | Citibank NA | 01/30/26 | 2160 | (12) |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | Merrill Lynch International Bank Ltd. | 10/30/26 | 83966 | (23) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.25 | Merrill Lynch International Bank Ltd. | 01/30/26 | 2522 | (11) |
|  CRB 3M Forward Index | 1 mo. U.S. Treasury Bill Rate +0.12 | RBC Dominion Securities, Inc. | 10/30/26 | 29506 | (14) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.29 | RBC Dominion Securities, Inc. | 10/30/26 | 20353 | (32) |
|  CRB Future Index | 1 mo. U.S. Treasury Bill Rate +0.25 | UBS Switzerland AG | 01/30/26 | 27213 | (39) |
|  **TOTAL** |  |  |  |  | $(156) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 45

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Statements of Assets and Liabilities<sup>(a)</sup>
*December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **Commodity<br>Strategy<br>Fund** |
|  Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $3,759,200,176 and $298,923,186, respectively)<sup>(b)</sup>  | $4391657317 | $299023173 |
|  Investments in affiliated issuers, at value (cost $880,394,545 and $38,242,953, respectively) | 880720564 | 38242953 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 50132836 |  |
| Purchased options, at value (premium paid $1,310,018 and $0, respectively) | 578945 |  |
| Cash | 169484314 | 777504 |
| Foreign currencies, at value (cost $780,208 and $0, respectively) | 864159 |  |
| Unrealized gain on swap contracts | 1139455 |  |
| Unrealized gain on forward foreign currency exchange contracts | 2541271 |  |
| Unrealized gain on futures contracts | 8490427 | 2890341 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(c)</sup>  | 119950731 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5824975 | 70147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 3999287 | 145245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 294721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 228488 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 38105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment |  | 1854740 |
| Other assets | 21653 | 44977 |
| **Total assets** | 5635967248 | 343049080 |
|  Liabilities: |  |  |
| Unrealized loss on futures contracts | 8783316 | 1922967 |
| Variation margin on futures contracts | 4374851 | 2032404 |
| Unrealized loss on swap contracts | 2430761 | 156 |
| Unrealized loss on forward foreign currency exchange contracts | 1337788 |  |
| Written option contracts, at value (premium received $762,690 and $0, respectively) | 511842 |  |
| Variation margin on swaps contracts | 151667 |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 50132836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3444818 | 176345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2272150 | 145245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1431490 | 113188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 157079 | 9837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income distributions |  | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable |  | 843045 |
| Accrued expenses | 806863 | 579658 |
| **Total liabilities** | 75835461 | 5823370 |
|  Net Assets: |  |  |
| Paid-in capital | 5058744780 | 356112972 |
| Total distributable earnings (loss) | 501387007 | (18887262) |
| **NET ASSETS** | $5560131787 | $337225710 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $40772042 | $17725176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3876645 | 2503010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 2954477471 | 115286191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 1188110094 | 6386200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1151210971 | 99906372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 805793 | 2106364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 220878771 | 93312397 |
| Total Net Assets | $5560131787 | $337225710 |
| Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3985114 | 2183438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 429540 | 343890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 275791261 | 13909483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 112672513 | 768979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 107688037 | 12015047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 82175 | 267975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 20624693 | 11228871 |
| Net asset value, offering and redemption price per share:<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 10.23 | 8.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 9.03 | 7.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10.71 | 8.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10.54 | 8.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10.69 | 8.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 9.81 | 7.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10.71 | 8.31 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Assets and Liabilities for the Absolute Return Tracker and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes loaned securities having a market value of $48,390,149 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Options** |
|  Absolute Return Tracker Fund | $17745053 | $92970639 | $9235039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Maximum public offering price per share for Class A Shares of the Absolute Return Tracker and Commodity Strategy Funds is $10.83 and $8.50, 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;

#### 46 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Statements of Operations<sup>(a)</sup>
*For the Fiscal Year Ended December 31, 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Absolute Return<br>Tracker Fund** | **Commodity**<br> **Strategy<br>Fund** |
|  Investment Income: |  |  |
|  Dividends — unaffiliated issuers (net of tax withholding of $48,281 and $0, respectively) | $74525302 | $— |
|  Dividends — affiliated issuers | 31975433 | 1142113 |
|  Interest | 10184701 | 13143604 |
|  Securities lending income, net of rebates received or paid to borrowers | 849852 |  |
|  **Total investment income** | 117535288 | 14285717 |
|  Expenses: |  |  |
|  Management fees | 31916692 | 2018634 |
|  Transfer Agency fees<sup>(b)</sup>  | 3067873 | 142231 |
|  Custody, accounting and administrative services | 1189686 | 405240 |
|  Printing and mailing costs | 266000 | 153357 |
|  Professional fees | 245947 | 177333 |
|  Registration fees | 199365 | 102013 |
|  Distribution and Service (12b-1) fees<sup>(b)</sup>  | 136681 | 78205 |
|  Trustee fees | 37137 | 27607 |
|  Prime broker fees | 36754 |  |
|  Service fees — Class C | 10622 | 7063 |
|  Other | 99359 | 30668 |
|  **Total expenses** | 37206116 | 3142351 |
|  Less — expense reductions | (3371498) | (1000465) |
|  **Net expenses** | 33834618 | 2141886 |
|  **NET INVESTMENT INCOME** | 83700670 | 12143831 |
|  Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 75535343 | (281334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (135218) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (266272) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4815396 | 13816221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 5081365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (132906205) | 21326140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3898832) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (577327) |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (6583) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 452768141 | (26594) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (475683) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8425537 | 1611152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 491222 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (15170878) | 4289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (12606317) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 144327 |  |
|  **Net realized and unrealized gain** | 381218016 | 36449874 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $464918686 | $48593705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Operations for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of a wholly-owned subsidiary, Cayman Commodity-ART, LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees |
| **Fund** | **Class A** | **Class C** | **Class R** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class R** | **Class P** |
| Absolute Return Tracker Fund | $100389 | $31867 | $4425 | $60233 | $6373 | $1071276 | $1551869 | $311582 | $1328 | $65212 |
| Commodity Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;46879 | 21191 | 10135 | 22502 | 3391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9397 | &nbsp;&nbsp;&nbsp;&nbsp;29774 | 2433 | 27910 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 47

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Statements of Changes in Net Assets<sup>(a)</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
|  From operations: |  |  |  |  |
|  Net investment income | $83700670 | $120860261 | $12143831 | $18773346 |
|  Net realized gain (loss) | (52351750) | 130946498 | 34861027 | 9629461 |
|  Net change in unrealized gain (loss) | 433569766 | 37711081 | 1588847 | (6654142) |
|  **Net increase in net assets resulting from operations** | 464918686 | 289517840 | 48593705 | 21748665 |
|  Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (758095) | (325780) | (2562910) | (768311) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (75617) | (10241) | (377185) | (100272) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (62272612) | (28655307) | (16786647) | (4886441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (24068592) | (7701454) | (940709) | (436124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (24220140) | (10828863) | (14839195) | (3999527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (13675) | (5911) | (300360) | (75553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4636534) | (2509999) | (13440102) | (4242762) |
|  **Total distributions to shareholders** | (116045265) | (50037555) | (49247108) | (14508990) |
|  From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 1797394003 | 1391875214 | 47642715 | 73209700 |
|  Reinvestment of distributions | 75087797 | 31791028 | 41793305 | 12499133 |
|  Cost of shares redeemed | (1138845750) | (1316487087) | (84652181) | (344365287) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 733636050 | 107179155 | 4783839 | (258656454) |
|  **TOTAL INCREASE (DECREASE)** | 1082509471 | 346659440 | 4130436 | (251416779) |
|  Net assets: |  |  |  |  |
|  Beginning of year | 4477622316 | 4130962876 | 333095274 | 584512053 |
|  End of year | $5560131787 | $4477622316 | $337225710 | $333095274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Changes in Net Assets for the Absolute Return Tracker Fund and Commodity Strategy Fund are consolidated and include the balances of Cayman Commodity-ART LLC and Cayman Commodity-CSF, Ltd., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 48 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.53 | $9.01 | $8.36 | $9.40 | $9.69 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.13 | 0.23 | 0.26 | 0.07 | (0.01) |
|  Net realized and unrealized gain (loss) | 0.76 | 0.37 | 0.61 | (0.69) | 0.59 |
|  Total from investment operations | 0.89 | 0.60 | 0.87 | (0.62) | 0.58 |
|  Distributions to shareholders from net investment income | (0.01) | (0.08) | (0.22) | (0.31) |  |
|  Distributions to shareholders from net realized gains | (0.18) |  |  | (0.11) | (0.87) |
|  Total distributions | (0.19) | (0.08) | (0.22) | (0.42) | (0.87) |
|  Net asset value, end of year | $10.23 | $9.53 | $9.01 | $8.36 | $9.40 |
|  **Total return<sup>(b)</sup>**  | 9.35% | 6.63% | 10.45% | (6.62)% | 6.09% |
|  Net assets, end of year (in 000s) | $40772 | $40435 | $42676 | $41001 | $57882 |
|  Ratio of net expenses to average net assets | 1.01% | 0.99% | 0.97% | 1.00% | 1.04% |
|  Ratio of total expenses to average net assets | 1.08% | 1.07% | 1.09% | 1.09% | 1.09% |
|  Ratio of net investment income (loss) to average net assets | 1.31% | 2.47% | 2.92% | 0.80% | (0.10)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 134% | 179% | 126% | 184% | 133% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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;

#### The accompanying notes are an integral part of these financial statements. 49

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.48 | $8.02 | $7.47 | $8.43 | $8.84 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.05 | 0.14 | 0.17 | 0.00 <sup>(b)</sup> | (0.08) |
|  Net realized and unrealized gain (loss) | 0.68 | 0.34 | 0.54 | (0.61) | 0.54 |
|  Total from investment operations | 0.73 | 0.48 | 0.71 | (0.61) | 0.46 |
|  Distributions to shareholders from net investment income |  | (0.02) | (0.16) | (0.24) |  |
|  Distributions to shareholders from net realized gains | (0.18) |  |  | (0.11) | (0.87) |
|  Total distributions | (0.18) | (0.02) | (0.16) | (0.35) | (0.87) |
|  Net asset value, end of year | $9.03 | $8.48 | $8.02 | $7.47 | $8.43 |
|  **Total return<sup>(c)</sup>**  | 8.44% | 5.97% | 9.45% | (7.23)% | 5.31% |
|  Net assets, end of year (in 000s) | $3877 | $4579 | $4497 | $5574 | $7973 |
|  Ratio of net expenses to average net assets | 1.76% | 1.74% | 1.72% | 1.75% | 1.79% |
|  Ratio of total expenses to average net assets | 1.83% | 1.82% | 1.84% | 1.84% | 1.84% |
|  Ratio of net investment income (loss) to average net assets | 0.52% | 1.71% | 2.12% | 0.06% | (0.84)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 134% | 179% | 126% | 184% | 133% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Amount is less than $0.005 per share.<br> (c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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;

#### 50 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.97 | $9.42 | $8.73 | $9.80 | $10.03 |
|  Net investment income<sup>(a)</sup>  | 0.18 | 0.28 | 0.30 | 0.11 | 0.03 |
|  Net realized and unrealized gain (loss) | 0.79 | 0.38 | 0.65 | (0.72) | 0.61 |
|  Total from investment operations | 0.97 | 0.66 | 0.95 | (0.61) | 0.64 |
|  Distributions to shareholders from net investment income | (0.05) | (0.11) | (0.26) | (0.35) |  |
|  Distributions to shareholders from net realized gains | (0.18) |  |  | (0.11) | (0.87) |
|  Total distributions | (0.23) | (0.11) | (0.26) | (0.46) | (0.87) |
|  Net asset value, end of year | $10.71 | $9.97 | $9.42 | $8.73 | $9.80 |
|  **Total return<sup>(b)</sup>**  | 9.71% | 7.04% | 10.83% | (6.27)% | 6.48% |
|  Net assets, end of year (in 000s) | $2954477 | $2526607 | $2553196 | $2795272 | $2955943 |
|  Ratio of net expenses to average net assets | 0.65% | 0.63% | 0.61% | 0.63% | 0.68% |
|  Ratio of total expenses to average net assets | 0.72% | 0.71% | 0.72% | 0.72% | 0.72% |
|  Ratio of net investment income to average net assets | 1.69% | 2.83% | 3.25% | 1.23% | 0.30% |
|  Portfolio turnover rate<sup>(c)</sup>  | 134% | 179% | 126% | 184% | 133% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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;

#### The accompanying notes are an integral part of these financial statements. 51

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.82 | $9.28 | $8.61 | $9.67 | $9.92 |
|  Net investment income<sup>(a)</sup>  | 0.16 | 0.26 | 0.30 | 0.10 | 0.02 |
|  Net realized and unrealized gain (loss) | 0.78 | 0.38 | 0.62 | (0.71) | 0.60 |
|  Total from investment operations | 0.94 | 0.64 | 0.92 | (0.61) | 0.62 |
|  Distributions to shareholders from net investment income | (0.04) | (0.10) | (0.25) | (0.34) |  |
|  Distributions to shareholders from net realized gains | (0.18) |  |  | (0.11) | (0.87) |
|  Total distributions | (0.22) | (0.10) | (0.25) | (0.45) | (0.87) |
|  Net asset value, end of year | $10.54 | $9.82 | $9.28 | $8.61 | $9.67 |
|  **Total return<sup>(b)</sup>**  | 9.55% | 6.93% | 10.68% | (6.37)% | 6.35% |
|  Net assets, end of year (in 000s) | $1188110 | $741396 | $581118 | $248085 | $243761 |
|  Ratio of net expenses to average net assets | 0.76% | 0.74% | 0.72% | 0.75% | 0.79% |
|  Ratio of total expenses to average net assets | 0.83% | 0.82% | 0.83% | 0.84% | 0.84% |
|  Ratio of net investment income to average net assets | 1.60% | 2.72% | 3.31% | 1.12% | 0.16% |
|  Portfolio turnover rate<sup>(c)</sup>  | 134% | 179% | 126% | 184% | 133% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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;

#### 52 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.95 | $9.40 | $8.72 | $9.78 | $10.02 |
|  Net investment income<sup>(a)</sup>  | 0.18 | 0.28 | 0.33 | 0.11 | 0.05 |
|  Net realized and unrealized gain (loss) | 0.79 | 0.38 | 0.61 | (0.71) | 0.58 |
|  Total from investment operations | 0.97 | 0.66 | 0.94 | (0.60) | 0.63 |
|  Distributions to shareholders from net investment income | (0.05) | (0.11) | (0.26) | (0.35) |  |
|  Distributions to shareholders from net realized gains | (0.18) |  |  | (0.11) | (0.87) |
|  Total distributions | (0.23) | (0.11) | (0.26) | (0.46) | (0.87) |
|  Net asset value, end of year | $10.69 | $9.95 | $9.40 | $8.72 | $9.78 |
|  **Total return<sup>(b)</sup>**  | 9.74% | 7.07% | 10.74% | (6.17)% | 6.38% |
|  Net assets, end of year (in 000s) | $1151211 | $942520 | $728607 | $169335 | $153588 |
|  Ratio of net expenses to average net assets | 0.64% | 0.62% | 0.60% | 0.62% | 0.66% |
|  Ratio of total expenses to average net assets | 0.71% | 0.70% | 0.71% | 0.71% | 0.70% |
|  Ratio of net investment income to average net assets | 1.70% | 2.84% | 3.54% | 1.23% | 0.51% |
|  Portfolio turnover rate<sup>(c)</sup>  | 134% | 179% | 126% | 184% | 133% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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;

#### The accompanying notes are an integral part of these financial statements. 53

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.15 | $8.66 | $8.04 | $9.06 | $9.40 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.10 | 0.20 | 0.22 | 0.05 | (0.03) |
|  Net realized and unrealized gain (loss) | 0.74 | 0.35 | 0.59 | (0.66) | 0.56 |
|  Total from investment operations | 0.84 | 0.55 | 0.81 | (0.61) | 0.53 |
|  Distributions to shareholders from net investment income |  | (0.06) | (0.19) | (0.30) |  |
|  Distributions to shareholders from net realized gains | (0.18) |  |  | (0.11) | (0.87) |
|  Total distributions | (0.18) | (0.06) | (0.19) | (0.41) | (0.87) |
|  Net asset value, end of year | $9.81 | $9.15 | $8.66 | $8.04 | $9.06 |
|  **Total return<sup>(b)</sup>**  | 9.13% | 6.40% | 10.11% | (6.79)% | 5.73% |
|  Net assets, end of year (in 000s) | $806 | $854 | $787 | $1486 | $1536 |
|  Ratio of net expenses to average net assets | 1.26% | 1.24% | 1.22% | 1.25% | 1.29% |
|  Ratio of total expenses to average net assets | 1.33% | 1.32% | 1.34% | 1.34% | 1.34% |
|  Ratio of net investment income (loss) to average net assets | 1.03% | 2.26% | 2.63% | 0.60% | (0.33)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 134% | 179% | 126% | 184% | 133% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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;

#### 54 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ABSOLUTE RETURN TRACKER FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** | **Absolute Return Tracker Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $9.97 | $9.41 | $8.73 | $9.79 | $10.02 |
|  Net investment income<sup>(a)</sup>  | 0.17 | 0.28 | 0.30 | 0.11 | 0.03 |
|  Net realized and unrealized gain (loss) | 0.80 | 0.39 | 0.64 | (0.71) | 0.61 |
|  Total from investment operations | 0.97 | 0.67 | 0.94 | (0.60) | 0.64 |
|  Distributions to shareholders from net investment income | (0.05) | (0.11) | (0.26) | (0.35) |  |
|  Distributions to shareholders from net realized gains | (0.18) |  |  | (0.11) | (0.87) |
|  Total distributions | (0.23) | (0.11) | (0.26) | (0.46) | (0.87) |
|  Net asset value, end of year | $10.71 | $9.97 | $9.41 | $8.73 | $9.79 |
|  **Total return<sup>(b)</sup>**  | 9.71% | 7.17% | 10.72% | (6.16)% | 6.48% |
|  Net assets, end of year (in 000s) | $220879 | $221231 | $220082 | $222431 | $245233 |
|  Ratio of net expenses to average net assets | 0.64% | 0.62% | 0.60% | 0.62% | 0.66% |
|  Ratio of total expenses to average net assets | 0.71% | 0.70% | 0.71% | 0.71% | 0.71% |
|  Ratio of net investment income to average net assets | 1.67% | 2.83% | 3.28% | 1.23% | 0.33% |
|  Portfolio turnover rate<sup>(c)</sup>  | 134% | 179% | 126% | 184% | 133% |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (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;

#### The accompanying notes are an integral part of these financial statements. 55

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.19 | $8.06 | $9.30 | $8.90 | $7.79 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.29 | 0.35 | 0.34 | 0.05 | (0.09) |
|  Net realized and unrealized gain (loss) | 0.94 | 0.09 | (1.27) | 1.32 | 2.67 |
|  Total from investment operations | 1.23 | 0.44 | (0.93) | 1.37 | 2.58 |
|  Distributions to shareholders from net investment income | (1.30) | (0.31) | (0.31) | (0.97) | (1.47) |
|  Net asset value, end of year | $8.12 | $8.19 | $8.06 | $9.30 | $8.90 |
|  **Total return<sup>(b)</sup>**  | 14.90% | 5.50% | (9.95)% | 15.36% | 33.03% |
|  Net assets, end of year (in 000s) | $17725 | $19298 | $22253 | $35334 | $40183 |
|  Ratio of net expenses to average net assets | 0.93% | 0.94% | 0.94% | 0.92% | 0.92% |
|  Ratio of total expenses to average net assets | 1.13% | 1.04% | 1.01% | 0.95% | 1.08% |
|  Ratio of net investment income (loss) to average net assets | 3.26% | 4.24% | 4.00% | 0.50% | (0.90)% |
|  Portfolio turnover rate<sup>(c)</sup>  | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | 83%<sup>(d)</sup> |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 56 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.46 | $7.37 | $8.52 | $8.25 | $7.32 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.20 | 0.26 | 0.26 | (0.01) | (0.15) |
|  Net realized and unrealized gain (loss) | 0.86 | 0.08 | (1.16) | 1.21 | 2.50 |
|  Total from investment operations | 1.06 | 0.34 | (0.90) | 1.20 | 2.35 |
|  Distributions to shareholders from net investment income | (1.24) | (0.25) | (0.25) | (0.93) | (1.42) |
|  Net asset value, end of year | $7.28 | $7.46 | $7.37 | $8.52 | $8.25 |
|  **Total return<sup>(b)</sup>**  | 14.02% | 4.68% | (10.58)% | 14.51% | 32.04% |
|  Net assets, end of year (in 000s) | $2503 | $2812 | $3496 | $6197 | $3125 |
|  Ratio of net expenses to average net assets | 1.68% | 1.69% | 1.69% | 1.67% | 1.67% |
|  Ratio of total expenses to average net assets | 1.88% | 1.78% | 1.76% | 1.70% | 1.83% |
|  Ratio of net investment income (loss) to average net assets | 2.51% | 3.50% | 3.25% | (0.05)% | (1.65)% |
|  Portfolio turnover rate<sup>(c)</sup>  | —<sup></sup> %<sup>(d)</sup> | —<sup></sup> %<sup>(d)</sup> | — %<sup>(d)</sup> | —<sup></sup> %<sup>(d)</sup> | 83%<sup>(d)</sup> |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 57

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.34 | $8.20 | $9.46 | $9.04 | $7.88 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.32 | 0.38 | 0.38 | 0.11 | (0.06) |
|  Net realized and unrealized gain (loss) | 0.96 | 0.10 | (1.30) | 1.32 | 2.71 |
|  Total from investment operations | 1.28 | 0.48 | (0.92) | 1.43 | 2.65 |
|  Distributions to shareholders from net investment income | (1.33) | (0.34) | (0.34) | (1.01) | (1.49) |
|  Net asset value, end of year | $8.29 | $8.34 | $8.20 | $9.46 | $9.04 |
|  **Total return<sup>(b)</sup>**  | 15.26% | 5.88% | (9.65)% | 15.75% | 33.52% |
|  Net assets, end of year (in 000s) | $115286 | $116126 | $253289 | $339164 | $206782 |
|  Ratio of net expenses to average net assets | 0.60% | 0.61% | 0.61% | 0.59% | 0.59% |
|  Ratio of total expenses to average net assets | 0.80% | 0.70% | 0.68% | 0.62% | 0.75% |
|  Ratio of net investment income (loss) to average net assets | 3.59% | 4.60% | 4.36% | 1.04% | (0.57)% |
|  Portfolio turnover rate<sup>(c)</sup>  | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | 83%<sup>(d)</sup> |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 58 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.35 | $8.21 | $9.47 | $9.04 | $7.89 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.31 | 0.38 | 0.36 | 0.11 | (0.07) |
|  Net realized and unrealized gain (loss) | 0.97 | 0.09 | (1.29) | 1.32 | 2.71 |
|  Total from investment operations | 1.28 | 0.47 | (0.93) | 1.43 | 2.64 |
|  Distributions to shareholders from net investment income | (1.33) | (0.33) | (0.33) | (1.00) | (1.49) |
|  Net asset value, end of year | $8.30 | $8.35 | $8.21 | $9.47 | $9.04 |
|  **Total return<sup>(b)</sup>**  | 15.12% | 5.76% | (9.78)% | 15.79% | 33.33% |
|  Net assets, end of year (in 000s) | $6386 | $9042 | $22575 | $115918 | $33337 |
|  Ratio of net expenses to average net assets | 0.68% | 0.69% | 0.69% | 0.67% | 0.67% |
|  Ratio of total expenses to average net assets | 0.88% | 0.78% | 0.75% | 0.70% | 0.81% |
|  Ratio of net investment income (loss) to average net assets | 3.52% | 4.53% | 4.14% | 1.01% | (0.66)% |
|  Portfolio turnover rate<sup>(c)</sup>  | —<sup></sup> %<sup>(d)</sup> | —<sup></sup> %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | 83%<sup>(d)</sup> |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 59

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.36 | $8.22 | $9.49 | $9.06 | $7.90 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.32 | 0.39 | 0.38 | 0.12 | (0.05) |
|  Net realized and unrealized gain (loss) | 0.97 | 0.09 | (1.30) | 1.32 | 2.70 |
|  Total from investment operations | 1.29 | 0.48 | (0.92) | 1.44 | 2.65 |
|  Distributions to shareholders from net investment income | (1.33) | (0.34) | (0.35) | (1.01) | (1.49) |
|  Net asset value, end of year | $8.32 | $8.36 | $8.22 | $9.49 | $9.06 |
|  **Total return<sup>(b)</sup>**  | 15.35% | 5.87% | (9.71)% | 15.84% | 33.44% |
|  Net assets, end of year (in 000s) | $99906 | $93669 | $117106 | $155511 | $94836 |
|  Ratio of net expenses to average net assets | 0.59% | 0.60% | 0.60% | 0.58% | 0.58% |
|  Ratio of total expenses to average net assets | 0.79% | 0.69% | 0.67% | 0.61% | 0.75% |
|  Ratio of net investment income (loss) to average net assets | 3.60% | 4.59% | 4.36% | 1.14% | (0.55)% |
|  Portfolio turnover rate<sup>(c)</sup>  | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | 83%<sup>(d)</sup> |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 60 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.97 | $7.85 | $9.07 | $8.71 | $7.64 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.26 | 0.32 | 0.31 | 0.04 | (0.11) |
|  Net realized and unrealized gain (loss) | 0.91 | 0.09 | (1.24) | 1.27 | 2.62 |
|  Total from investment operations | 1.17 | 0.41 | (0.93) | 1.31 | 2.51 |
|  Distributions to shareholders from net investment income | (1.28) | (0.29) | (0.29) | (0.95) | (1.44) |
|  Net asset value, end of year | $7.86 | $7.97 | $7.85 | $9.07 | $8.71 |
|  **Total return<sup>(b)</sup>**  | 14.57% | 5.26% | (10.19)% | 15.07% | 32.73% |
|  Net assets, end of year (in 000s) | $2106 | $1994 | $2630 | $4208 | $3271 |
|  Ratio of net expenses to average net assets | 1.18% | 1.19% | 1.19% | 1.17% | 1.17% |
|  Ratio of total expenses to average net assets | 1.38% | 1.28% | 1.26% | 1.20% | 1.33% |
|  Ratio of net investment income (loss) to average net assets | 3.01% | 4.00% | 3.77% | 0.33% | (1.15)% |
|  Portfolio turnover rate<sup>(c)</sup>  | —<sup></sup> %<sup>(d)</sup> | —<sup></sup> %<sup>(d)</sup> | — %<sup>(d)</sup> | —<sup></sup> %<sup>(d)</sup> | 83%<sup>(d)</sup> |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### The accompanying notes are an integral part of these financial statements. 61

------

GOLDMAN SACHS COMMODITY STRATEGY FUND

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Financial Highlights (continued)
*Selected Share Data for a Share Outstanding Throughout Each Year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** | **Commodity Strategy Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $8.36 | $8.22 | $9.49 | $9.06 | $7.90 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.32 | 0.39 | 0.38 | 0.12 | (0.06) |
|  Net realized and unrealized gain (loss) | 0.96 | 0.09 | (1.30) | 1.32 | 2.71 |
|  Total from investment operations | 1.28 | 0.48 | (0.92) | 1.44 | 2.65 |
|  Distributions to shareholders from net investment income | (1.33) | (0.34) | (0.35) | (1.01) | (1.49) |
|  Net asset value, end of year | $8.31 | $8.36 | $8.22 | $9.49 | $9.06 |
|  **Total return<sup>(b)</sup>**  | 15.23% | 5.88% | (9.72)% | 15.84% | 33.46% |
|  Net assets, end of year (in 000s) | $93312 | $90155 | $163164 | $299911 | $139858 |
|  Ratio of net expenses to average net assets | 0.59% | 0.60% | 0.60% | 0.58% | 0.58% |
|  Ratio of total expenses to average net assets | 0.79% | 0.69% | 0.67% | 0.61% | 0.72% |
|  Ratio of net investment income (loss) to average net assets | 3.60% | 4.60% | 4.34% | 1.04% | (0.57)% |
|  Portfolio turnover rate<sup>(c)</sup>  | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | 83%<sup>(d)</sup> |
| (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. | (a) Calculated based on the average shares outstanding methodology.<br> (b) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.<br> (c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.<br> (d) There were either no long-term purchases or no long-term sales for the fiscal years ended December 31, 2025, December 31, 2024, December 31, 2023 and December 31, 2022, respectively. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 62 The accompanying notes are an integral part of these financial statements.

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements
*December 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;

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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Share Classes Offered | **Diversified/** <br> **Non-diversified** |
| Goldman Sachs Absolute Return Tracker Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Commodity Strategy Fund | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares of the Absolute Return Tracker Fund are sold with a front-end sales charge of up to 5.50%. Class A Shares of the Commodity Strategy Fund are sold with a front-end sales charge of up to 4.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement") with the Trust. Core Commodity Management, LLC ("Core Commodity" or the "Sub-Adviser") serves as a sub-adviser to the Commodity Strategy Fund. GSAM compensates the Sub-Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Commodity Strategy Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Basis of Consolidation for Absolute Return Tracker Fund and Commodity Strategy Fund — Cayman Commodity-ART, LLC., and Cayman Commodity-CSF, LTD., (each a "Subsidiary" and collectively, the "Subsidiaries"), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Absolute Return Tracker and Commodity Strategy Funds, respectively. The Subsidiaries act as investment vehicles for the Funds to enable the Funds to gain exposure to certain types of commodity-linked derivative instruments. The Funds are the sole shareholders of the Subsidiaries, and it is intended that each Fund will remain the sole shareholder and will continue to control its respective Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation.

As of December 31, 2025, the Fund and Subsidiary net assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Fund Net Assets | Subsidiary Net Assets | % Represented by Subsidiary's Net Assets |
|  Goldman Sachs Absolute Return Tracker Fund | $5560131787 | $136231877 | 2.5% |
|  Goldman Sachs Commodity Strategy Fund | 337225710 | &nbsp;&nbsp;&nbsp;&nbsp;63612017 | 19.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;C. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 63

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Consolidated Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Consolidated Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

&nbsp;&nbsp;&nbsp;&nbsp;D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

&nbsp;&nbsp;&nbsp;&nbsp;E. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | **Income Distributions**<br> **Declared/Paid** | Capital Gains Distributions Declared/Paid |
| Absolute Return Tracker Fund | Annually | Annually |
| Commodity Strategy Fund | Semi-Annually | Annually |

---

The Subsidiaries are classified as controlled foreign corporations under the Code. Therefore, the Funds are required to increase their taxable income by their share of their Subsidiaries' income. Net losses of a Subsidiary cannot be deducted by the Funds in the current period nor carried forward to offset taxable income in future periods. Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;F. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 64

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the 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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Consolidated Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Consolidated Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 66

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67

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GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A *total return swap* is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2025:

#### ABSOLUTE RETURN TRACKER FUND

---

| | | | |
|:---|:---|:---|:---|
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $1365525 | $91730 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 204395 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 13028584 | 153289 | 158630 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2440875454 | 14627 | 20722 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 386754 |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 397144885 |  |  |
|  Securities Lending Reinvestment Vehicle | 50132836 |  |  |
|  Exchange Traded Funds | 1711726452 |  |  |
|  Investment Company | 707206834 |  |  |
|  **Total** | $5322071719 | $259646 | $179352 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 68

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

#### ABSOLUTE RETURN TRACKER FUND (continued)

---

| | | | |
|:---|:---|:---|:---|
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup>  | $— | $2541271 | $— |
|  Futures Contracts<sup>(b)</sup>  | 27292575 |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup>  |  | 2924121 |  |
|  Total Return Swap Contracts<sup>(b)</sup>  |  | 1139455 |  |
|  Purchased Option Contracts | 578945 |  |  |
|  **Total** | $27871520 | $6604847 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup>  | $— | $(1337788) | $— |
|  Futures Contracts<sup>(b)</sup>  | (13777608) |  |  |
|  Total Return Swap Contracts<sup>(b)</sup>  |  | (2430761) |  |
|  Written Option Contracts | (511842) |  |  |
|  **Total** | $(14289450) | $(3768549) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) as of fiscal year-end.

#### COMMODITY STRATEGY FUND

---

| | | | |
|:---|:---|:---|:---|
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Investment Company | $38242953 | $— | $— |
|  Short-term Investments | 299023173 |  |  |
|  **Total** | $337266126 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>**  |  |  |  |
|  Futures Contracts | $7207227 | $— | $— |
|  **Liabilities<sup>(a)</sup>**  |  |  |  |
|  Futures Contracts | $(6622908) | $— | $— |
|  Total Return Swap Contracts |  | (156) |  |
|  **Total** | $(6622908) | $(156) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) as of fiscal year-end.

For further information regarding security characteristics, see the Consolidated Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69

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GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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> 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 December 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.

#### Absolute Return Tracker Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | **Consolidated Statements of Assets and**<br> **Liabilities** | Assets | **Consolidated Statements of Assets and**<br> **Liabilities** | Liabilities |
|  Commodity | Unrealized gains on futures contracts; Variation margin on futures contracts | $12826164 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized losses on futures contracts; Variation margin on futures contracts | $(9917109)<sup>(a)</sup> |
|  Credit | Variation margin on swap contracts | 2924121 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  |
|  Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 2541271 | &nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on forward foreign currency exchange contracts; Variation margin on futures contracts | (1432961) |
|  Equity | Receivable for unrealized gain on swap contracts; Variation margin on futures contracts; Purchased options, at value | 14898283 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Written options, at value | (4130890)<sup>(a)(b)</sup> |
|  Interest rate | Variation margin on futures contracts | 1286528 <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | (2577039)<sup>(a)</sup> |
|  **Total** |  | $34476367 |  | $(18057999) |

---

#### Commodity Strategy Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Risk | **Consolidated Statements of Assets and Liabilities** | Assets | Consolidated Statements of Assets and Liabilities | Liabilities |
|  Commodity | Unrealized gains on futures contracts;<br>Variation margin on futures contracts | $7207227 <sup>(a)</sup> | Unrealized losses on futures contracts;<br>Variation margin on futures contracts | $(6622908)<sup>(a)</sup> |
|  Equity |  |  | Payable for unrealized loss on swap 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;(156)<sup>(b)</sup> |
|  **Total** |  | $7207227 |  | $(6623064) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures and centrally cleared swaps described in the Additional Investment Information sections of the the Consolidated Schedules of Investments. Only the variation margin as of December 31, 2025, is reported within the Consolidated Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate of amounts include $2,430,761 for Absolute Return Tracker Fund and $156 for the Commodity Strategy Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their "right to terminate" provisions based on, among others, the Fund's performance, their failure to pay on their obligations or failure to pledge collateral. Such amount does not include incremental charges directly associated with the close-out of the agreements. It also does not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 70

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 4 . INVESTMENTS IN DERIVATIVES (continued)

gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Consolidated Statements of Operations:

#### Absolute Return Tracker Fund

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Consolidated Statements of Operations | Net Realized Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
|  Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $(2855337) | $5470304 |
|  Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 18837254 | 1771643 |
|  Currency | Net realized gain (loss) from forward foreign currency exchange contracts and futures contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts and futures contracts | (6269990) | (12701490) |
|  Equity | Net realized gain (loss) from futures contracts, swap contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options | (109096372) | (13482696) |
|  Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (27790103) | (393880) |
|  **Total** |  | $(127174548) | $(19336119) |

---

#### Commodity Strategy Fund

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Consolidated Statements of Operations | Net Realized Gain (Loss) | Net<br>Change in<br>Unrealized<br>Gain (Loss) |
|  Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $13816221 | $1611152 |
|  Equity | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 21326140 | 4289 |
|  **Total** |  | $35142361 | $1615441 |

---

For the fiscal year ended December 31, 2025, the relevant values for each derivative type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> |
| Fund | Futures<br>Contracts | Forward<br>Contracts | Swap<br>Agreements | Purchased<br>Options | Written<br>Options |
|  Absolute Return Tracker Fund | 26471 | $653123592 | $2531655458 | 410500 | 44547 |
|  Commodity Strategy Fund | 3102 |  | 233781208 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended December 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; 71

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### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 31, 2025* 

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5 . AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended December 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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | First<br>$1 billion | Next<br>$1 billion | Next<br>$3 billion | Next<br>$3 billion | Over<br>$8 billion | Effective Rate | **Effective Net**<br> **Management<br>Rate<sup>^(a)</sup>** |
|  Absolute Return Tracker Fund | 0.70% | 0.63% | 0.60% | 0.59% | 0.53% | 0.63% | 0.60% |
|  Commodity Strategy Fund | 0.50 | 0.50 | 0.45 | 0.43 | 0.42 | 0.50 | 0.49 |

---

^ Effective Net Management Rate includes of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement (as defined below) after waivers.

GSAM also provides management services to the Subsidiaries pursuant to a Subsidiary Management Agreement (the "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of each Subsidiary's average daily net assets. In consideration of the Subsidiaries' management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of each Fund's management fee in an amount equal to the management fee accrued and paid to GSAM by each Subsidiary under the Subsidiary Agreement. For the fiscal year ended December 31, 2025, GSAM waived $547,418 and $314,754 of each Fund's management fee for the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended December 31, 2025, the management fee waived by GSAM was for each Fund as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Management<br>Fee Waived |
|  Absolute Return Tracker Fund | $1487347 |
|  Commodity Strategy Fund | 44425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A, Class C and Class R Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A, Class C or Class R Shares of the Funds, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 72

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5 . AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Distribution and/or Service Plan Rates | Distribution and/or Service Plan Rates | Distribution and/or Service Plan Rates |
|  | Class A\* | Class C | Class R\* |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended December 31, 2025, Goldman Sachs did not retain any of the Class C Shares' CDSC. During the fiscal year ended December 31, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | Front End<br>Sales Charge |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Class A |
|  Absolute Return Tracker Fund | $3876 |
|  Commodity Strategy Fund | 1211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service Plan — The Trust, on behalf of each Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Absolute Return Tracker Fund; 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares of the Commodity Strategy Fund; 0.03% of the average daily net assets of Class R6 and P Shares; and 0.04% of the average daily net assets of Institutional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds are 0.014% and 0.074%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above. The Subsidiaries also pay certain other expenses, including service and custody fees. GSAM has agreed to reduce or limit each Subsidiary's expenses (excluding management fees) to 0.004% of the Subsidiary's average daily net assets for the Absolute Return Tracker and Commodity Strategy Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

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### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Management<br>Fee Waiver | Transfer Agency<br>Waivers/Credits | **Other**<br> **Expense<br>Reimbursements** | Total<br>Expense<br>Reductions |
|  Absolute Return Tracker Fund | $2034765 | $6418 | $1330315 | $3371498 |
|  Commodity Strategy Fund | 359179 | 240 | 641046 | 1000465 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 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 December 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 December 31, 2025, Goldman Sachs earned $450,195 and $0 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Absolute Return Tracker and Commodity Strategy Funds, respectively.

The table below shows the transactions in and earnings from investments in the Underlying Fund for the fiscal year ended December 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Underlying Fund | Beginning<br>Value as of<br>December 31,<br>2024 | Purchases at<br>Cost | Proceeds<br>from Sales | Realized<br>Gain (Loss) | Change In<br>Unrealized<br>Gain (Loss) | Ending<br>Value as of<br>December 31,<br>2025 | Shares as of<br>December 31,<br>2025 | Dividend<br>Income |
|  Absolute Return Tracker Fund | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF | $75573576 | $111943194 | $(13861239) | $(135218) | $(6583) | $173513730 | 3427100 | $5647441 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 486231739 | 4092362972 | (3871387877) |  |  | 707206834 | 707206834 | 26327992 |
|  Commodity Strategy Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 11079291 | 263624204 | (236460542) |  |  | 38242953 | 38242953 | 1142113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 74

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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;

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases (Excluding<br>U.S. Government and<br>Agency Obligations) | Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations) |
|  Absolute Return Tracker Fund | $5275124175 | $5188687513 |

---

For the fiscal year ended December 31, 2025, there were no purchases and proceeds from sales and maturities of long-term securities for the Commodity Strategy Fund.

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Absolute Return Tracker Fund may lend its securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Fund's securities lending procedures, the Fund receives cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Fund, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Consolidated Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Absolute Return Tracker Fund invests the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Fund whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund's master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Fund's loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund's overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Consolidated Statements of Assets and Liabilities, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75

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### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

7. SECURITIES LENDING (continued)

Both the Absolute Return Tracker Fund and GSAL received compensation relating to the lending of the Fund's securities. The amounts earned, if any, by the Fund for the fiscal year ended December 31, 2025, are reported under Investment Income on the Consolidated Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:

---

| | | | |
|:---|:---|:---|:---|
|  | For the Fiscal Year Ended December 31, 2025 | For the Fiscal Year Ended December 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;Fund | **Earnings of GSAL<br>Relating to<br>Securities**<br> **Loaned** | Amounts Received by<br>the Fund<br>from Lending to<br>Goldman Sachs | Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>December 31, 2025 |
|  Absolute Return Tracker Fund | $83682 | $896265 | $208971 |

---

The following table provides information about the Absolute Return Tracker Fund's investments in the Government Money Market Fund for the fiscal year ended December 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;Fund | Beginning<br>Value as of<br>December 31, 2024 | Purchases<br>at cost | Proceeds<br>from Sales | **Ending**<br> **Value as of<br>December 31, 2025** | Shares as of<br>December 31, 2025 |
|  Absolute Return Tracker Fund | $23455375 | $1720310930 | $(1693633469) | $50132836 | 50132836 |

---

8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | Absolute Return<br>Tracker Fund | Commodity<br>Strategy Fund |
|  Distributions paid from: |  |  |
|  Ordinary income | $116045265 | $49247108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $116045265 | $49247108 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | Absolute Return<br>Tracker Fund | Commodity<br>Strategy Fund |
|  Distributions paid from: |  |  |
|  Ordinary income | $50037555 | $14508990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $50037555 | $14508990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 76

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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 December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | Absolute Return<br>Tracker Fund | Commodity<br>Strategy Fund |
|  Undistributed ordinary income — net | $26135068 | $1416335 |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term |  | (3114668) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (18256290) |
|  Total capital loss carryforwards |  | (21370958) |
|  Timing differences (Real Estate Investment Trusts and Straddle Loss Deferral) | $(89548538) | $— |
|  Unrealized gains (loss) — net | 564800477 | 1067361 |
|  Total accumulated earnings (loss) net | $501387007 | $(18887262) |

---

As of December 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | Absolute Return<br>Tracker Fund | Commodity<br>Strategy Fund |
|  Tax Cost | $4770738523 | $336782928 |
|  Gross unrealized gain | 632099788 | 1067361 |
|  Gross unrealized loss | (67299311) |  |
|  Net unrealized gain | $564800477 | $1067361 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments, swap transactions, and underlying fund investments.

The Absolute Return Tracker and Commodity Strategy Funds reclassed $2,396,890 and 5,414,889, respectively, from paid in capital to distributable earnings for the year ending December 31, 2025. In order to present certain components of the Funds' capital accounts on a tax-basis,certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from 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.

9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77

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### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

9. OTHER RISKS (continued)

which the Subsidiaries enter into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiaries', and therefore the Funds', share values to fluctuate.

Derivatives Risk — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 78

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. OTHER RISKS (continued)

investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Subsidiary Risk — The Subsidiaries are not registered under the Act and are not subject to all the investor protections of the Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Funds and/or the Subsidiaries to operate as described in the Prospectus and the SAI and could adversely affect the Funds.

Tax Risk — The Funds seek to gain exposure to the commodity markets through investments in the Subsidiaries. The tax treatment of the Funds' investments in the Subsidiaries could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Funds' taxable income or any gains and distributions made by the Funds. If the IRS were to successfully assert that a Fund's income from such investments was not "qualifying income," the Funds may fail to qualify as regulated investment companies ("RIC") under Subchapter M of the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

9. OTHER RISKS (continued)

Code if over 10% of their gross income was derived from these investments. If the Funds failed to qualify as RICs, they would be subject to federal and state income tax on all of their taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

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.

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;

#### 80

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Absolute Return Tracker Fund | Absolute Return Tracker Fund | Absolute Return Tracker Fund | Absolute Return Tracker Fund |
|  | For the Fiscal Year Ended<br>December 31, 2025 | For the Fiscal Year Ended<br>December 31, 2025 | For the Fiscal Year Ended<br>December 31, 2024 | For the Fiscal Year Ended<br>December 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1426522 | $14129870 | 1903364 | $17779659 |
|  Reinvestment of distributions | 67771 | 694708 | 31100 | 296692 |
|  Shares redeemed | (1749963) | (17324524) | (2432292) | (22805394) |
|  | (255670) | (2499946) | (497828) | (4729043) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 146118 | 1288460 | 201235 | 1676190 |
|  Reinvestment of distributions | 5784 | 52226 | 901 | 7643 |
|  Shares redeemed | (262390) | (2297258) | (222574) | (1845114) |
|  | (110488) | (956572) | (20438) | (161281) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 78531508 | 817665372 | 72186420 | 708967973 |
|  Reinvestment of distributions | 3913439 | 42121262 | 2004720 | 19987067 |
|  Shares redeemed | (60016420) | (618893098) | (91950023) | (901286511) |
|  | 22428527 | 240893536 | (17758883) | (172331471) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 58853941 | 595118845 | 31022149 | 299487491 |
|  Reinvestment of distributions | 2272011 | 24051595 | 783417 | 7693150 |
|  Shares redeemed | (23939697) | (242922319) | (18954413) | (183577234) |
|  | 37186255 | 376248121 | 12851153 | 123603407 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 34095578 | 353018741 | 33913557 | 334359828 |
|  Reinvestment of distributions | 327448 | 3517797 | 129705 | 1290566 |
|  Shares redeemed | (21441918) | (220833754) | (16854738) | (163541015) |
|  | 12981108 | 135702784 | 17188524 | 172109379 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 27003 | 253837 | 26126 | 238217 |
|  Reinvestment of distributions | 1394 | 13675 | 646 | 5911 |
|  Shares redeemed | (39478) | (376569) | (24460) | (217708) |
|  | (11081) | (109057) | 2312 | 26420 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1516044 | 15918878 | 3008783 | 29365856 |
|  Reinvestment of distributions | 430787 | 4636534 | 251755 | 2509999 |
|  Shares redeemed | (3514302) | (36198228) | (4445724) | (43214111) |
|  | (1567471) | (15642816) | (1185186) | (11338256) |
|  **NET INCREASE** | 70651180 | $733636050 | 10579654 | $107179155 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81

------

GOLDMAN SACHS ALTERNATIVE FUNDS II

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Consolidated Notes to Financial Statements (continued)
*December 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;

12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Commodity Strategy Fund | Commodity Strategy Fund | Commodity Strategy Fund | Commodity Strategy Fund |
|  | For the Fiscal Year Ended<br>December 31, 2025 | For the Fiscal Year Ended<br>December 31, 2025 | For the Fiscal Year Ended<br>December 31, 2024 | For the Fiscal Year Ended<br>December 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 291615 | $2545205 | 424356 | $3490209 |
|  Reinvestment of distributions | 288364 | 2393543 | 86497 | 712737 |
|  Shares redeemed | (752119) | (6521304) | (916104) | (7525135) |
|  | (172140) | (1582556) | (405251) | (3322189) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 34761 | 274507 | 42146 | 313216 |
|  Reinvestment of distributions | 50020 | 372165 | 13194 | 99238 |
|  Shares redeemed | (117750) | (949319) | (153025) | (1154851) |
|  | (32969) | (302647) | (97685) | (742397) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 2340864 | 20754138 | 4822070 | 39675404 |
|  Reinvestment of distributions | 1812319 | 15350796 | 519695 | 4358981 |
|  Shares redeemed | (4166434) | (37046673) | (22310476) | (183827761) |
|  | (13251) | (941739) | (16968711) | (139793376) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 195016 | 1740766 | 258155 | 2141555 |
|  Reinvestment of distributions | 110734 | 940709 | 51511 | 433964 |
|  Shares redeemed | (619043) | (5535077) | (1976623) | (16522207) |
|  | (313293) | (2853602) | (1666957) | (13946688) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 2232375 | 19916380 | 2197749 | 18496124 |
|  Reinvestment of distributions | 1058723 | 8998384 | 306261 | 2576326 |
|  Shares redeemed | (2475295) | (22041906) | (5546015) | (46794510) |
|  | 815803 | 6872858 | (3042005) | (25722060) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 46264 | 393719 | 47333 | 380442 |
|  Reinvestment of distributions | 37072 | 297606 | 9363 | 75125 |
|  Shares redeemed | (65451) | (554453) | (141560) | (1133496) |
|  | 17885 | 136872 | (84864) | (677929) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 229730 | 2018000 | 1041843 | 8712750 |
|  Reinvestment of distributions | 1583022 | 13440102 | 504028 | 4242762 |
|  Shares redeemed | (1368359) | (12003449) | (10612179) | (87407327) |
|  | 444393 | 3454653 | (9066308) | (74451815) |
|  **NET INCREASE (DECREASE)** | 746428 | $4783839 | (31331781) | $(258656454) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 82

------

## Report of Independent Registered Public

## Accounting Firm
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Absolute Return Tracker Fund and Goldman Sachs Commodity Strategy Fund

#### Opinions on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Goldman Sachs Absolute Return Tracker Fund and Goldman Sachs Commodity Strategy Fund and each of their subsidiaries (two of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related consolidated statements of operations for the year ended December 31, 2025, the consolidated statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 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 December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These consolidated financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated financial statements. Our procedures included confirmation of securities owned as of December 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

February 24, 2026

We have served as the auditor of one or more investment companies in Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 83

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Trust – Alternative Funds II - Tax Information (Unaudited)
For the year ended December 31, 2025, 13.42% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund qualify for the dividends received deduction available to corporations.

For the year ended December 31, 2025, 30.27% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the year ended December 31, 2025, the Absolute Return Tracker Fund and Commodity Strategy Fund designated 26.41% and 21.83%, respectively, of the dividends paid from net investment company taxable income as Section 163(j) Interest Dividends.

For the year ended December 31, 2025, 1.26% of the dividends paid from net investment company taxable income by the Absolute Return Tracker Fund qualify as section 199A dividends.

During the year ended December 31, 2025, the Absolute Return Tracker Fund designates $90,060,854 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 84

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![LOGO](g54970dsp087.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 and Principal Executive Officer Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2026 Goldman Sachs. All rights reserved. SELSAT2AR-26

------

![LOGO](g58203dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Tax-Advantaged Equity Funds II Goldman Sachs International Equity Dividend and Premium Fund Goldman Sachs U.S. Equity Dividend and Premium Fund Asset Management

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Tax-Advantaged Equity Funds II

---

| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  **[Schedules of Investments](#tae258203_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International](#tae258203_2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Equity Dividend and Premium Fund](#tae258203_3) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity](#tae258203_4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividend and Premium Fund](#tae258203_5) | 7 |
|  **[Financial Statements](#tae258203_6)** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tae258203_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tae258203_8) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tae258203_9) | 14 |
|  **[Financial Highlights](#tae258203_10)** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs International](#tae258203_11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Equity Dividend and Premium Fund](#tae258203_12) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Equity](#tae258203_13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividend and Premium Fund](#tae258203_14) | 21 |
|  **[Notes to Financial Statements](#tae258203_15)** | 27 |
|  **[Report of Independent Registered Public Accounting Firm](#tae258203_16)** | 43 |
|  **[Other Information](#tae258203_17)** | 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.2% | Common Stocks – 99.2% | Common Stocks – 99.2% |
| Australia – 7.5% | Australia – 7.5% | Australia – 7.5% |
| 34848 | ANZ Group Holdings Ltd. (Banks) | $842541 |
| 65202 | APA Group (Gas Utilities) | 389595 |
| 71686 | BHP Group Ltd. (Metals & Mining) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163421 |
| 28587 | Coles Group Ltd. (Consumer Staples Distribution & Retail) | 408601 |
| 4110 | Commonwealth Bank of Australia (Banks) | 438697 |
| 24 | CSL Ltd. (Biotechnology) | 2762 |
| 32204 | Goodman Group (Industrial REITs) | 662699 |
| 125683 | Medibank Pvt Ltd. (Insurance) | 401100 |
| 85124 | National Australia Bank Ltd. (Banks) | 2393409 |
| 50500 | Origin Energy Ltd. (Electric Utilities) | 385644 |
| 416 | Rio Tinto Ltd. (Metals & Mining) | 40583 |
| 30353 | Telstra Group Ltd. (Diversified Telecommunication Services) | 98482 |
| 82009 | Transurban Group (Transportation Infrastructure) | 776100 |
| 5953 | Wesfarmers Ltd. (Broadline Retail) | 320706 |
| 42396 | Westpac Banking Corp. (Banks) | 1087946 |
| 67220 | Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels) | 1048135 |
|  |  | 11460421 |
| Austria – 0.7% | Austria – 0.7% | Austria – 0.7% |
| 18000 | OMV AG (Oil, Gas & Consumable Fuels) | 1001654 |
| Belgium – 0.7% | Belgium – 0.7% | Belgium – 0.7% |
| 13960 | Ageas SA (Insurance) | 978050 |
| 540 | UCB SA (Pharmaceuticals) | 150458 |
|  |  | 1128508 |
| China – 0.1% | China – 0.1% | China – 0.1% |
| 52000 | SITC International Holdings Co. Ltd. (Marine Transportation) | 186076 |
| Denmark – 1.9% | Denmark – 1.9% | Denmark – 1.9% |
| 337 | AP Moller - Maersk AS Class B (Marine Transportation) | 773264 |
| 4380 | Coloplast AS Class B (Health Care Equipment & Supplies) | 375520 |
| 6220 | Danske Bank AS (Banks) | 310604 |
| 26827 | Novo Nordisk AS Class B (Pharmaceuticals) | 1360624 |
| 2108 | Tryg AS (Insurance) | 55127 |
|  |  | 2875139 |
| Finland – 2.2% | Finland – 2.2% | Finland – 2.2% |
| 20276 | Kesko OYJ Class B (Consumer Staples Distribution & Retail) | 457514 |
| 7878 | Kone OYJ Class B (Machinery) | 558101 |
| 28499 | Metso OYJ (Machinery) | 495858 |
| 77713 | Nordea Bank Abp (Banks) | 1461972 |
| 5423 | Orion OYJ Class B (Pharmaceuticals) | 404597 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Finland (continued) | Finland (continued) | Finland (continued) | Finland (continued) |
| 3 | Stora Enso OYJ Class R (Paper & Forest Products) | $| 37 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378079 |
| France – 12.2% | France – 12.2% | France – 12.2% | France – 12.2% |
| 554 | Airbus SE (Aerospace & Defense) |  | 128652 |
| 14223 | Amundi SA<sup>(a)</sup> (Capital Markets) |  | 1175528 |
| 36191 | AXA SA (Insurance) |  | 1736480 |
| 17244 | BNP Paribas SA (Banks) |  | 1631403 |
| 21873 | Bouygues SA (Construction & Engineering) |  | 1137075 |
| 1218 | Capgemini SE (IT Services) |  | 202247 |
| 56944 | Credit Agricole SA (Banks) |  | 1172355 |
| 12806 | Danone SA (Food Products) |  | 1155089 |
| 1065 | Dassault Systemes SE (Software) |  | 29754 |
| 64497 | Engie SA (Multi-Utilities) |  | 1694293 |
| 4124 | FDJ UNITED (Hotels, Restaurants & Leisure) |  | 114155 |
| 18051 | Getlink SE (Transportation Infrastructure) |  | 333204 |
| 120 | Hermes International SCA (Textiles, Apparel & Luxury Goods) |  | 297942 |
| 1669 | L'Oreal SA (Personal Products) |  | 716528 |
| 3497 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) |  | 2635814 |
| 4048 | Orange SA (Diversified Telecommunication Services) |  | 67547 |
| 10383 | Orange SA ADR (Diversified Telecommunication Services) |  | 173292 |
| 3671 | Pernod Ricard SA (Beverages) |  | 314334 |
| 748 | Publicis Groupe SA (Media) |  | 77678 |
| 2275 | Rexel SA (Trading Companies & Distributors) |  | 89230 |
| 10227 | Sanofi SA (Pharmaceuticals) |  | 989515 |
| 548 | Sartorius Stedim Biotech (Life Sciences Tools & Services) |  | 134601 |
| 3834 | Schneider Electric SE (Electrical Equipment) |  | 1048887 |
| 7777 | TotalEnergies SE (Oil, Gas & Consumable Fuels) |  | 508349 |
| 1660 | Unibail-Rodamco-Westfield\* (Retail REITs) |  | 180520 |
| 6333 | Vinci SA (Construction & Engineering) |  | 890946 |
|  |  |  | 18635418 |
| Germany – 7.7% | Germany – 7.7% | Germany – 7.7% | Germany – 7.7% |
| 1665 | Allianz SE (Insurance) |  | 769858 |
| 22436 | BASF SE (Chemicals) |  | 1180551 |
| 811 | CTS Eventim AG & Co. KGaA (Entertainment) |  | 74241 |
| 13085 | Daimler Truck Holding AG (Machinery) |  | 566744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 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) |
| Germany (continued) | Germany (continued) | Germany (continued) | Germany (continued) |
| 14740 | Deutsche Post AG (Air Freight & Logistics) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803709 |
| 35667 | Evonik Industries AG (Chemicals) |  | 556622 |
| 1241 | Heidelberg Materials AG (Construction Materials) |  | 321738 |
| 9400 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 410131 |
| 1337 | Knorr-Bremse AG (Machinery) |  | 148330 |
| 567 | MTU Aero Engines AG (Aerospace & Defense) |  | 235037 |
| 1425 | Nemetschek SE (Software) |  | 154171 |
| 39 | Rational AG (Machinery) |  | 30111 |
| 544 | Rheinmetall AG (Aerospace & Defense) |  | 992470 |
| 9299 | SAP SE (Software) |  | 2259364 |
| 7615 | Siemens AG (Industrial Conglomerates) |  | 2132781 |
| 6366 | Siemens Energy AG\* (Electrical Equipment) |  | 893077 |
| 4920 | Siemens Healthineers AG<sup>(a)</sup> (Health Care Equipment & Supplies) |  | 257895 |
|  |  |  | 11786830 |
| Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% |
| 74600 | AIA Group Ltd. (Insurance) |  | 767865 |
| 54000 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure) |  | 266264 |
| 45000 | HKT Trust & HKT Ltd. (Diversified Telecommunication Services) |  | 66551 |
| 98 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) |  | 88 |
| 12096 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets) |  | 632879 |
| 300 | Jardine Matheson Holdings Ltd. (Industrial Conglomerates) |  | 20474 |
| 58000 | MTR Corp. Ltd. (Ground Transportation) |  | 222136 |
| 28444 | Sino Land Co. Ltd. (Real Estate Management & Development) |  | 37428 |
| 5500 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) |  | 66970 |
| 24000 | Techtronic Industries Co. Ltd. (Machinery) |  | 276075 |
|  |  |  | 2356730 |
| Israel – 0.4% | Israel – 0.4% | Israel – 0.4% | Israel – 0.4% |
| 13593 | Bank Hapoalim BM (Banks) |  | 307434 |
| 96 | CyberArk Software Ltd.\* (Software) |  | 42822 |
| 6559 | ICL Group Ltd. (Chemicals) |  | 37716 |
| 2785 | Mizrahi Tefahot Bank Ltd. (Banks) |  | 194580 |
| 1400 | Teva Pharmaceutical Industries Ltd. ADR\* (Pharmaceuticals) |  | 43694 |
|  |  |  | 626246 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Italy – 3.9% | Italy – 3.9% | Italy – 3.9% |
| 274 | Amplifon SpA (Health Care Providers |  |
|  | & Services) | $4393 |
| 41885 | BPER Banca SpA (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565970 |
| 146400 | Enel SpA (Electric Utilities) | 1522169 |
| 371650 | Intesa Sanpaolo SpA (Banks) | 2568139 |
| 1343 | Leonardo SpA (Aerospace & Defense) | 76820 |
| 19999 | Mediobanca Banca di Credito Finanziario SpA (Banks) | 415197 |
| 5063 | Moncler SpA (Textiles, Apparel & Luxury Goods) | 323628 |
| 2666 | Prysmian SpA (Electrical Equipment) | 265953 |
| 4530 | Recordati Industria Chimica e Farmaceutica SpA (Pharmaceuticals) | 257163 |
|  |  | 5999432 |
| Japan – 21.5% | Japan – 21.5% | Japan – 21.5% |
| 5400 | Advantest Corp. (Semiconductors & Semiconductor Equipment) | 682818 |
| 16600 | Asahi Kasei Corp. (Chemicals) | 147553 |
| 9500 | Asics Corp. (Textiles, Apparel & Luxury Goods) | 228061 |
| 66300 | Astellas Pharma, Inc. (Pharmaceuticals) | 882421 |
| 3300 | Bandai Namco Holdings, Inc. (Leisure Products) | 87833 |
| 40400 | Bridgestone Corp. (Automobile Components) | 908970 |
| 31600 | Canon, Inc. (Technology Hardware, Storage & Peripherals) | 934999 |
| 5400 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 283292 |
| 6000 | Dai-ichi Life Holdings, Inc. (Insurance) | 49863 |
| 12300 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 261185 |
| 8500 | Daito Trust Construction Co. Ltd. (Real Estate Management & Development) | 161857 |
| 109200 | Daiwa Securities Group, Inc. (Capital Markets) | 957006 |
| 2800 | Denso Corp. (Automobile Components) | 38674 |
| 1200 | Disco Corp. (Semiconductors & Semiconductor Equipment) | 365594 |
| 2800 | Eisai Co. Ltd. (Pharmaceuticals) | 83134 |
| 12000 | FANUC Corp. (Machinery) | 466989 |
| 1000 | Fast Retailing Co. Ltd. (Specialty Retail) | 362588 |
| 7800 | Fujikura Ltd. (Electrical Equipment) | 864984 |
| 700 | Hikari Tsushin, Inc. (Industrial Conglomerates) | 196139 |
| 28000 | Hitachi Ltd. (Industrial Conglomerates) | 878124 |
| 4200 | Honda Motor Co. Ltd. (Automobiles) | 41222 |
| 500 | Hoya Corp. (Health Care Equipment & Supplies) | 75835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) |
| 8600 | Inpex Corp. (Oil, Gas & Consumable Fuels) | $172005 |
| 81500 | ITOCHU Corp. (Trading Companies & Distributors) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029900 |
| 14600 | Japan Post Insurance Co. Ltd. (Insurance) | 439074 |
| 14000 | Japan Tobacco, Inc. (Tobacco) | 503192 |
| 12400 | Kajima Corp. (Construction & Engineering) | 462365 |
| 1700 | Kao Corp. (Personal Products) | 67950 |
| 200 | Keyence Corp. (Electronic Equipment, Instruments & Components) | 72345 |
| 22500 | Kirin Holdings Co. Ltd. (Beverages) | 336803 |
| 12500 | Komatsu Ltd. (Machinery) | 396656 |
| 200 | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 38109 |
| 4300 | M3, Inc. (Health Care Technology) | 57847 |
| 37000 | Marubeni Corp. (Trading Companies & Distributors) | 1030449 |
| 30700 | Mitsubishi Corp. (Trading Companies & Distributors) | 702191 |
| 1900 | Mitsubishi Electric Corp. (Electrical Equipment) | 55398 |
| 13800 | Mitsubishi HC Capital, Inc. (Financial Services) | 115440 |
| 32700 | Mitsubishi Heavy Industries Ltd. (Machinery) | 798287 |
| 92400 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 1466487 |
| 24200 | Mitsui & Co. Ltd. (Trading Companies & Distributors) | 718675 |
| 100 | Mitsui OSK Lines Ltd. (Marine Transportation) | 3006 |
| 18100 | Mizuho Financial Group, Inc. (Banks) | 660551 |
| 9000 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 211293 |
| 20700 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | 427827 |
| 8100 | Nintendo Co. Ltd. (Entertainment) | 546868 |
| 1000 | Nippon Paint Holdings Co. Ltd. (Chemicals) | 6696 |
| 6200 | Nippon Yusen KK (Marine Transportation) | 200828 |
| 5400 | Nitto Denko Corp. (Chemicals) | 128572 |
| 5200 | Nomura Research Institute Ltd. (IT Services) | 197884 |
| 40700 | Obayashi Corp. (Construction & Engineering) | 851766 |
| 3200 | Obic Co. Ltd. (IT Services) | 100444 |
| 200 | Olympus Corp. (Health Care Equipment & Supplies) | 2536 |
| 4000 | Otsuka Corp. (IT Services) | 82422 |
| 9900 | Recruit Holdings Co. Ltd. (Professional Services) | 556296 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) | Japan (continued) |
| 14800 | Resona Holdings, Inc. (Banks) | $| 140862 |
| 36500 | Sekisui House Ltd. (Household Durables) |  | 814433 |
| 4800 | Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail) |  | 68962 |
| 3600 | SG Holdings Co. Ltd. (Air Freight & Logistics) |  | 32946 |
| 3700 | Shimadzu Corp. (Electronic Equipment, Instruments & Components) |  | 98500 |
| 16400 | Shin-Etsu Chemical Co. Ltd. (Chemicals) |  | 509403 |
| 1161200 | SoftBank Corp. (Wireless Telecommunication Services) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594279 |
| 1600 | SoftBank Group Corp. (Wireless Telecommunication Services) |  | 44885 |
| 5100 | Sompo Holdings, Inc. (Insurance) |  | 173105 |
| 30500 | Sony Financial Group, Inc.\* (Financial Services) |  | 32323 |
| 30500 | Sony Group Corp. (Household Durables) |  | 782355 |
| 11800 | Sumitomo Corp. (Trading Companies & Distributors) |  | 408427 |
| 5000 | Sumitomo Electric Industries Ltd. (Automobile Components) |  | 201386 |
| 32900 | Sumitomo Mitsui Financial Group, Inc. (Banks) |  | 1058111 |
| 41200 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) |  | 1279888 |
| 15000 | TDK Corp. (Electronic Equipment, Instruments & Components) |  | 212216 |
| 13000 | Tokio Marine Holdings, Inc. (Insurance) |  | 480559 |
| 5300 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) |  | 1180454 |
| 300 | Tokyo Gas Co. Ltd. (Gas Utilities) |  | 11893 |
| 93900 | Toyota Motor Corp. (Automobiles) |  | 2016699 |
| 22500 | ZOZO, Inc. (Specialty Retail) |  | 185554 |
|  |  |  | 32726543 |
| Macau – 0.0% | Macau – 0.0% | Macau – 0.0% | Macau – 0.0% |
| 8000 | Sands China Ltd. (Hotels, Restaurants & Leisure) |  | 20179 |
| Netherlands – 4.1% | Netherlands – 4.1% | Netherlands – 4.1% | Netherlands – 4.1% |
| 1 | Akzo Nobel NV (Chemicals) |  | 70 |
| 450 | Argenx SE\* (Biotechnology) |  | 379595 |
| 467 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 282719 |
| 3046 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 3282126 |
| 10888 | ASR Nederland NV (Insurance) |  | 774690 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 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) |
| Netherlands (continued) | Netherlands (continued) | Netherlands (continued) | Netherlands (continued) |
| 1017 | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158994 |
| 42 | Heineken NV (Beverages) |  | 3465 |
| 53861 | Koninklijke KPN NV (Diversified Telecommunication Services) |  | 251677 |
| 7345 | Koninklijke Philips NV (Health Care Equipment & Supplies) |  | 199998 |
| 4789 | Magnum Ice Cream Co. NV\* (Food Products) |  | 76279 |
| 4249 | NN Group NV (Insurance) |  | 327787 |
| 6895 | Prosus NV (Broadline Retail) |  | 426931 |
| 5766 | Universal Music Group NV (Entertainment) |  | 150319 |
|  |  |  | 6314650 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 5287 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies) |  | 114871 |
| 36465 | Meridian Energy Ltd. (Independent Power and Renewable Electricity Producers) |  | 117774 |
|  |  |  | 232645 |
| Norway – 0.5% | Norway – 0.5% | Norway – 0.5% | Norway – 0.5% |
| 58 | Gjensidige Forsikring ASA (Insurance) |  | 1733 |
| 3774 | Kongsberg Gruppen ASA (Aerospace & Defense) |  | 96710 |
| 416 | Salmar ASA (Food Products) |  | 25425 |
| 45454 | Telenor ASA (Diversified Telecommunication Services) |  | 661103 |
|  |  |  | 784971 |
| Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% |
| 26970 | EDP SA (Electric Utilities) |  | 124218 |
| 7432 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) |  | 127981 |
| 742 | Jeronimo Martins SGPS SA (Consumer Staples Distribution & Retail) |  | 17657 |
|  |  |  | 269856 |
| Singapore – 1.5% | Singapore – 1.5% | Singapore – 1.5% | Singapore – 1.5% |
| 22099 | DBS Group Holdings Ltd. (Banks) |  | 968038 |
| 6600 | Keppel Ltd. (Industrial Conglomerates) |  | 53062 |
| 2274 | Sea Ltd. ADR\* (Broadline Retail) |  | 290094 |
| 1100 | Singapore Exchange Ltd. (Capital Markets) |  | 14481 |
| 96800 | Singapore Technologies Engineering Ltd. (Aerospace & Defense) |  | 632500 |
| 100300 | Singapore Telecommunications Ltd. (Diversified Telecommunication Services) |  | 354861 |
|  |  |  | 2313036 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| South Africa – 0.0% | South Africa – 0.0% | South Africa – 0.0% |
| 1 | Anglo American PLC (Metals & Mining) | $41 |
| 102 | Valterra Platinum Ltd. (Metals & Mining) | 8513 |
|  |  | 8554 |
| Spain – 3.2% | Spain – 3.2% | Spain – 3.2% |
| 36230 | Aena SME SA<sup>(a)</sup> (Transportation Infrastructure) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012297 |
| 1047 | Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 77489 |
| 101952 | CaixaBank SA (Banks) | 1246478 |
| 6904 | Endesa SA (Electric Utilities) | 248519 |
| 31953 | Iberdrola SA (Electric Utilities) | 691891 |
| 12096 | Industria de Diseno Textil SA (Specialty Retail) | 797909 |
| 9652 | Redeia Corp. SA (Electric Utilities) | 172064 |
| 10540 | Repsol SA (Oil, Gas & Consumable Fuels) | 196660 |
| 92400 | Telefonica SA (Diversified Telecommunication Services) | 379297 |
|  |  | 4822604 |
| Sweden – 2.7% | Sweden – 2.7% | Sweden – 2.7% |
| 7042 | Atlas Copco AB Class A (Machinery) | 125366 |
| 40761 | Atlas Copco AB Class B (Machinery) | 651634 |
| 1549 | EQT AB (Capital Markets) | 60513 |
| 18328 | H & M Hennes & Mauritz AB Class B (Specialty Retail) | 367364 |
| 4836 | Securitas AB Class B (Commercial Services & Supplies) | 76908 |
| 35604 | Swedbank AB Class A (Banks) | 1235281 |
| 26849 | Tele2 AB Class B (Wireless Telecommunication Services) | 449898 |
| 37960 | Telefonaktiebolaget LM Ericsson Class B (Communications Equipment) | 369428 |
| 177809 | Telia Co. AB (Diversified Telecommunication Services) | 759949 |
|  |  | 4096341 |
| Switzerland – 9.7% | Switzerland – 9.7% | Switzerland – 9.7% |
| 9644 | ABB Ltd. (Electrical Equipment) | 710932 |
| 5238 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) | 1129579 |
| 299 | Geberit AG (Building Products) | 232210 |
| 10445 | Holcim AG (Construction Materials) | 1016824 |
| 21848 | Nestle SA (Food Products) | 2168613 |
| 15605 | Novartis AG (Pharmaceuticals) | 2150305 |
| 468 | Partners Group Holding AG (Capital Markets) | 574227 |
| 6564 | Roche Holding AG (Pharmaceuticals) | 2710736 |
| 10717 | SGS SA (Professional Services) | 1229323 |
| 5513 | SIG Group AG (Containers & Packaging) | 78637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Switzerland (continued) | Switzerland (continued) | Switzerland (continued) | Switzerland (continued) |
| 376 | Sonova Holding AG (Health Care Equipment & Supplies) | $| 97259 |
| 1075 | Straumann Holding AG (Health Care Equipment & Supplies) |  | 125564 |
| 3980 | Swiss Re AG (Insurance) |  | 663027 |
| 1651 | UBS Group AG (Capital Markets) |  | 76234 |
| 662 | VAT Group AG<sup>(a)</sup> (Machinery) |  | 317826 |
| 2007 | Zurich Insurance Group AG (Insurance) |  | 1518701 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14799997 |
| United Arab Emirates – 0.2% | United Arab Emirates – 0.2% | United Arab Emirates – 0.2% | United Arab Emirates – 0.2% |
| 7315 | Experian PLC (Professional Services) |  | 329808 |
| United Kingdom – 16.0% | United Kingdom – 16.0% | United Kingdom – 16.0% | United Kingdom – 16.0% |
| 1429 | Ashtead Group PLC (Trading Companies & Distributors) |  | 97428 |
| 17478 | AstraZeneca PLC ADR (Pharmaceuticals) |  | 1606752 |
| 38835 | BAE Systems PLC (Aerospace & Defense) |  | 893790 |
| 11966 | Barratt Redrow PLC (Household Durables) |  | 61471 |
| 2733 | BP PLC ADR (Oil, Gas & Consumable Fuels) |  | 94917 |
| 15806 | British American Tobacco PLC (Tobacco) |  | 896053 |
| 4415 | Coca-Cola Europacific Partners PLC (Beverages) |  | 400440 |
| 7932 | Compass Group PLC (Hotels, Restaurants & Leisure) |  | 251326 |
| 13945 | Diageo PLC (Beverages) |  | 300486 |
| 74513 | Evraz PLC\*<sup>(b)</sup> (Metals & Mining) |  |  |
| 31029 | GSK PLC ADR (Pharmaceuticals) |  | 1521662 |
| 88128 | HSBC Holdings PLC (Banks) |  | 1386776 |
| 32780 | HSBC Holdings PLC ADR (Banks) |  | 2578803 |
| 9096 | Imperial Brands PLC (Tobacco) |  | 381943 |
| 19977 | Kingfisher PLC (Specialty Retail) |  | 84094 |
| 379782 | M&G PLC (Financial Services) |  | 1462088 |
| 47968 | National Grid PLC (Multi-Utilities) |  | 735756 |
| 182492 | Phoenix Group Holdings PLC (Insurance) |  | 1806642 |
| 3787 | Reckitt Benckiser Group PLC (Household Products) |  | 306442 |
| 17073 | RELX PLC (Professional Services) |  | 687817 |
| 1647 | Rentokil Initial PLC ADR (Commercial Services & Supplies) |  | 48521 |
| 32916 | Rio Tinto PLC ADR (Metals & Mining) |  | 2634267 |
| 6703 | Rolls-Royce Holdings PLC (Aerospace & Defense) |  | 103667 |
| 15392 | Segro PLC (Industrial REITs) |  | 149120 |
| 68526 | Shell PLC (Oil, Gas & Consumable Fuels) |  | 2526196 |
| 28341 | SSE PLC (Electric Utilities) |  | 830899 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) |
| 10345 | Unilever PLC ADR (Personal Products) | $676563 |
| 10944 | Unilever PLC (Personal Products) | 716062 |
| 85247 | Vodafone Group PLC ADR (Wireless Telecommunication Services) | 1126113 |
| 8707 | WPP PLC (Media) | 39114 |
|  |  | 24405208 |
| United States\* – 0.5% | United States\* – 0.5% | United States\* – 0.5% |
| 926 | Amrize Ltd. (Construction Materials) | 50264 |
| 1155 | Spotify Technology SA<sup>(c)</sup> (Entertainment) | 670720 |
|  |  | 720984 |
| TOTAL COMMON STOCKS<br>(Cost $93,386,200) | TOTAL COMMON STOCKS<br>(Cost $93,386,200) | $151279909 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.7% | Preferred Stocks – 0.7% | Preferred Stocks – 0.7% |
| Germany – 0.7% | Germany – 0.7% | Germany – 0.7% |
|  Bayerische Motoren Werke AG (Automobiles) | Bayerische Motoren Werke AG (Automobiles) |  |
| 9829 | 4.711% | $1047382 |
|  Sartorius AG (Life Sciences Tools & Services) | Sartorius AG (Life Sciences Tools & Services) |  |
| 423 | 0.299 | 121809 |
| TOTAL PREFERRED STOCKS<br>(Cost $783,036) | TOTAL PREFERRED STOCKS<br>(Cost $783,036) | $1169191 |
| Investment Company<sup>(d)</sup> – 0.0% | Investment Company<sup>(d)</sup> – 0.0% | Investment Company<sup>(d)</sup> – 0.0% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |  |
| 47 | 3.686% | $47 |
| (Cost $47) | (Cost $47) |  |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $94,169,283) | TOTAL INVESTMENTS – 99.9%<br>(Cost $94,169,283) | $152449147 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.1%** | 84984 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $152534131 |

---

---

| | |
|:---|:---|
| 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (c) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (d) Represents an affiliated issuer.

SECTOR ALLOCATION AS OF DECEMBER 31, 2025

---

| | |
|:---|:---|
| **Sector** | **% of Total<br>Market Value** |
|  Financials | 26.5% |
|  Industrials | 19.7 |
|  Health Care | 10.5 |
|  Consumer Discretionary | 9.3 |
|  Information Technology | 7.6 |
|  Consumer Staples | 6.6 |
|  Materials | 5.8 |
|  Communication Services | 5.0 |
|  Utilities | 4.5 |
|  Energy | 3.7 |
|  Real Estate | 0.8 |
|  Investment Company | 0.0 |
|  | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 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)** |
|  **Short position contracts:** |  |  |  |  |
|  Euro Stoxx 50 Index | (4) | 03/20/26 | $(274574) | $(2680) |
|  FTSE 100 Index | (1) | 03/20/26 | (134000) | (2159) |
|  TOPIX Futures | (1) | 03/12/26 | (217920) | (2549) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(7388) |

---

WRITTEN OPTIONS CONTRACTS—At December 31, 2025, the Fund had the following written options contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| EXCHANGE TRADED INDEX OPTIONS | EXCHANGE TRADED INDEX OPTIONS | EXCHANGE TRADED INDEX OPTIONS | EXCHANGE TRADED INDEX OPTIONS |  |  |  |  |
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts**<br> **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | $5825.00 | 03/20/2026 | (508) | $(295910000) | $(930129) | $(787138) | $(142991) |
|  Nikkei 225 Index | 51000.00 | 03/13/2026 | (46) | (234600000) | (443437) | (625093) | 181656 |
|  FTSE 100 Index | 9950.00 | 03/20/2026 | (76) | (75620000) | (204376) | (177903) | (26473) |
| Total written option contracts |  |  | (630) | (606130000) | $(1577942) | $(1590134) | $12192 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| SpA | —Stand-by Purchase Agreement |

---

&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 U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 100.3% | Common Stocks – 100.3% | Common Stocks – 100.3% |
| Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% | Aerospace & Defense – 2.2% |
| 78300 | General Electric Co. | $24118749 |
| 124677 | RTX Corp. | 22865762 |
| 25636 | TransDigm Group, Inc. | 34092034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;81076545 |
| Air Freight & Logistics – 0.9% | Air Freight & Logistics – 0.9% | Air Freight & Logistics – 0.9% |
| 318406 | United Parcel Service, Inc. Class B | 31582691 |
| Automobiles\* – 2.3% | Automobiles\* – 2.3% | Automobiles\* – 2.3% |
| 189762 | Tesla, Inc. | 85339767 |
| Banks – 3.9% | Banks – 3.9% | Banks – 3.9% |
| 166276 | JPMorgan Chase & Co.<sup>(a)</sup> | 53577453 |
| 1092000 | KeyCorp | 22538880 |
| 87800 | PNC Financial Services Group, Inc. | 18326494 |
| 575746 | U.S. Bancorp | 30721806 |
| 212160 | Wells Fargo & Co. | 19773312 |
|  |  | 144937945 |
| Beverages – 1.2% | Beverages – 1.2% | Beverages – 1.2% |
| 342149 | Coca-Cola Co. | 23919636 |
| 133419 | PepsiCo, Inc. | 19148295 |
|  |  | 43067931 |
| Biotechnology – 1.8% | Biotechnology – 1.8% | Biotechnology – 1.8% |
| 161437 | AbbVie, Inc. | 36886740 |
| 46838 | Amgen, Inc. | 15330546 |
| 126600 | Gilead Sciences, Inc. | 15538884 |
| 3600 | Mirati Therapeutics, Inc.\*<sup>(b)</sup> | 2520 |
|  |  | 67758690 |
| Broadline Retail\* – 3.9% | Broadline Retail\* – 3.9% | Broadline Retail\* – 3.9% |
| 629978 | Amazon.com, Inc. | 145411522 |
| Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% |
| 1800 | Advanced Drainage Systems, Inc. | 260694 |
| 148275 | Johnson Controls International PLC | 17755931 |
|  |  | 18016625 |
| Capital Markets – 3.6% | Capital Markets – 3.6% | Capital Markets – 3.6% |
| 77850 | ARES Management Corp. Class A | 12582895 |
| 13300 | Blackrock, Inc. | 14235522 |
| 78375 | Blackstone, Inc. | 12080723 |
| 83600 | Blue Owl Capital, Inc. | 1248984 |
| 23400 | Carlyle Group, Inc. | 1383174 |
| 4700 | Evercore, Inc. Class A | 1599175 |
| 823200 | Franklin Resources, Inc. | 19666248 |
| 296700 | Janus Henderson Group PLC | 14114019 |
| 44700 | Jefferies Financial Group, Inc. | 2770059 |
| 153027 | Morgan Stanley | 27166883 |
| 70125 | Robinhood Markets, Inc. Class A\* | 7931138 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| Capital Markets – (continued) | Capital Markets – (continued) |  |
| 166259 | T. Rowe Price Group, Inc. | 17021596 |
|  |  | 131800416 |
| Chemicals – 0.8% | Chemicals – 0.8% | Chemicals – 0.8% |
| 64800 | Linde PLC | 27630072 |
| 21250 | Solstice Advanced Materials, Inc.\* | 1032325 |
|  |  | 28662397 |
| Commercial Services & Supplies – 0.0% | Commercial Services & Supplies – 0.0% | Commercial Services & Supplies – 0.0% |
| 600 | MSA Safety, Inc. | 96084 |
| Communications Equipment – 1.0% | Communications Equipment – 1.0% | Communications Equipment – 1.0% |
| 469146 | Cisco Systems, Inc. | 36138316 |
| Construction & Engineering – 0.0% | Construction & Engineering – 0.0% | Construction & Engineering – 0.0% |
| 12625 | Everus Construction Group, Inc.\* | 1080195 |
| 1200 | Valmont Industries, Inc. | 482784 |
|  |  | 1562979 |
| Consumer Finance – 0.6% | Consumer Finance – 0.6% | Consumer Finance – 0.6% |
| 52000 | American Express Co. | 19237400 |
| 5600 | OneMain Holdings, Inc. | 378280 |
| 17600 | SLM Corp. | 476256 |
| 18700 | SoFi Technologies, Inc.\* | 489566 |
|  |  | 20581502 |
| Consumer Staples Distribution & Retail – 1.2% | Consumer Staples Distribution & Retail – 1.2% | Consumer Staples Distribution & Retail – 1.2% |
| 158600 | Target Corp. | 15503150 |
| 268980 | Walmart, Inc. | 29967062 |
|  |  | 45470212 |
| Containers & Packaging – 1.0% | Containers & Packaging – 1.0% | Containers & Packaging – 1.0% |
| 2629000 | Amcor PLC | 21925860 |
| 315616 | International Paper Co. | 12432114 |
| 44400 | Sonoco Products Co. | 1937616 |
|  |  | 36295590 |
| Diversified Consumer Services – 0.0% | Diversified Consumer Services – 0.0% | Diversified Consumer Services – 0.0% |
| 13611 | ADT, Inc. | 109841 |
| 24800 | H&R Block, Inc. | 1080784 |
|  |  | 1190625 |
| Diversified REITs – 0.0% | Diversified REITs – 0.0% | Diversified REITs – 0.0% |
| 7100 | WP Carey, Inc. | 456956 |
| Diversified Telecommunication Services – 1.5% | Diversified Telecommunication Services – 1.5% | Diversified Telecommunication Services – 1.5% |
| 664830 | AT&T, Inc. | 16514377 |
| 920742 | Verizon Communications, Inc.<sup>(a)</sup> | 37501822 |
|  |  | 54016199 |
| Electric Utilities – 1.6% | Electric Utilities – 1.6% | Electric Utilities – 1.6% |
| 210038 | Duke Energy Corp. | 24618554 |
| 371490 | Eversource Energy | 25012422 |
| 193000 | OGE Energy Corp. | 8241100 |
|  |  | 57872076 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 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) |  |  |
| Electrical Equipment – 1.0% | Electrical Equipment – 1.0% |  |  |
| 68111 | Eaton Corp. PLC | $| 21694035 |
| 25200 | GE Vernova, Inc. |  | 16469964 |
|  |  |  | 38163999 |
| Electronic Equipment, Instruments & Components – 1.0% | Electronic Equipment, Instruments & Components – 1.0% | Electronic Equipment, Instruments & Components – 1.0% | Electronic Equipment, Instruments & Components – 1.0% |
| 259140 | Amphenol Corp. Class A |  | 35020180 |
| 69300 | Avnet, Inc. |  | 3331944 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;38352124 |
| Entertainment\* – 0.8% | Entertainment\* – 0.8% | Entertainment\* – 0.8% | Entertainment\* – 0.8% |
| 283590 | Netflix, Inc. |  | 26589398 |
| 10758 | ROBLOX Corp. Class A |  | 871721 |
| 3980 | Roku, Inc. |  | 431790 |
|  |  |  | 27892909 |
| Financial Services – 3.1% | Financial Services – 3.1% | Financial Services – 3.1% | Financial Services – 3.1% |
| 17776 | Affirm Holdings, Inc.\* |  | 1323068 |
| 75508 | Berkshire Hathaway, Inc. Class B\* |  | 37954096 |
| 77969 | Block, Inc.\* |  | 5075002 |
| 110700 | Corebridge Financial, Inc. |  | 3339819 |
| 137600 | Equitable Holdings, Inc. |  | 6556640 |
| 43566 | Mastercard, Inc. Class A |  | 24870958 |
| 3800 | Shift4 Payments, Inc. Class A\*<sup>(c)</sup> |  | 239286 |
| 89250 | Visa, Inc. Class A |  | 31300867 |
| 426993 | Western Union Co. |  | 3975305 |
|  |  |  | 114635041 |
| Food Products – 0.8% | Food Products – 0.8% | Food Products – 0.8% | Food Products – 0.8% |
| 39355 | Flowers Foods, Inc. |  | 428183 |
| 1135881 | Kraft Heinz Co. |  | 27545114 |
|  |  |  | 27973297 |
| Gas Utilities – 0.0% | Gas Utilities – 0.0% | Gas Utilities – 0.0% | Gas Utilities – 0.0% |
| 50500 | MDU Resources Group, Inc. |  | 985760 |
| Ground Transportation – 0.5% | Ground Transportation – 0.5% | Ground Transportation – 0.5% | Ground Transportation – 0.5% |
| 100 | Avis Budget Group, Inc.\* |  | 12832 |
| 16500 | Ryder System, Inc. |  | 3157935 |
| 70280 | Union Pacific Corp. |  | 16257170 |
|  |  |  | 19427937 |
| Health Care Equipment & Supplies – 2.4% | Health Care Equipment & Supplies – 2.4% | Health Care Equipment & Supplies – 2.4% | Health Care Equipment & Supplies – 2.4% |
| 166946 | Abbott Laboratories |  | 20916664 |
| 34500 | Intuitive Surgical, Inc.\* |  | 19539420 |
| 323253 | Medtronic PLC |  | 31051683 |
| 3741 | Penumbra, Inc.\* |  | 1163114 |
| 49650 | Stryker Corp. |  | 17450486 |
|  |  |  | 90121367 |
| Health Care Providers & Services – 1.3% | Health Care Providers & Services – 1.3% | Health Care Providers & Services – 1.3% | Health Care Providers & Services – 1.3% |
| 209375 | CVS Health Corp. |  | 16616000 |
| 21060 | Humana, Inc. |  | 5394098 |
| 80702 | UnitedHealth Group, Inc. |  | 26640537 |
|  |  |  | 48650635 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Health Care REITs – 0.9% | Health Care REITs – 0.9% |  |  |
| 6800 | Healthcare Realty Trust, Inc. | $| 115260 |
| 5 | Omega Healthcare Investors, Inc. |  | 222 |
| 168512 | Welltower, Inc. |  | 31277512 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;31392994 |
| Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% | Hotels, Restaurants & Leisure – 2.0% |
| 32250 | Aramark |  | 1188735 |
| 3200 | Booking Holdings, Inc. |  | 17137056 |
| 72561 | Darden Restaurants, Inc. |  | 13352675 |
| 18300 | DraftKings, Inc. Class A\* |  | 630618 |
| 81400 | McDonald's Corp. |  | 24878282 |
| 165706 | Starbucks Corp. |  | 13954102 |
| 8000 | Travel & Leisure Co. |  | 564240 |
| 5400 | Vail Resorts, Inc. |  | 717120 |
|  |  |  | 72422828 |
| Household Durables – 0.0% | Household Durables – 0.0% | Household Durables – 0.0% | Household Durables – 0.0% |
| 12600 | Somnigroup International, Inc. |  | 1124928 |
| 200 | TopBuild Corp.\* |  | 83438 |
|  |  |  | 1208366 |
| Household Products – 0.8% | Household Products – 0.8% | Household Products – 0.8% | Household Products – 0.8% |
| 196579 | Procter & Gamble Co. |  | 28171736 |
| 26100 | Reynolds Consumer Products, Inc. |  | 598212 |
|  |  |  | 28769948 |
| Industrial Conglomerates – 0.5% | Industrial Conglomerates – 0.5% | Industrial Conglomerates – 0.5% | Industrial Conglomerates – 0.5% |
| 85000 | Honeywell International, Inc. |  | 16582650 |
| Industrial REITs – 0.0% | Industrial REITs – 0.0% | Industrial REITs – 0.0% | Industrial REITs – 0.0% |
| 9200 | First Industrial Realty Trust, Inc. |  | 526884 |
| 23 | Rexford Industrial Realty, Inc. |  | 891 |
|  |  |  | 527775 |
| Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% | Insurance – 1.7% |
| 10300 | American Financial Group, Inc. |  | 1407804 |
| 8800 | Axis Capital Holdings Ltd. |  | 942392 |
| 32300 | CNA Financial Corp. |  | 1542002 |
| 7096 | F&G Annuities & Life, Inc. |  | 218912 |
| 118282 | Fidelity National Financial, Inc. |  | 6457014 |
| 42600 | First American Financial Corp. |  | 2617344 |
| 3300 | Hanover Insurance Group, Inc. |  | 603141 |
| 381341 | Old Republic International Corp. |  | 17404403 |
| 289628 | Prudential Financial, Inc. |  | 32693209 |
|  |  |  | 63886221 |
| Interactive Media & Services – 8.4% | Interactive Media & Services – 8.4% | Interactive Media & Services – 8.4% | Interactive Media & Services – 8.4% |
| 117931 | Alphabet, Inc. Class C |  | 37006748 |
| 575556 | Alphabet, Inc. Class A |  | 180149028 |
| 142725 | Meta Platforms, Inc. Class A |  | 94211345 |
|  |  |  | 311367121 |
| IT Services – 1.3% | IT Services – 1.3% | IT Services – 1.3% | IT Services – 1.3% |
| 57439 | Accenture PLC Class A |  | 15410884 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |
| IT Services – (continued) | IT Services – (continued) |  |
| 13500 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086885 |
| 11128 | Cloudflare, Inc. Class A\* | 2193885 |
| 94954 | International Business Machines Corp. | 28126324 |
| 1 | Okta, Inc.\* | 87 |
|  |  | 46818065 |
| Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% |
| 9300 | Brunswick Corp. | 690432 |
| Life Sciences Tools & Services – 0.1% | Life Sciences Tools & Services – 0.1% | Life Sciences Tools & Services – 0.1% |
| 8900 | Bruker Corp. | 419279 |
| 11505 | Repligen Corp.\* | 1885209 |
|  |  | 2304488 |
| Machinery – 0.8% | Machinery – 0.8% | Machinery – 0.8% |
| 53040 | Caterpillar, Inc. | 30385025 |
| 7000 | Flowserve Corp. | 485660 |
| 1600 | Lincoln Electric Holdings, Inc. | 383424 |
|  |  | 31254109 |
| Media – 0.5% | Media – 0.5% | Media – 0.5% |
| 568200 | Comcast Corp. Class A | 16983498 |
| 84000 | Trade Desk, Inc. Class A\* | 3188640 |
|  |  | 20172138 |
| Multi-Utilities – 0.6% | Multi-Utilities – 0.6% | Multi-Utilities – 0.6% |
| 387652 | Dominion Energy, Inc. | 22712531 |
| Oil, Gas & Consumable Fuels – 3.6% | Oil, Gas & Consumable Fuels – 3.6% | Oil, Gas & Consumable Fuels – 3.6% |
| 236741 | Chevron Corp. | 36081696 |
| 5200 | DT Midstream, Inc. | 622336 |
| 124530 | Expand Energy Corp. | 13743130 |
| 394585 | Exxon Mobil Corp. | 47484359 |
| 664351 | Kinder Morgan, Inc. | 18263009 |
| 240900 | ONEOK, Inc. | 17706150 |
|  |  | 133900680 |
| Personal Products – 0.3% | Personal Products – 0.3% | Personal Products – 0.3% |
| 720570 | Kenvue, Inc. | 12429832 |
| Pharmaceuticals – 3.9% | Pharmaceuticals – 3.9% | Pharmaceuticals – 3.9% |
| 453040 | Bristol-Myers Squibb Co. | 24436978 |
| 49655 | Eli Lilly & Co. | 53363236 |
| 187033 | Johnson & Johnson | 38706479 |
| 1129758 | Pfizer, Inc. | 28130974 |
|  |  | 144637667 |
| Professional Services – 1.0% | Professional Services – 1.0% | Professional Services – 1.0% |
| 59091 | Automatic Data Processing, Inc. | 15199978 |
| 20933 | Booz Allen Hamilton Holding Corp. | 1765908 |
| 25500 | ManpowerGroup, Inc. | 758115 |
| 167200 | Paychex, Inc. | 18756496 |
|  |  | 36480497 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) |  |  |
| Residential REITs – 0.1% | Residential REITs – 0.1% |  |  |
| 120300 | American Homes 4 Rent Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861630 |
| 1193 | Sun Communities, Inc. |  | 147825 |
|  |  |  | 4009455 |
| Retail REITs – 0.0% | Retail REITs – 0.0% | Retail REITs – 0.0% | Retail REITs – 0.0% |
| 14300 | Brixmor Property Group, Inc. |  | 374946 |
| 8300 | NNN REIT, Inc. |  | 328929 |
|  |  |  | 703875 |
| Semiconductors & Semiconductor Equipment – 14.8% | Semiconductors & Semiconductor Equipment – 14.8% | Semiconductors & Semiconductor Equipment – 14.8% | Semiconductors & Semiconductor Equipment – 14.8% |
| 118075 | Advanced Micro Devices, Inc.\* |  | 25286942 |
| 70600 | Analog Devices, Inc. |  | 19146720 |
| 318985 | Broadcom, Inc. |  | 110400709 |
| 159095 | Lam Research Corp. |  | 27233882 |
| 1759 | Marvell Technology, Inc. |  | 149480 |
| 97795 | Micron Technology, Inc. |  | 27911671 |
| 1591071 | NVIDIA Corp. |  | 296734741 |
| 87145 | QUALCOMM, Inc. |  | 14906152 |
| 159462 | Texas Instruments, Inc. |  | 27665062 |
|  |  |  | 549435359 |
| Software – 10.0% | Software – 10.0% | Software – 10.0% | Software – 10.0% |
| 22800 | AppLovin Corp. Class A\* |  | 15363096 |
| 5795 | Atlassian Corp. Class A\* |  | 939601 |
| 18629 | Confluent, Inc. Class A\* |  | 563341 |
| 29760 | Crowdstrike Holdings, Inc. Class A\* |  | 13950298 |
| 4320 | Elastic NV\* |  | 325901 |
| 4929 | HubSpot, Inc.\* |  | 1978008 |
| 25424 | Intuit, Inc. |  | 16841366 |
| 471630 | Microsoft Corp.<sup>(a)</sup> |  | 228089701 |
| 124098 | Oracle Corp. |  | 24187941 |
| 174335 | Palantir Technologies, Inc. Class A\* |  | 30988046 |
| 69606 | Salesforce, Inc. |  | 18439325 |
| 4775 | SentinelOne, Inc. Class A\* |  | 71625 |
| 92950 | ServiceNow, Inc.\* |  | 14239010 |
| 26563 | Unity Software, Inc.\* |  | 1173288 |
| 6989 | Zscaler, Inc.\* |  | 1571966 |
|  |  |  | 368722513 |
| Specialized REITs – 0.6% | Specialized REITs – 0.6% | Specialized REITs – 0.6% | Specialized REITs – 0.6% |
| 50100 | American Tower Corp. |  | 8796057 |
| 17100 | CubeSmart |  | 616455 |
| 13136 | Equinix, Inc. |  | 10064278 |
| 20849 | Gaming & Leisure Properties, Inc. |  | 931742 |
|  |  |  | 20408532 |
| Specialty Retail – 1.5% | Specialty Retail – 1.5% | Specialty Retail – 1.5% | Specialty Retail – 1.5% |
| 18100 | Dick's Sporting Goods, Inc. |  | 3583257 |
| 13400 | Gap, Inc. |  | 343040 |
| 97997 | Home Depot, Inc. |  | 33720768 |
| 9000 | Penske Automotive Group, Inc. |  | 1424610 |
| 114800 | TJX Cos., Inc. |  | 17634428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 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) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| 1400 | Wayfair, Inc. Class A\* | $140574 |
|  |  | 56846677 |
| Technology Hardware, Storage & Peripherals – 7.1% | Technology Hardware, Storage & Peripherals – 7.1% | Technology Hardware, Storage & Peripherals – 7.1% |
| 972438 | Apple, Inc. | 264366995 |
| Tobacco – 0.6% | Tobacco – 0.6% | Tobacco – 0.6% |
| 409784 | Altria Group, Inc. | 23628145 |
| Trading Companies & Distributors – 0.3% | Trading Companies & Distributors – 0.3% | Trading Companies & Distributors – 0.3% |
| 78500 | MSC Industrial Direct Co., Inc. Class A | 6601850 |
| 10499 | Watsco, Inc. | 3537638 |
|  |  | 10139488 |
| TOTAL COMMON STOCKS<br>(Cost $2,276,590,563) | TOTAL COMMON STOCKS<br>(Cost $2,276,590,563) | $3713357518 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(d)</sup> – 0.0% | Investment Company<sup>(d)</sup> – 0.0% | Investment Company<sup>(d)</sup> – 0.0% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |  |
| 14375 | 3.686% | $14375 |
| (Cost $14,375) | (Cost $14,375) | (Cost $14,375) |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.0% | Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.0% | Securities Lending Reinvestment Vehicle<sup>(d)</sup> – 0.0% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |  |
| 236700 | 3.686% | $236700 |
| (Cost $236,700) | (Cost $236,700) | (Cost $236,700) |
| TOTAL INVESTMENTS – 100.3%<br>(Cost $2,276,841,638) | TOTAL INVESTMENTS – 100.3%<br>(Cost $2,276,841,638) | $3713608593 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.3)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.3)%** | (11959439) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $3701649154 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (c) | All or a portion of security is on loan. (d) Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 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)** |
|  **Short position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | (36) | 03/20/26 | $(12406500) | $64162 |

---

WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following written options:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| EXCHANGE TRADED INDEX OPTIONS | EXCHANGE TRADED INDEX OPTIONS | EXCHANGE TRADED INDEX OPTIONS |  |  |  |  |  |
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market**<br> **Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6980.00 | 02/27/2026 | (728) | $(508144000) | $(6559280) | $(11646362) | $5087082 |
|  S&P 500 Index | 6985.00 | 01/30/2026 | (692) | (483362000) | (2806060) | (11772844) | 8966784 |
|  S&P 500 Index | 6990.00 | 03/31/2026 | (712) | (497688000) | (9690320) | (9539376) | (150944) |
| Total written option contracts |  |  | (2132) | (1489194000) | $(19055660) | $(32958582) | $13902922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| 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>11</sub>

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $94,169,236 and $2,276,590,563, respectively)<sup>(a)</sup> | $152449100 | $3713357518 |
|  Investments in affiliated issuers, at value (cost $47 and $14,375, respectively) | 47 | 14375 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  | 236700 |
|  Cash |  | 1226360 |
|  Foreign currencies, at value (cost $1,186,662 and $0, respectively) | 1198863 |  |
|  Variation margin on futures contracts | 588 | 93176 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 1235614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 139853 | 2045448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 9539376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser |  | 9382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 2102520 |
|  Other assets | 40834 | 72456 |
|  **Total assets** | 155064899 | 3728697311 |
| Liabilities: |  |  |
|  Written option contracts, at value (premium received $1,590,134 and $32,958,582, respectively) | 1577942 | 19055660 |
|  Due to custodian (overdraft) | 73413 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 451766 | 2619016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 66968 | 1038447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 2333 | 135819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 152 | 14375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 3641050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 236700 |
|  Accrued expenses | 358194 | 307090 |
|  **Total liabilities** | 2530768 | 27048157 |
| Net Assets: |  |  |
|  Paid-in capital | 177756041 | 2236449313 |
|  Total distributable earnings (loss) | (25221910) | 1465199841 |
|  **NET ASSETS** | $152534131 | $3701649154 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $1284482 | $238786016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 159047 | 58879106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 3039221 | 1648328952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2298173 | 503336227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 76820594 | 419639032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 68932614 | 832679821 |
|  Total Net Assets | $152534131 | $3701649154 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 147222 | 13098156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 19013 | 3244567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 356920 | 90793323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 270846 | 27698549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 9020063 | 23130047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8082819 | 45877436 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 8.72 | 18.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8.37 | 18.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 8.52 | 18.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 8.49 | 18.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8.52 | 18.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 8.53 | 18.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes loaned securities having a market value of $0 and $226,692, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Maximum public offering price per share for Class A Shares of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds is $9.23 and $19.29, 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;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
| Investment Income: |  |  |
| Dividends — unaffiliated issuers (net of tax withholding of $512,093 and $0, respectively) | $5199986 | $64326608 |
|  Dividends — affiliated issuers | 16576 | 1471364 |
|  Securities lending income, net of rebates received or paid to borrowers | 12112 | 43 |
|  Interest | 2471 |  |
|  Other Income | 416819 |  |
|  **Total investment income** | 5647964 | 65798015 |
| Expenses: |  |  |
|  Management fees | 1193427 | 24399940 |
|  Custody, accounting and administrative services | 191763 | 282654 |
|  Professional fees | 132447 | 131769 |
|  Registration fees | 79511 | 151266 |
|  Printing and mailing costs | 51050 | 161240 |
|  Transfer Agency fees<sup>(a)</sup> | 48439 | 2146921 |
|  Trustee fees | 27215 | 34096 |
|  Distribution and Service (12b-1) fees<sup>(a)</sup> | 3978 | 1005492 |
|  Service fees — Class C | 360 | 148768 |
|  Other | 7406 | 87755 |
|  **Total expenses** | 1735596 | 28549901 |
|  Less — expense reductions | (427154) | (2731631) |
|  **Net expenses** | 1308442 | 25818270 |
|  **NET INVESTMENT INCOME** | 4339522 | 39979745 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 3951143 | 292838686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 420169 | (4418719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (5825638) | (75476098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 124978 |  |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 34994457 | 201178317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3004) | 600318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (35197) | 6546360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 163663 |  |
|  **Net realized and unrealized gain** | 33790571 | 421268864 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $38130093 | $461248609 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees**  | **Distribution and/or Service (12b-1) Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  | **Transfer Agency Fees**  |
| **Fund** | **Class A** | **Class C** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class P** |
|  International Equity Dividend and Premium Fund | $2898 | $1080 | $1739 | $216 | $1335 | $2926 | $22621 | $19602 |
|  U.S. Equity Dividend and Premium Fund | 559188 | 446304 | 335513 | 89261 | 632862 | 728419 | 119306 | 241560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Fiscal<br>Year Ended<br>December 31, 2024** | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Fiscal<br>Year Ended<br>December 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $4339522 | $4799176 | $39979745 | $42482122 |
|  Net realized gain (loss) | (1329348) | 1106782 | 212943869 | 197994926 |
|  Net change in unrealized gain (loss) | 35119919 | (9015100) | 208324995 | 430148564 |
| **Net increase (decrease) in net assets resulting from operations** | 38130093 | (3109142) | 461248609 | 670625612 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (33385) | (38796) | (14327105) | (13622078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (3521) | (2051) | (3200745) | (3897326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (110370) | (118880) | (105297538) | (105625913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (64882) | (41646) | (31879424) | (33396039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (2487205) | (2528224) | (26854362) | (26735064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (2171047) | (2052023) | (53270270) | (54682135) |
|  **Total distributions to shareholders** | (4870410) | (4781620) | (234829444) | (237958555) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 3900738 | 18378769 | 520985394 | 545220523 |
|  Reinvestment of distributions | 4826098 | 4732139 | 218848835 | 221102316 |
|  Cost of shares redeemed | (39806322) | (18103534) | (797727209) | (769374949) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (31079486) | 5007374 | (57892980) | (3052110) |
|  **TOTAL INCREASE (DECREASE)** | 2180197 | (2883388) | 168526185 | 429614947 |
| Net assets: |  |  |  |  |
|  Beginning of year | 150353934 | 153237322 | 3533122969 | 3103508022 |
|  End of year | $152534131 | $150353934 | $3701649154 | $3533122969 |

---

&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 DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $6.95 | $7.33 | $6.55 | $7.59 | $7.16 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.20 | 0.24 <sup>(b)</sup> | 0.24 | 0.21 |
|  Net realized and unrealized gain (loss) | 1.81 | (0.38) | 0.77 | (1.02) | 0.42 |
|  Total from investment operations | 2.01 | (0.18) | 1.01 | (0.78) | 0.63 |
|  Distributions to shareholders from net investment income | (0.24) | (0.20) | (0.23) | (0.23) | (0.20) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.24) | (0.20) | (0.23) | (0.26) | (0.20) |
|  Net asset value, end of year | $8.72 | $6.95 | $7.33 | $6.55 | $7.59 |
|  **Total return<sup>(c)</sup>** | 29.14% | (2.53)% | 15.91% | (10.29)% | 8.94% |
|  Net assets, end of year (in 000s) | $1284 | $1205 | $1667 | $1576 | $2170 |
|  Ratio of net expenses to average net assets | 1.19% | 1.20% | 1.21% | 1.23% | 1.23% |
|  Ratio of total expenses to average net assets | 1.54% | 1.51% | 1.43% | 1.58% | 1.39% |
|  Ratio of net investment income to average net assets | 2.52% | 2.75% | 3.45% | 3.63% | 2.85% |
|  Portfolio turnover rate<sup>(d)</sup> | 16% | 12% | 18% | 26% | 17% |

---

&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 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.** | **15** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $6.68 | $7.04 | $6.30 | $7.32 | $6.90 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.14 | 0.19 <sup>(b)</sup> | 0.18 | 0.14 |
|  Net realized and unrealized gain (loss) | 1.73 | (0.36) | 0.73 | (0.98) | 0.42 |
|  Total from investment operations | 1.87 | (0.22) | 0.92 | (0.80) | 0.56 |
|  Distributions to shareholders from net investment income | (0.18) | (0.14) | (0.18) | (0.20) | (0.14) |
|  Distributions to shareholders from return of capital |  |  |  | (0.02) |  |
|  Total distributions | (0.18) | (0.14) | (0.18) | (0.22) | (0.14) |
|  Net asset value, end of year | $8.37 | $6.68 | $7.04 | $6.30 | $7.32 |
|  **Total return<sup>(c)</sup>** | 28.26% | (3.24)% | 14.99% | (10.99)% | 8.22% |
|  Net assets, end of year (in 000s) | $159 | $106 | $180 | $206 | $362 |
|  Ratio of net expenses to average net assets | 1.95% | 1.94% | 1.96% | 1.98% | 1.98% |
|  Ratio of total expenses to average net assets | 2.30% | 2.26% | 2.18% | 2.33% | 2.16% |
|  Ratio of net investment income to average net assets | 1.87% | 1.99% | 2.85% | 2.77% | 1.91% |
|  Portfolio turnover rate<sup>(d)</sup> | 16% | 12% | 18% | 26% | 17% |

---

&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 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $6.79 | $7.16 | $6.41 | $7.43 | $7.01 |
|  Net investment income<sup>(a)</sup> | 0.23 | 0.23 | 0.25 <sup>(b)</sup> | 0.25 | 0.24 |
|  Net realized and unrealized gain (loss) | 1.76 | (0.38) | 0.75 | (1.00) | 0.41 |
|  Total from investment operations | 1.99 | (0.15) | 1.00 | (0.75) | 0.65 |
|  Distributions to shareholders from net investment income | (0.26) | (0.22) | (0.25) | (0.24) | (0.23) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.26) | (0.22) | (0.25) | (0.27) | (0.23) |
|  Net asset value, end of year | $8.52 | $6.79 | $7.16 | $6.41 | $7.43 |
|  **Total return<sup>(c)</sup>** | 29.64% | (2.15)% | 16.15% | (9.99)% | 9.38% |
|  Net assets, end of year (in 000s) | $3039 | $2831 | $4248 | $3391 | $4417 |
|  Ratio of net expenses to average net assets | 0.89% | 0.90% | 0.89% | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 1.18% | 1.15% | 1.06% | 1.21% | 1.04% |
|  Ratio of net investment income to average net assets | 2.97% | 3.20% | 3.71% | 3.90% | 3.19% |
|  Portfolio turnover rate<sup>(d)</sup> | 16% | 12% | 18% | 26% | 17% |

---

&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 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.** | **17** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $6.76 | $7.14 | $6.39 | $7.41 | $7.00 |
|  Net investment income<sup>(a)</sup> | 0.22 | 0.22 | 0.26 <sup>(b)</sup> | 0.25 | 0.23 |
|  Net realized and unrealized gain (loss) | 1.77 | (0.38) | 0.74 | (1.00) | 0.40 |
|  Total from investment operations | 1.99 | (0.16) | 1.00 | (0.75) | 0.63 |
|  Distributions to shareholders from net investment income | (0.26) | (0.22) | (0.25) | (0.24) | (0.22) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.26) | (0.22) | (0.25) | (0.27) | (0.22) |
|  Net asset value, end of year | $8.49 | $6.76 | $7.14 | $6.39 | $7.41 |
|  **Total return<sup>(c)</sup>** | 29.71% | (2.35)% | 16.13% | (10.09)% | 9.15% |
|  Net assets, end of year (in 000s) | $2298 | $1279 | $1296 | $1362 | $5313 |
|  Ratio of net expenses to average net assets | 0.94% | 0.95% | 0.96% | 0.98% | 0.98% |
|  Ratio of total expenses to average net assets | 1.29% | 1.27% | 1.18% | 1.33% | 1.14% |
|  Ratio of net investment income to average net assets | 2.84% | 3.06% | 3.82% | 3.81% | 3.09% |
|  Portfolio turnover rate<sup>(d)</sup> | 16% | 12% | 18% | 26% | 17% |

---

&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 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $6.79 | $7.16 | $6.41 | $7.43 | $7.01 |
|  Net investment income<sup>(a)</sup> | 0.23 | 0.22 | 0.25 <sup>(b)</sup> | 0.25 | 0.23 |
|  Net realized and unrealized gain (loss) | 1.76 | (0.37) | 0.76 | (1.00) | 0.42 |
|  Total from investment operations | 1.99 | (0.15) | 1.01 | (0.75) | 0.65 |
|  Distributions to shareholders from net investment income | (0.26) | (0.22) | (0.26) | (0.24) | (0.23) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.26) | (0.22) | (0.26) | (0.27) | (0.23) |
|  Net asset value, end of year | $8.52 | $6.79 | $7.16 | $6.41 | $7.43 |
|  **Total return<sup>(c)</sup>** | 29.65% | (2.14)% | 16.17% | (9.99)% | 9.38% |
|  Net assets, end of year (in 000s) | $76821 | $83857 | $76462 | $68864 | $91208 |
|  Ratio of net expenses to average net assets | 0.88% | 0.89% | 0.88% | 0.88% | 0.88% |
|  Ratio of total expenses to average net assets | 1.17% | 1.15% | 1.05% | 1.20% | 1.02% |
|  Ratio of net investment income to average net assets | 2.99% | 3.11% | 3.77% | 3.90% | 3.14% |
|  Portfolio turnover rate<sup>(d)</sup> | 16% | 12% | 18% | 26% | 17% |

---

&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 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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.** | **19** |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $6.80 | $7.17 | $6.42 | $7.44 | $7.02 |
|  Net investment income<sup>(a)</sup> | 0.23 | 0.22 | 0.26 <sup>(b)</sup> | 0.25 | 0.23 |
|  Net realized and unrealized gain (loss) | 1.76 | (0.37) | 0.75 | (1.00) | 0.42 |
|  Total from investment operations | 1.99 | (0.15) | 1.01 | (0.75) | 0.65 |
|  Distributions to shareholders from net investment income | (0.26) | (0.22) | (0.26) | (0.24) | (0.23) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.26) | (0.22) | (0.26) | (0.27) | (0.23) |
|  Net asset value, end of year | $8.53 | $6.80 | $7.17 | $6.42 | $7.44 |
|  **Total return<sup>(c)</sup>** | 29.61% | (2.14)% | 16.14% | (9.97)% | 9.37% |
|  Net assets, end of year (in 000s) | $68933 | $61076 | $69385 | $65048 | $81611 |
|  Ratio of net expenses to average net assets | 0.88% | 0.89% | 0.88% | 0.88% | 0.88% |
|  Ratio of total expenses to average net assets | 1.17% | 1.14% | 1.05% | 1.20% | 1.02% |
|  Ratio of net investment income to average net assets | 2.91% | 3.11% | 3.77% | 3.88% | 3.17% |
|  Portfolio turnover rate<sup>(d)</sup> | 16% | 12% | 18% | 26% | 17% |

---

&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 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all 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;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.07 | $14.94 | $13.12 | $16.43 | $14.20 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.16 | 0.18 | 0.17 | 0.15 |
|  Net realized and unrealized gain (loss) | 2.16 | 3.11 | 2.56 | (2.59) | 3.01 |
|  Total from investment operations | 2.31 | 3.27 | 2.74 | (2.42) | 3.16 |
|  Distributions to shareholders from net investment income | (0.16) | (0.16) | (0.19) | (0.17) | (0.15) |
|  Distributions to shareholders from net realized gains | (0.99) | (0.98) | (0.73) | (0.72) | (0.78) |
|  Total distributions | (1.15) | (1.14) | (0.92) | (0.89) | (0.93) |
|  Net asset value, end of year | $18.23 | $17.07 | $14.94 | $13.12 | $16.43 |
|  **Total return<sup>(b)</sup>** | 13.56% | 21.88% | 21.04% | (14.84)% | 22.42% |
|  Net assets, end of year (in 000s) | $238786 | $217300 | $176352 | $151973 | $183895 |
|  Ratio of net expenses to average net assets | 1.00% | 1.00% | 1.02% | 1.05% | 1.06% |
|  Ratio of total expenses to average net assets | 1.11% | 1.11% | 1.12% | 1.14% | 1.13% |
|  Ratio of net investment income to average net assets | 0.85% | 0.99% | 1.24% | 1.18% | 0.97% |
|  Portfolio turnover rate<sup>(c)</sup> | 29% | 23% | 30% | 38% | 19% |

---

&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 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.** | **21** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.00 | $14.88 | $13.07 | $16.36 | $14.14 |
|  Net investment income<sup>(a)</sup> | 0.02 | 0.04 | 0.07 | 0.06 | 0.04 |
|  Net realized and unrealized gain (loss) | 2.15 | 3.09 | 2.55 | (2.57) | 2.99 |
|  Total from investment operations | 2.17 | 3.13 | 2.62 | (2.51) | 3.03 |
|  Distributions to shareholders from net investment income | (0.03) | (0.03) | (0.08) | (0.06) | (0.03) |
|  Distributions to shareholders from net realized gains | (0.99) | (0.98) | (0.73) | (0.72) | (0.78) |
|  Total distributions | (1.02) | (1.01) | (0.81) | (0.78) | (0.81) |
|  Net asset value, end of year | $18.15 | $17.00 | $14.88 | $13.07 | $16.36 |
|  **Total return<sup>(b)</sup>** | 12.76% | 20.96% | 20.12% | (15.48)% | 21.48% |
|  Net assets, end of year (in 000s) | $58879 | $63336 | $70396 | $72831 | $109023 |
|  Ratio of net expenses to average net assets | 1.75% | 1.75% | 1.77% | 1.80% | 1.81% |
|  Ratio of total expenses to average net assets | 1.86% | 1.86% | 1.87% | 1.89% | 1.88% |
|  Ratio of net investment income to average net assets | 0.11% | 0.25% | 0.50% | 0.42% | 0.23% |
|  Portfolio turnover rate<sup>(c)</sup> | 29% | 23% | 30% | 38% | 19% |

---

&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 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;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.00 | $14.88 | $13.08 | $16.37 | $14.16 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.22 | 0.23 | 0.22 | 0.21 |
|  Net realized and unrealized gain (loss) | 2.14 | 3.10 | 2.53 | (2.57) | 2.99 |
|  Total from investment operations | 2.35 | 3.32 | 2.76 | (2.35) | 3.20 |
|  Distributions to shareholders from net investment income | (0.21) | (0.22) | (0.23) | (0.22) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.99) | (0.98) | (0.73) | (0.72) | (0.78) |
|  Total distributions | (1.20) | (1.20) | (0.96) | (0.94) | (0.99) |
|  Net asset value, end of year | $18.15 | $17.00 | $14.88 | $13.08 | $16.37 |
|  **Total return<sup>(b)</sup>** | 13.98% | 22.28% | 21.34% | (14.53)% | 22.82% |
|  Net assets, end of year (in 000s) | $1648329 | $1569561 | $1325844 | $1122307 | $1329450 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.69% | 0.71% | 0.71% |
|  Ratio of total expenses to average net assets | 0.75% | 0.75% | 0.76% | 0.77% | 0.76% |
|  Ratio of net investment income to average net assets | 1.17% | 1.31% | 1.57% | 1.52% | 1.33% |
|  Portfolio turnover rate<sup>(c)</sup> | 29% | 23% | 30% | 38% | 19% |

---

&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 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.** | **23** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.01 | $14.89 | $13.09 | $16.38 | $14.17 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.20 | 0.21 | 0.21 | 0.19 |
|  Net realized and unrealized gain (loss) | 2.16 | 3.11 | 2.54 | (2.57) | 2.99 |
|  Total from investment operations | 2.35 | 3.31 | 2.75 | (2.36) | 3.18 |
|  Distributions to shareholders from net investment income | (0.20) | (0.21) | (0.22) | (0.21) | (0.19) |
|  Distributions to shareholders from net realized gains | (0.99) | (0.98) | (0.73) | (0.72) | (0.78) |
|  Total distributions | (1.19) | (1.19) | (0.95) | (0.93) | (0.97) |
|  Net asset value, end of year | $18.17 | $17.01 | $14.89 | $13.09 | $16.38 |
|  **Total return<sup>(b)</sup>** | 13.89% | 22.18% | 21.23% | (14.60)% | 22.78% |
|  Net assets, end of year (in 000s) | $503336 | $495902 | $479421 | $409319 | $473054 |
|  Ratio of net expenses to average net assets | 0.75% | 0.75% | 0.77% | 0.80% | 0.81% |
|  Ratio of total expenses to average net assets | 0.86% | 0.86% | 0.87% | 0.89% | 0.88% |
|  Ratio of net investment income to average net assets | 1.10% | 1.24% | 1.49% | 1.44% | 1.23% |
|  Portfolio turnover rate<sup>(c)</sup> | 29% | 23% | 30% | 38% | 19% |

---

&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 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;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $16.99 | $14.87 | $13.07 | $16.36 | $14.15 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.22 | 0.23 | 0.22 | 0.21 |
|  Net realized and unrealized gain (loss) | 2.14 | 3.10 | 2.54 | (2.57) | 2.99 |
|  Total from investment operations | 2.35 | 3.32 | 2.77 | (2.35) | 3.20 |
|  Distributions to shareholders from net investment income | (0.21) | (0.22) | (0.24) | (0.22) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.99) | (0.98) | (0.73) | (0.72) | (0.78) |
|  Total distributions | (1.20) | (1.20) | (0.97) | (0.94) | (0.99) |
|  Net asset value, end of year | $18.14 | $16.99 | $14.87 | $13.07 | $16.36 |
|  **Total return<sup>(b)</sup>** | 13.94% | 22.31% | 21.36% | (14.53)% | 22.85% |
|  Net assets, end of year (in 000s) | $419639 | $379238 | $331528 | $304083 | $336827 |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.68% | 0.70% | 0.70% |
|  Ratio of total expenses to average net assets | 0.74% | 0.74% | 0.75% | 0.76% | 0.75% |
|  Ratio of net investment income to average net assets | 1.18% | 1.32% | 1.58% | 1.54% | 1.33% |
|  Portfolio turnover rate<sup>(c)</sup> | 29% | 23% | 30% | 38% | 19% |

---

&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 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.** | **25** |

---

------

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $17.00 | $14.88 | $13.07 | $16.37 | $14.15 |
|  Net investment income<sup>(a)</sup> | 0.21 | 0.22 | 0.23 | 0.22 | 0.21 |
|  Net realized and unrealized gain (loss) | 2.14 | 3.10 | 2.55 | (2.58) | 3.00 |
|  Total from investment operations | 2.35 | 3.32 | 2.78 | (2.36) | 3.21 |
|  Distributions to shareholders from net investment income | (0.21) | (0.22) | (0.24) | (0.22) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.99) | (0.98) | (0.73) | (0.72) | (0.78) |
|  Total distributions | (1.20) | (1.20) | (0.97) | (0.94) | (0.99) |
|  Net asset value, end of year | $18.15 | $17.00 | $14.88 | $13.07 | $16.37 |
|  **Total return<sup>(b)</sup>** | 14.00% | 22.22% | 21.44% | (14.59)% | 22.93% |
|  Net assets, end of year (in 000s) | $832680 | $807786 | $719967 | $605229 | $703803 |
|  Ratio of net expenses to average net assets | 0.67% | 0.67% | 0.68% | 0.70% | 0.70% |
|  Ratio of total expenses to average net assets | 0.74% | 0.74% | 0.75% | 0.76% | 0.75% |
|  Ratio of net investment income to average net assets | 1.18% | 1.32% | 1.58% | 1.53% | 1.34% |
|  Portfolio turnover rate<sup>(c)</sup> | 29% | 23% | 30% | 38% | 19% |

---

&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 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;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *December 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** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Goldman Sachs International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium Fund | A, C, Institutional, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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)

&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** |
| International Equity Dividend and Premium Fund | Quarterly | Annually |
| U.S. Equity Dividend and Premium Fund | Quarterly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**28**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**29**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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)

of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $8554 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 576380 | 37982238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 11693066 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 12799663 | 87499024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 670720 | 50264 |  |
|  Preferred Stocks |  | 1169191 |  |
|  Investment Company | 47 |  |  |
|  **Total** | $14046810 | $138402337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**30**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(7388) | $— | $— |
|  Written Option Contracts | (1577942) |  |  |
|  **Total** | $(1585330) | $— | $— |
| **U.S. EQUITY DIVIDEND AND PREMIUM FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $15410884 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 3697944114 |  | 2520 |
|  Securities Lending Reinvestment Vehicle | 236700 |  |  |
|  Investment Company | 14375 |  |  |
|  **Total** | $3713606073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $64162 | $— | $— |
|  **Liabilities** |  |  |  |
|  Written Option Contracts | $(19055660) | $— | $— |

---

<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. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) as of 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 December 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Equity |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation margin on futures contracts; Written options, at value | $(1585330)<sup>(a)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**31**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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 (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Equity | Variation margin on futures contracts | $64162 <sup>(a)</sup> | Written options, at value | $(19055660) |

---

<sup>(a)</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only current day's variation margin is reported within the Statement 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 December 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options |  | $(5405469) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38201) |
| **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** | **U.S. Equity Dividend and Premium Fund** |  |  |
| **Risk** | **Statements of Operations** | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79894817) | $7146678 |

---

For the fiscal year ended December 31, 2025, the relevant values for each derivative type were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average Number of Contracts or Shares/Units<sup>(a)</sup>** | **Average Number of Contracts or Shares/Units<sup>(a)</sup>** |
| **Fund** | **Futures**<br> **Contracts** | **Written**<br> **Options** |
| International Equity Dividend and Premium Fund | 31 | 7878 |
| U.S. Equity Dividend and Premium Fund | 134 | 207800 |

---

<sup>(a)</sup> Amounts disclosed represent average number of contracts for futures contracts, or shares/units outstanding for written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended December 31, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**32**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** |  |  |
| **Fund** | **First<br>$1 billion** | **Next<br>$1 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate^** |
|  International Equity Dividend and Premium Fund | 0.81% | 0.73% | 0.69% | 0.68% | 0.67% | 0.81% | 0.81% |
|  U.S. Equity Dividend and Premium Fund | 0.75 | 0.68 | 0.65 | 0.64 | 0.63 | 0.69 | 0.64\* |

---

^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

\* GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.64% as an annual percentage of the Fund's average daily net assets. This arrangement will remain in effect through at least April 30, 2026, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees. 

The International Equity Dividend and Premium Fund and U.S. Equity Dividend and Premium Fund invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the fiscal year ended December 31, 2025, GSAM waived $615 and $57,137 of the management fee for the International Equity Dividend and Premium Fund and U.S. Equity Dividend and Premium Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

---

| | | |
|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates** | **Distribution and/or Service Plan Rates** |
|  | **Class A** | **Class C** |
|  Distribution and/or Service Plan | 0.25% | 0.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**33**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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;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 December 31, 2025, Goldman Sachs did not retain any of the Class C Shares' CDSC. During the fiscal year ended December 31, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br> Sales Charge** |
| **Fund** | **Class A** |
|  International Equity Dividend and Premium Fund | $241 |
|  U.S. Equity Dividend and Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22627 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service Plan — The Trust, on behalf of each applicable Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares.

Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.06% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds, respectively. These arrangements will remain in effect through at least April 30, 2026, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds are 0.044% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**34**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended December 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other**<br> **Expense**<br> **Reimbursements** | **Total**<br> **Expense**<br> **Reductions** |
|  International Equity Dividend and Premium Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427154 |
|  U.S. Equity Dividend and Premium Fund | 1712521 | 312483 | 706627 | 2731631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of December 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 December 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 December 31, 2025, Goldman Sachs earned $625 and $1,439 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds, respectively.

As of December 31, 2025, the following Funds were the beneficial owners of 5% or more of total outstanding shares of the following Portfolio:

---

| | |
|:---|:---|
| **Fund** | **Goldman Sachs<br>Enhanced Dividend<br>Global Equity<br>Portfolio** |
|  International Equity Dividend and Premium Fund | 50% |
|  U.S. Equity Dividend and Premium Fund | 8 |

---

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of<br>December 31,**<br> **2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending Value as of<br>December 31,**<br> **2025** | **Shares as of**<br> **December 31,<br>2025** | **Dividend**<br> **Income** |
|  International Equity<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium Fund | Goldman Sachs<br> Financial Square<br> Government Fund —<br> Institutional Shares | $— | $9042570 | $(9042523) | $47 | 47 | $16576 |
|  U.S. Equity Dividend<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Premium Fund | Goldman Sachs<br> Financial Square<br> Government Fund —<br> Institutional Shares | 64380674 | 383571602 | (447937901) | 14375 | 14375 | 1471364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases (Excluding<br>U.S. Government and<br>Agency Obligations)** | **Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations)** |
|  International Equity Dividend and Premium Fund | $&nbsp;&nbsp;&nbsp;&nbsp;23193630 | $&nbsp;&nbsp;&nbsp;&nbsp;52552747 |
|  U.S. Equity Dividend and Premium Fund | 1048909899 | 1322342878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of December 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**36**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

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 December 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 December 31, 2025** | **For the Fiscal Year Ended December 31, 2025** | |
| **Fund** | **Earnings of GSAL<br>Relating to<br>Securities<br>Loaned** | **Amounts Received<br>by the Fund<br>from Lending to<br>Goldman Sachs** | **Amounts Payable to<br>Goldman Sachs<br>Upon Return of<br>Securities Loaned as of<br>December 31, 2025** |
|  International Equity Dividend and Premium Fund | $1205 | $11854 | $— |
|  U.S. Equity Dividend and Premium Fund | 20 | 227 |  |

---

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>December 31, 2024** | **Purchases <br>at cost** | **Proceeds<br> from Sales** | **Ending<br>Value as of<br>December 31, 2025** | **Shares as of<br>December 31, 2025** |
|  International Equity Dividend and |  |  |  |  |  |
|  Premium Fund | $— | $31692861 | $(31692861) | $— |  |
|  U.S. Equity Dividend and Premium Fund |  | 634294 | (397594) | 236700 | 236700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $4870410 | $64844193 |
|  Net long-term capital gains |  | 169985251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $4870410 | $234829444 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $4781620 | $72964740 |
|  Net long-term capital gains |  | 164993815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $4781620 | $237958555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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;8. TAX INFORMATION (continued)

As of December 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Undistributed ordinary income — net | $— | $11742572 |
|  Undistributed long-term capital gains |  | 17697585 |
|  Total Undistributed Earnings | $— | $29440157 |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (14212299) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (67757092) |  |
|  Total capital loss carryforwards | (81969391) |  |
|  Timing differences(Real Estate Investment Trusts/Late Year Loss Deferral and Post October |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Loss Deferral) | $(1525602) | $7065 |
|  Unrealized gains (loss) — net | 58273083 | 1435752619 |
|  Total accumulated earnings (loss) net | $(25221910) | $1465199841 |

---

As of December 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **International Equity<br>Dividend and Premium Fund** | **U.S. Equity<br>Dividend and Premium Fund** |
|  Tax Cost | $94284577 | $2291823058 |
|  Gross unrealized gain | 60465493 | 1482749871 |
|  Gross unrealized loss | (2192410) | (46997252) |
|  Net unrealized gain | $58273083 | $1435752619 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, and differences in the tax treatment of passive foreign investment company investments, partnership investments, and underlying fund investments.

The International Equity Dividend and Premium Fund reclassed $3,024 from paid in capital to distributable earnings for the year ending December 31, 2025. In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds' and result primarily from taxable overdistributions.

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:

Dividend-Paying Investments Risk — A Fund's investments in dividend-paying securities could cause a Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Fund's investment criteria may not be widely available and/or may be highly concentrated in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**38**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Fund to produce current income.

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Funds may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in a Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, 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.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

------

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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)

deteriorations in the Fund's NAV. Furthermore, the premium received from the Fund's option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax managed strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

The Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**40**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** | **International Equity Dividend and Premium Fund** |
|  | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2025** | **For the Fiscal Year Ended<br>December 31, 2024** | **For the Fiscal Year Ended<br>December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 22976 | $187288 | 11133 | $82131 |
|  Reinvestment of distributions | 4084 | 33385 | 5376 | 38754 |
|  Shares redeemed | (53301) | (398435) | (70583) | (507519) |
|  | (26241) | (177762) | (54074) | (386634) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 4056 | 28956 | 5828 | 41717 |
|  Reinvestment of distributions | 451 | 3521 | 298 | 2051 |
|  Shares redeemed | (1299) | (10199) | (15847) | (111925) |
|  | 3208 | 22278 | (9721) | (68157) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 82026 | 566227 | 57702 | 403035 |
|  Reinvestment of distributions | 10073 | 80220 | 11400 | 80492 |
|  Shares redeemed | (152264) | (1196592) | (244986) | (1764582) |
|  | (60165) | (550145) | (175884) | (1281055) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 153364 | 1125132 | 38342 | 276556 |
|  Reinvestment of distributions | 8155 | 64882 | 5929 | 41645 |
|  Shares redeemed | (79688) | (605309) | (36746) | (260878) |
|  | 81831 | 584705 | 7525 | 57323 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 140864 | 1157902 | 2022161 | 14129131 |
|  Reinvestment of distributions | 311414 | 2473043 | 356913 | 2517174 |
|  Shares redeemed | (3789188) | (27823653) | (699065) | (5100273) |
|  | (3336910) | (24192708) | 1680009 | 11546032 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 104294 | 835233 | 477896 | 3446199 |
|  Reinvestment of distributions | 271903 | 2171047 | 290445 | 2052023 |
|  Shares redeemed | (1278945) | (9772134) | (1455382) | (10358357) |
|  | (902748) | (6765854) | (687041) | (4860135) |
|  **NET INCREASE (DECREASE)** | (4241025) | $(31079486) | 760814 | $5007374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

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GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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;13. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Equity Dividend and Premium Fund | U.S. Equity Dividend and Premium Fund | U.S. Equity Dividend and Premium Fund | U.S. Equity Dividend and Premium Fund |
|  | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2025** | **For the Fiscal Year Ended**<br> **December 31, 2024** | **For the Fiscal Year Ended**<br> **December 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 2094590 | $36740557 | 2511681 | $41933093 |
|  Reinvestment of distributions | 701451 | 12774021 | 694809 | 11986200 |
|  Shares redeemed | (2430127) | (42638263) | (2278888) | (37864697) |
|  | 365914 | 6876315 | 927602 | 16054596 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 630083 | 10981054 | 550190 | 9069549 |
|  Reinvestment of distributions | 166795 | 3033033 | 211395 | 3637903 |
|  Shares redeemed | (1277943) | (22076886) | (1766767) | (29253766) |
|  | (481065) | (8062799) | (1005182) | (16546314) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 18011028 | 312592297 | 19349071 | 320371363 |
|  Reinvestment of distributions | 5354453 | 97015062 | 5664157 | 97257750 |
|  Shares redeemed | (24905167) | (429756500) | (21771169) | (360048966) |
|  | (1539686) | (20149141) | 3242059 | 57580147 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 6051610 | 105544917 | 6241629 | 102690207 |
|  Reinvestment of distributions | 1757924 | 31879171 | 1943482 | 33395887 |
|  Shares redeemed | (9257115) | (160056154) | (11225780) | (185495852) |
|  | (1447581) | (22632066) | (3040669) | (49409758) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1316366 | 22356400 | 1386887 | 22539308 |
|  Reinvestment of distributions | 1153857 | 20893743 | 1174478 | 20158805 |
|  Shares redeemed | (1663114) | (29622180) | (2528343) | (42445515) |
|  | 807109 | 13627963 | 33022 | 252598 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1875542 | 32770169 | 2969036 | 48617003 |
|  Reinvestment of distributions | 2941134 | 53253805 | 3184595 | 54665771 |
|  Shares redeemed | (6469587) | (113577226) | (7011179) | (114266153) |
|  | (1652911) | (27553252) | (857548) | (10983379) |
|  **NET DECREASE** | (3948220) | $(57892980) | (700716) | $(3052110) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**42**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs International Equity Dividend and Premium Fund and Goldman Sachs U.S. Equity Dividend and Premium Fund (two of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 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 December 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 December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 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 December 31, 2025 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2026

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;

**43**

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#### Goldman Sachs Trust – Tax-Advantaged Equity Funds II - Tax Information (Unaudited)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, 76.43% of the dividends paid from net investment company taxable income by the U.S. Equity Dividend and Premium Fund 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;For the year ended December 31, 2025, 1.43% of the dividends paid from net investment company taxable income by the U.S. Equity Dividend and Premium Fund qualify as section 199A dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, the International Equity Dividend and Premium has elected to pass through a credit for taxes paid to foreign jurisdictions. The total amount of income received by the International Equity Dividend and Premium Fund from sources within foreign countries and possessions of the United States was $0.2732 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid by the International Equity Dividend and Premium Fund during the year from foreign sources was 92.64%. The total amount of taxes paid by the International Equity Dividend and Premium Fund to such countries was $0.0248 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December 31, 2025, 98.57% and 100% of the dividends paid from net investment company taxable income by the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 852 of the Internal Revenue Code, the U.S. Equity Dividend and Premium Fund designates $169,985,251 or, if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year ended December 31, 2025, the U.S. Equity Dividend and Premium Fund designates $24,657,060 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

**44**

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![LOGO](g58203dsp047.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© 2026 Goldman Sachs. All rights reserved. TAXADVAR2-26

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Not applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d45629dex99cert.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.](d45629dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | March 4, 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: | March 4, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | March 4, 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: March 4, 2026

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| |
|:---|
|  /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: March 4, 2026

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended December 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: March 4, 2026 | Date: March 4, 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.