# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-264149
**Filing Date:** 2025-11
**Character Count:** 476268
**Document Hash:** 58f9c7471381592b7e1876f2129234c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264149.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264149

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**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:** 251447722

**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 Tactical Tilt Overlay Fund (Series ID: S000046190)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000144475 | Institutional Shares | TTIFX           |
| C000196984 | Class R6 Shares      | TTRFX           |
| C000201713 | Class P Shares       | GSLPX           |

### Goldman Sachs Global Managed Beta Fund (Series ID: S000048066)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000151917 | Institutional Shares | GGMBX           |

### Goldman Sachs Strategic Factor Allocation Fund (Series ID: S000054057)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000169918 | Institutional Shares | SFAFX           |
| C000201707 | Class P Shares       | GSQPX           |

### Goldman Sachs Strategic Volatility Premium Fund (Series ID: S000071304)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000226252 | Institutional Shares | SVPFX           |
| C000226253 | Class P Shares       | SVPBX           |

?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: August 31

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

The Annual Report to Shareholders for the Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay Fund is filed herewith.

![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Global Managed Beta Fund

# GGMBX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Global Managed Beta Fund (the "Fund") for the period of September 1, 2024 to August 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 | $29 | 0.27% |

---

## How did the Fund perform and what affected its performance?
Global equities posted positive returns, despite significant volatility driven by aggressive U.S. tariff policies. U.S. large-cap stocks outperformed non-U.S. developed markets and U.S. small-cap stocks but underperformed emerging markets equities. Continued enthusiasm about AI fueled gains in the U.S. technology sector.

Top Contributors to Performance:

* The Fund benefited from its active beta strategy through which it invests in a diversified portfolio of underlying asset classes based on its cycle-aware long-term strategic asset allocation model.

* Relative to the MSCI All Country World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) the Fund's strategic and dynamic overweights across various regions and market capitalizations helped it capture gains during the U.S.-led equity market rally in the first half of the Period and during the rally in non-U.S. developed markets equities and emerging markets equities during the second half of the Period.

Top Detractors from Performance:

* Currency options within the Fund's currency tail risk hedging strategy, which seeks to limit the chance of a loss occurring due to a rare event, detracted from relative performance, as most of the options expired out of the money.

* A strategic allocation to the macro hedging strategy, which is used in an attempt to diversify the Fund's overall exposure to global equity asset classes, detracted from relative returns. Most of the losses occurred in the fourth quarter of 2024.

# Goldman Sachs Global Managed Beta 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](g74951g00u58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD)** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1076100 | $1073300 | $1073700 |
| **8/17** | $1256024 | $1256190 | $1257088 |
| **8/18** | $1396447 | $1414345 | $1405424 |
| **8/19** | $1407340 | $1406424 | $1385327 |
| **8/20** | $1634907 | $1614294 | $1599221 |
| **8/21** | $2155951 | $2105201 | $2080747 |
| **8/22** | $1815095 | $1803736 | $1742833 |
| **8/23** | $2037263 | $2047060 | $1975153 |
| **8/24** | $2486479 | $2513175 | $2421933 |
| **8/25** | $2830608 | $2901210 | $2797332 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 13.84% | 11.60% | 10.96% |
| MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD) | 15.44% | 12.43% | 11.23% |
| MSCI ACWI IMI Index (Net, USD, Unhedged) | 15.50% | 11.83% | 10.83% |

---

**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. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI ACWI IMI Index (Net, USD, Unhedged).

# Goldman Sachs Global Managed Beta Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4336571083 |
| # of Portfolio Holdings as of Period End | 596 |
| Portfolio Turnover Rate for the Period | 31% |
| Total Net Advisory Fees Paid for the Period | $9529399 |

---

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

### Asset Allocation (%)

---

| | |
|:---|:---|
| Common Stocks | 11.5% |
| Short-Term Investments | 1.5% |
| Other | 84.4% |

---

# Goldman Sachs Global Managed Beta 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).© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Global Managed Beta Fund

# 38147X762-AR-0825

# Institutional Class
![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Factor Allocation Fund

# GSQPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Factor Allocation Fund (the "Fund") for the period of September 1, 2024 to August 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 | $77 | 0.75% |

---

## How did the Fund perform and what affected its performance?
U.S. equities were supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than expected inflation data. U.S. fixed income was most influenced by Federal Reserve monetary policy, macroeconomic data, rising long-term interest rates and tightening credit spreads.

Top Contributors to Performance:

* Three factors—Equity, Term and Volatility—within the Strategic Factor Allocation process added to the Fund's positive absolute performance. The Strategic Factor Allocation process is derived from the Goldman Sachs Investment Strategy Group's ("ISG") market views on a variety of asset classes and instruments. The factors are academically derived drivers of investment returns that the Goldman Sachs ISG believes offer the potential for greater and consistent returns in various market environments.

* Relative to the Fund's blended benchmark, the Strategic Factor Allocation Composite Index<sup>Footnote Reference1</sup>, the Volatility factor contributed positively to performance.

Top Detractors from Performance:

* In absolute terms, the Flow factor detracted from the Fund's performance.

* Overall, the implementation of the Strategic Factor Allocation process, including the Equity, Term and Flow factors, detracted from the Fund's relative returns.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Strategic Factor Allocation Composite Index is comprised 50% of the S&P 500<sup>®</sup> Index and 50% of the Bloomberg U.S. Aggregate Bond Index. |

---

# Goldman Sachs Strategic Factor 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](g74951g07v08.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Strategic Factor Allocation Composite Index** | **Bloomberg U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 | $10000 |
| **8/18** | $10397 | $10427 | $10061 | $10801 |
| **8/19** | $10830 | $11153 | $11084 | $11116 |
| **8/20** | $12027 | $12788 | $11802 | $13555 |
| **8/21** | $13842 | $14676 | $11792 | $17781 |
| **8/22** | $12947 | $13050 | $10434 | $15784 |
| **8/23** | $13849 | $14006 | $10310 | $18300 |
| **8/24** | $16217 | $16378 | $11062 | $23266 |
| **8/25** | $17130 | $17937 | $11409 | $26961 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 5.63% | 7.32% | 7.56% |
| Strategic Factor Allocation Composite Index | 9.52% | 7.00% | 8.24% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.80% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.38% |

---

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

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

# Goldman Sachs Strategic Factor Allocation Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2348902848 |
| # of Portfolio Holdings as of Period End | 188 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $15915952 |

---

## 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 December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio increased during the Period as a result of a decrease in affiliated management fees waived.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 64.9 | 35.6 | 29.4 | 6.2 |
| Developed Markets Currency | 10.5 | 3.9 | 6.6 | -2.7 |
| Developed Markets Equity Call Options | 6.9 | 6.9 | - | 6.9 |
| Developed Markets Equity Put Options | 348.8 | 145.6 | 203.2 | -57.6 |
| Fixed Income | 70.7 | 67.6 | 3.2 | 64.4 |
| Fixed Income Call Options | 16.7 | - | 16.7 | -16.7 |
| Fixed Income Put Options | 16.4 | - | 16.4 | -16.4 |
| Interest Rate Call Options | 5.2 | 5.2 | - | 5.2 |
| Interest Rate Put Options | 5.2 | 5.2 | - | 5.2 |
| Short-term investments | 92.6 | 92.6 | - | 92.6 |
| US Equity | 59.0 | 59.0 |  | 59.0 |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets. "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. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

# Goldman Sachs Strategic Factor 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.

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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Factor Allocation Fund

# 38150B293-AR-0825

# Class P
![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Factor Allocation Fund

# SFAFX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Factor Allocation Fund (the "Fund") for the period of September 1, 2024 to August 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 | $78 | 0.76% |

---

## How did the Fund perform and what affected its performance?
U.S. equities were supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than expected inflation data. U.S. fixed income was most influenced by Federal Reserve monetary policy, macroeconomic data, rising long-term interest rates and tightening credit spreads.

Top Contributors to Performance:

* Three factors—Equity, Term and Volatility—within the Strategic Factor Allocation process added to the Fund's positive absolute performance. The Strategic Factor Allocation process is derived from the Goldman Sachs Investment Strategy Group's ("ISG") market views on a variety of asset classes and instruments. The factors are academically derived drivers of investment returns that the Goldman Sachs ISG believes offer the potential for greater and consistent returns in various market environments.

* Relative to the Fund's blended benchmark, the Strategic Factor Allocation Composite Index<sup>Footnote Reference1</sup>, the Volatility factor contributed positively to performance.

Top Detractors from Performance:

* In absolute terms, the Flow factor detracted from the Fund's performance.

* Overall, the implementation of the Strategic Factor Allocation process, including the Equity, Term and Flow factors, detracted from the Fund's relative returns.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Strategic Factor Allocation Composite Index is comprised 50% of the S&P 500<sup>®</sup> Index and 50% of the Bloomberg U.S. Aggregate Bond Index. |

---

# Goldman Sachs Strategic Factor 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](g74951g41o79.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg U.S. Aggregate Bond Index** | **Strategic Factor Allocation Composite Index** | **S&P 500<sup>®</sup> Index** |
| **5/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/16** | $1034000 | $1023232 | $1032200 | $1041000 |
| **8/17** | $1105139 | $1028271 | $1116428 | $1209954 |
| **8/18** | $1162385 | $1017481 | $1216459 | $1447831 |
| **8/19** | $1210624 | $1120983 | $1301125 | $1490108 |
| **8/20** | $1345488 | $1193549 | $1491870 | $1817038 |
| **8/21** | $1547446 | $1192542 | $1712219 | $2383408 |
| **8/22** | $1447326 | $1055210 | $1522505 | $2115752 |
| **8/23** | $1546902 | $1042620 | $1633953 | $2453002 |
| **8/24** | $1812350 | $1118697 | $1910744 | $3118747 |
| **8/25** | $1909674 | $1153781 | $2092647 | $3614004 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Institutional Shares (Commenced May 31, 2016) | 5.37% | 7.25% | 7.24% |
| Strategic Factor Allocation Composite Index | 9.52% | 7.00% | 8.30% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.56% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.88% |

---

**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 Strategic Factor Allocation Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2348902848 |
| # of Portfolio Holdings as of Period End | 188 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $15915952 |

---

## 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 December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio increased during the Period as a result of a decrease in affiliated management fees waived.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 64.9 | 35.6 | 29.4 | 6.2 |
| Developed Markets Currency | 10.5 | 3.9 | 6.6 | -2.7 |
| Developed Markets Equity Call Options | 6.9 | 6.9 | - | 6.9 |
| Developed Markets Equity Put Options | 348.8 | 145.6 | 203.2 | -57.6 |
| Fixed Income | 70.7 | 67.6 | 3.2 | 64.4 |
| Fixed Income Call Options | 16.7 | - | 16.7 | -16.7 |
| Fixed Income Put Options | 16.4 | - | 16.4 | -16.4 |
| Interest Rate Call Options | 5.2 | 5.2 | - | 5.2 |
| Interest Rate Put Options | 5.2 | 5.2 | - | 5.2 |
| Short-term investments | 92.6 | 92.6 | - | 92.6 |
| US Equity | 59.0 | 59.0 |  | 59.0 |

---

\* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets. "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. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

# Goldman Sachs Strategic Factor 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.

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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Factor Allocation Fund

# 38148U338-AR-0825

# Institutional Class
![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Volatility Premium Fund

# SVPBX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Volatility Premium Fund (the "Fund") for the period of September 1, 2024 to August 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 | $45 | 0.44% |

---

## How did the Fund perform and what affected its performance?
U.S. fixed income was most influenced by Federal Reserve monetary policy, macroeconomic data, rising long-term interest rates and tightening credit spreads. U.S. equities were supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than expected inflation data.

Top Contributors to Performance:

* The Strategic Volatility Premium, which is an implementation of the Goldman Sachs Investment Strategy Group's market views on a variety of asset classes and instruments, produced positive returns and added to the Fund's absolute performance.

* The Fund's fixed income allocation to U.S. Treasury securities added to absolute returns. 

Top Detractors from Performance:

* Relative to the Bloomberg 1-5 Year U.S. Treasury Index, the options-based overlay strategy, through which the Strategic Volatility Premium is implemented, detracted from the Fund's performance. 

# Goldman Sachs Strategic Volatility 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](g74951g66k09.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg 1-5 Year U.S. Treasury Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/29/21** | $10000 | $10000 | $10000 |
| **8/21** | $10100 | $10035 | $10284 |
| **8/22** | $9687 | $9460 | $9099 |
| **8/23** | $9822 | $9530 | $8991 |
| **8/24** | $10573 | $10117 | $9647 |
| **8/25** | $10965 | $10566 | $9950 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception** |
| Class P (Commenced March 29, 2021) | 3.71% | 2.10% |
| Bloomberg 1-5 Year U.S. Treasury Index | 4.44% | 1.25% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.11% |

---

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

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

# Goldman Sachs Strategic Volatility Premium Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $508622592 |
| # of Portfolio Holdings as of Period End | 81 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1650414 |

---

## 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 December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 31, 2025, the Fund's distributions from net investment income will be declared and paid quarterly rather than annually.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 37.8 | 21.6 | 16.3 | 5.3 |
| Developed Markets Equity Put Options | 329.1 | 139.0 | 190.2 | -51.2 |
| Fixed Income | 44.9 | 44.9 | - | 44.9 |
| Fixed Income Call Options | 16.8 | - | 16.8 | -16.8 |
| Fixed Income Put Options | 16.4 | - | 16.4 | -16.4 |
| Interest Rate Call Options | 0.4 | 0.4 | - | 0.4 |
| Interest Rate Put Options | 0.4 | 0.4 | - | 0.4 |
| Short-term investments | 94.6 | 94.6 | - | 94.6 |
| US Equity | 0.5 | 0.5 |  | 0.5 |

---

\* 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. "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. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

# Goldman Sachs Strategic Volatility 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Volatility Premium Fund

# 38150C515-AR-0825

# Class P
![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Volatility Premium Fund

# SVPFX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Volatility Premium Fund (the "Fund") for the period of September 1, 2024 to August 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 | $46 | 0.45% |

---

## How did the Fund perform and what affected its performance?
U.S. fixed income was most influenced by Federal Reserve monetary policy, macroeconomic data, rising long-term interest rates and tightening credit spreads. U.S. equities were supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than expected inflation data.

Top Contributors to Performance:

* The Strategic Volatility Premium, which is an implementation of the Goldman Sachs Investment Strategy Group's market views on a variety of asset classes and instruments, produced positive returns and added to the Fund's absolute performance.

* The Fund's fixed income allocation to U.S. Treasury securities added to absolute returns. 

Top Detractors from Performance:

* Relative to the Bloomberg 1-5 Year U.S. Treasury Index, the options-based overlay strategy, through which the Strategic Volatility Premium is implemented, detracted from the Fund's performance. 

# Goldman Sachs Strategic Volatility 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](g74951g40f61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Bloomberg 1-5 Year U.S. Treasury Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/29/21** | $1000000 | $1000000 | $1000000 |
| **8/21** | $1010000 | $1003500 | $1028400 |
| **8/22** | $968691 | $945999 | $909928 |
| **8/23** | $982059 | $953000 | $899100 |
| **8/24** | $1056008 | $1011705 | $964734 |
| **8/25** | $1095080 | $1056624 | $995027 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Since Inception** |
| Institutional Shares (Commenced March 29, 2021) | 3.70% | 2.07% |
| Bloomberg 1-5 Year U.S. Treasury Index | 4.44% | 1.25% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.11% |

---

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

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

# Goldman Sachs Strategic Volatility Premium Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $508622592 |
| # of Portfolio Holdings as of Period End | 81 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $1650414 |

---

## 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 December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective March 31, 2025, the Fund's distributions from net investment income will be declared and paid quarterly rather than annually.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 | 37.8 | 21.6 | 16.3 | 5.3 |
| Developed Markets Equity Put Options | 329.1 | 139.0 | 190.2 | -51.2 |
| Fixed Income | 44.9 | 44.9 | - | 44.9 |
| Fixed Income Call Options | 16.8 | - | 16.8 | -16.8 |
| Fixed Income Put Options | 16.4 | - | 16.4 | -16.4 |
| Interest Rate Call Options | 0.4 | 0.4 | - | 0.4 |
| Interest Rate Put Options | 0.4 | 0.4 | - | 0.4 |
| Short-term investments | 94.6 | 94.6 | - | 94.6 |
| US Equity | 0.5 | 0.5 |  | 0.5 |

---

\* 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. "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. "Short-term Investments" includes U.S. Treasuries and other short-term investments, including money market funds, repurchase agreements, cash and time deposits.

# Goldman Sachs Strategic Volatility 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Strategic Volatility Premium Fund

# 38150C523-AR-0825

# Institutional Class
![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Tactical Tilt Overlay Fund

# GSLPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay Fund (the "Fund") for the period of September 1, 2024 to August 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 | 0.71% |

---

## How did the Fund perform and what affected its performance?
Risk assets experienced volatility, largely driven by diverse economic conditions, central bank policies and political and geopolitical developments, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and moderating inflation data.

Top Contributors to Performance:

* The Fund's active cash management strategy, implemented mainly through investments in commercial paper, had a positive impact on the Fund's performance relative to the ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged). Even though reinvestment yields declined during the Period, income and capital appreciation helped bolster the Fund's returns.

* The sale of S&P 500<sup>®</sup> Index put options added to relative returns. The Fund benefited from the premiums it earned from writing these puts, which also gave it exposure to U.S. equities amid heightened market volatility.

Top Detractors from Performance:

* The Fund's exposure to U.S. and European health care stocks detracted from relative performance given that the health care sector lagged many other equity market sectors. The Period was marked by significant uncertainty surrounding U.S. health care policy, particularly following the November 2024 presidential election. Health care companies also faced margin pressures, driven by inflation, but often could not pass on price increases to payers because of existing fixed-price contracts. In addition, labor costs were a major headwind for many health care systems. 

* Detracting from the Fund's relative performance was its position in bond futures, used to include exposure similar to that of the Bloomberg U.S. Intermediate Treasury Bond Index.

# Goldman Sachs Tactical Tilt Overlay 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](g74951g96t08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10113 | $10071 | $10801 |
| **8/19** | $10173 | $10309 | $11116 |
| **8/20** | $10559 | $10439 | $13555 |
| **8/21** | $11559 | $10447 | $17781 |
| **8/22** | $11616 | $10486 | $15784 |
| **8/23** | $12051 | $10931 | $18300 |
| **8/24** | $12878 | $11530 | $23266 |
| **8/25** | $13351 | $12048 | $26961 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 3.67% | 4.80% | 3.99% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.49% | 2.91% | 2.56% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.38% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the S&P 500<sup>®</sup> Index.

# Goldman Sachs Tactical Tilt Overlay Fund

# Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4719888740 |
| # of Portfolio Holdings as of Period End | 269 |
| Portfolio Turnover Rate for the Period | 143% |
| Total Net Advisory Fees Paid for the Period | $30550417 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 (%)<sup>**Footnote Reference \***</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| MLPs | 0.7 | 0.7 | - | 0.7 |
| Trend-Based Rotation Tilt | 1.8 | 1.8 | - | 1.8 |
| Long Spot Uranium | 1.2 | 1.2 | - | 1.2 |
| Long Mexico Equities | 1.3 | 1.3 | - | 1.3 |
| Long South Africa Equities | 0.7 | 0.7 | - | 0.7 |
| Long US Healthcare Equities | 4.4 | 4.4 | - | 4.4 |
| Ensemble Timing System Tilt (S&P 500) | 0.5 | 0.5 | - | 0.5 |
| Long European Healthcare Equities | 5.1 | 5.1 | - | 5.1 |
| COB 5yr Interest Rate Swaps | 1.3 | 1.3 | - | 1.3 |
| TOPIX Options | 0.2 | 0.2 | - | 0.2 |
| Long Indian Equities | 1.3 | 1.3 | - | 1.3 |
| GBP Interest Rate Swaps | 13.8 | 13.8 | - | 13.8 |
| Long 5-year UK Government Bonds | 3.1 | 3.1 | - | 3.1 |
| US Healthcare Equities Options | 0.3 | - | 0.3 | -0.3 |
| Long German Midcap Equities | 0.9 | 0.9 | - | 0.9 |
| Receive Brazilian Rates | 2.2 | 2.2 | - | 2.2 |
| EURGBP Options | 0.6 | 0.6 | - | 0.6 |
| 6m2y Receiver Swaptions<sup>Footnote Reference^</sup> | 7.4 | - | 7.4 | -7.4 |
| S&P 500 Options | 2.0 | - | 2.0 | -2.0 |
| Investment Grade Fixed Income | 64.2 | 64.2 |  | 64.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Tilts 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 tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This position will benefit if interest rates decrease. |

---

# Goldman Sachs Tactical Tilt Overlay 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.

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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Tactical Tilt Overlay Fund

# 38150B244-AR-0825

# Class P
![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Tactical Tilt Overlay Fund

# TTRFX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay Fund (the "Fund") for the period of September 1, 2024 to August 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 | 0.71% |

---

## How did the Fund perform and what affected its performance?
Risk assets experienced volatility, largely driven by diverse economic conditions, central bank policies and political and geopolitical developments, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and moderating inflation data.

Top Contributors to Performance:

* The Fund's active cash management strategy, implemented mainly through investments in commercial paper, had a positive impact on the Fund's performance relative to the ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged). Even though reinvestment yields declined during the Period, income and capital appreciation helped bolster the Fund's returns.

* The sale of S&P 500<sup>®</sup> Index put options added to relative returns. The Fund benefited from the premiums it earned from writing these puts, which also gave it exposure to U.S. equities amid heightened market volatility.

Top Detractors from Performance:

* The Fund's exposure to U.S. and European health care stocks detracted from relative performance given that the health care sector lagged many other equity market sectors. The Period was marked by significant uncertainty surrounding U.S. health care policy, particularly following the November 2024 presidential election. Health care companies also faced margin pressures, driven by inflation, but often could not pass on price increases to payers because of existing fixed-price contracts. In addition, labor costs were a major headwind for many health care systems. 

* Detracting from the Fund's relative performance was its position in bond futures, used to include exposure similar to that of the Bloomberg U.S. Intermediate Treasury Bond Index.

# Goldman Sachs Tactical Tilt Overlay 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](g74951g79d41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **12/29/17** | $10000 | $10000 | $10000 |
| **8/18** | $10061 | $10115 | $10994 |
| **8/19** | $10119 | $10354 | $11315 |
| **8/20** | $10505 | $10484 | $13798 |
| **8/21** | $11501 | $10493 | $18098 |
| **8/22** | $11557 | $10531 | $16066 |
| **8/23** | $11989 | $10979 | $18627 |
| **8/24** | $12812 | $11581 | $23682 |
| **8/25** | $13282 | $12101 | $27443 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced December 29, 2017) | 3.67% | 4.80% | 3.77% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.49% | 2.91% | 2.52% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.05% |

---

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

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the S&P 500<sup>®</sup> Index.

# Goldman Sachs Tactical Tilt Overlay Fund

# Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4719888740 |
| # of Portfolio Holdings as of Period End | 269 |
| Portfolio Turnover Rate for the Period | 143% |
| Total Net Advisory Fees Paid for the Period | $30550417 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 (%)<sup>**Footnote Reference \***</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| MLPs | 0.7 | 0.7 | - | 0.7 |
| Trend-Based Rotation Tilt | 1.8 | 1.8 | - | 1.8 |
| Long Spot Uranium | 1.2 | 1.2 | - | 1.2 |
| Long Mexico Equities | 1.3 | 1.3 | - | 1.3 |
| Long South Africa Equities | 0.7 | 0.7 | - | 0.7 |
| Long US Healthcare Equities | 4.4 | 4.4 | - | 4.4 |
| Ensemble Timing System Tilt (S&P 500) | 0.5 | 0.5 | - | 0.5 |
| Long European Healthcare Equities | 5.1 | 5.1 | - | 5.1 |
| COB 5yr Interest Rate Swaps | 1.3 | 1.3 | - | 1.3 |
| TOPIX Options | 0.2 | 0.2 | - | 0.2 |
| Long Indian Equities | 1.3 | 1.3 | - | 1.3 |
| GBP Interest Rate Swaps | 13.8 | 13.8 | - | 13.8 |
| Long 5-year UK Government Bonds | 3.1 | 3.1 | - | 3.1 |
| US Healthcare Equities Options | 0.3 | - | 0.3 | -0.3 |
| Long German Midcap Equities | 0.9 | 0.9 | - | 0.9 |
| Receive Brazilian Rates | 2.2 | 2.2 | - | 2.2 |
| EURGBP Options | 0.6 | 0.6 | - | 0.6 |
| 6m2y Receiver Swaptions<sup>Footnote Reference^</sup> | 7.4 | - | 7.4 | -7.4 |
| S&P 500 Options | 2.0 | - | 2.0 | -2.0 |
| Investment Grade Fixed Income | 64.2 | 64.2 |  | 64.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Tilts 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 tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This position will benefit if interest rates decrease. |

---

# Goldman Sachs Tactical Tilt Overlay 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.

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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Tactical Tilt Overlay Fund

# 38148U155-AR-0825

# Class R6
![Image](g74951g91s08.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Tactical Tilt Overlay Fund

# TTIFX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Tactical Tilt Overlay Fund (the "Fund") for the period of September 1, 2024 to August 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 | 0.72% |

---

## How did the Fund perform and what affected its performance?
Risk assets experienced volatility, largely driven by diverse economic conditions, central bank policies and political and geopolitical developments, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and moderating inflation data.

Top Contributors to Performance:

* The Fund's active cash management strategy, implemented mainly through investments in commercial paper, had a positive impact on the Fund's performance relative to the ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged). Even though reinvestment yields declined during the Period, income and capital appreciation helped bolster the Fund's returns.

* The sale of S&P 500<sup>®</sup> Index put options added to relative returns. The Fund benefited from the premiums it earned from writing these puts, which also gave it exposure to U.S. equities amid heightened market volatility.

Top Detractors from Performance:

* The Fund's exposure to U.S. and European health care stocks detracted from relative performance given that the health care sector lagged many other equity market sectors. The Period was marked by significant uncertainty surrounding U.S. health care policy, particularly following the November 2024 presidential election. Health care companies also faced margin pressures, driven by inflation, but often could not pass on price increases to payers because of existing fixed-price contracts. In addition, labor costs were a major headwind for many health care systems. 

* Detracting from the Fund's relative performance was its position in bond futures, used to include exposure similar to that of the Bloomberg U.S. Intermediate Treasury Bond Index.

# Goldman Sachs Tactical Tilt Overlay 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](g74951g47b47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $986800 | $1002300 | $1125500 |
| **8/17** | $1008214 | $1008514 | $1308169 |
| **8/18** | $1032310 | $1023844 | $1565355 |
| **8/19** | $1039639 | $1048006 | $1611063 |
| **8/20** | $1078418 | $1061211 | $1964530 |
| **8/21** | $1180113 | $1062060 | $2576874 |
| **8/22** | $1185895 | $1065990 | $2287491 |
| **8/23** | $1231196 | $1111294 | $2652117 |
| **8/24** | $1315041 | $1172193 | $3371902 |
| **8/25** | $1362514 | $1224825 | $3907360 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 3.61% | 4.78% | 3.14% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.49% | 2.91% | 2.05% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.59% |

---

**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. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the S&P 500<sup>®</sup> Index.

# Goldman Sachs Tactical Tilt Overlay Fund

# Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4719888740 |
| # of Portfolio Holdings as of Period End | 269 |
| Portfolio Turnover Rate for the Period | 143% |
| Total Net Advisory Fees Paid for the Period | $30550417 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total 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 (%)<sup>**Footnote Reference \***</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| MLPs | 0.7 | 0.7 | - | 0.7 |
| Trend-Based Rotation Tilt | 1.8 | 1.8 | - | 1.8 |
| Long Spot Uranium | 1.2 | 1.2 | - | 1.2 |
| Long Mexico Equities | 1.3 | 1.3 | - | 1.3 |
| Long South Africa Equities | 0.7 | 0.7 | - | 0.7 |
| Long US Healthcare Equities | 4.4 | 4.4 | - | 4.4 |
| Ensemble Timing System Tilt (S&P 500) | 0.5 | 0.5 | - | 0.5 |
| Long European Healthcare Equities | 5.1 | 5.1 | - | 5.1 |
| COB 5yr Interest Rate Swaps | 1.3 | 1.3 | - | 1.3 |
| TOPIX Options | 0.2 | 0.2 | - | 0.2 |
| Long Indian Equities | 1.3 | 1.3 | - | 1.3 |
| GBP Interest Rate Swaps | 13.8 | 13.8 | - | 13.8 |
| Long 5-year UK Government Bonds | 3.1 | 3.1 | - | 3.1 |
| US Healthcare Equities Options | 0.3 | - | 0.3 | -0.3 |
| Long German Midcap Equities | 0.9 | 0.9 | - | 0.9 |
| Receive Brazilian Rates | 2.2 | 2.2 | - | 2.2 |
| EURGBP Options | 0.6 | 0.6 | - | 0.6 |
| 6m2y Receiver Swaptions<sup>Footnote Reference^</sup> | 7.4 | - | 7.4 | -7.4 |
| S&P 500 Options | 2.0 | - | 2.0 | -2.0 |
| Investment Grade Fixed Income | 64.2 | 64.2 |  | 64.2 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Tilts 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 tilt exposure), divided by the Fund's total net assets. "Net Exposure" represents the net exposure within the Fund to a given tilt position, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted. Fixed income exposures are duration-adjusted to the 10-year reference rate of each respective country. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This position will benefit if interest rates decrease. |

---

# Goldman Sachs Tactical Tilt Overlay 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.

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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Tactical Tilt Overlay Fund

# 38147X838-AR-0825

# Institutional 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") | $3657963 | $4088928 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $460728 | $466200 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

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

---

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

---

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

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

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

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

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

**Item 4(f) –** Not applicable.

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

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

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

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

------

![LOGO](g74951dsp001.jpg)

Annual Financial Statements August 31, 2025 Allocation Funds Goldman Sachs Global Managed Beta Fund Goldman Sachs Strategic Factor Allocation Fund Goldman Sachs Strategic Volatility Premium Fund Goldman Sachs Tactical Tilt Overlay Fund

------

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

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

## Goldman Sachs Allocation Funds

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
|  **[Schedules of Investments](#af74951_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Managed Beta Fund](#af74951_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Factor Allocation Fund](#af74951_3) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Volatility Premium Fund](#af74951_4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tactical Tilt Overlay Fund](#af74951_5) | 28 |
|  **[Financial Statements](#af74951_6)** | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#af74951_7) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#af74951_8) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#af74951_9) | 40 |
|  **[Financial Highlights](#af74951_10)** | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Global Managed Beta Fund](#af74951_11) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Factor Allocation Fund](#af74951_12) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Volatility Premium Fund](#af74951_13) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tactical Tilt Overlay Fund](#af74951_14) | 47 |
|  **[Notes to Financial Statements](#af74951_15)** | 50 |
|  **[Report of Independent Registered Public Accounting Firm](#af74951_16)** | 73 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#af74951_17)** | 74 |

---

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

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

Schedule of Investments *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 11.5% | Common Stocks – 11.5% | Common Stocks – 11.5% |
| Aerospace & Defense – 0.0% | Aerospace & Defense – 0.0% | Aerospace & Defense – 0.0% |
| 187 | Rheinmetall AG | $362733 |
| Air Freight & Logistics – 0.1% | Air Freight & Logistics – 0.1% | Air Freight & Logistics – 0.1% |
| 10858 | CH Robinson Worldwide, Inc. | 1397424 |
| 31526 | Deutsche Post AG | 1436882 |
| 2074 | Expeditors International of Washington, Inc. | 250000 |
| 1072 | FedEx Corp. | 247707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40544 | InPost SA\* | 589318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921331 |
| Automobile Components – 0.0% | Automobile Components – 0.0% | Automobile Components – 0.0% |
| 588 | Aptiv PLC\* | 46764 |
| 11682 | Bridgestone Corp. | 527739 |
| 2355 | Cie Generale des Etablissements Michelin SCA | 85283 |
| 6051 | Continental AG | 530583 |
| 13122 | Sumitomo Electric Industries Ltd. | 367533 |
|  |  | 1557902 |
| Automobiles – 0.1% | Automobiles – 0.1% | Automobiles – 0.1% |
| 23415 | Rivian Automotive, Inc. Class A\* | 317741 |
| 7945 | Subaru Corp. | 155852 |
| 28673 | Suzuki Motor Corp. | 379423 |
| 7047 | Tesla, Inc.\* | 2352782 |
|  |  | 3205798 |
| Banks – 0.9% | Banks – 0.9% | Banks – 0.9% |
| 827 | ABN AMRO Bank NV<sup>(a)</sup> | 23854 |
| 67385 | AIB Group PLC | 547494 |
| 78794 | Banco Bilbao Vizcaya Argentaria SA | 1433972 |
| 52109 | Banco BPM SpA | 714889 |
| 54802 | Banco Comercial Portugues SA Class R | 46422 |
| 157836 | Banco de Sabadell SA | 599495 |
| 124427 | Banco Santander SA | 1188283 |
| 31353 | Bank Hapoalim BM | 612757 |
| 46597 | Bank Leumi Le-Israel BM | 895457 |
| 33533 | Bank of America Corp. | 1701464 |
| 2463 | Bank of Montreal | 298049 |
| 483 | Bank of Nova Scotia | 30165 |
| 35995 | Bankinter SA | 537195 |
| 48149 | Barclays PLC | 234613 |
| 124092 | BOC Hong Kong Holdings Ltd. | 563393 |
| 51207 | BPER Banca SpA | 531890 |
| 83485 | CaixaBank SA | 833600 |
| 14530 | Canadian Imperial Bank of Commerce | 1122429 |
| 10136 | Citigroup, Inc. | 978833 |
| 403 | Commonwealth Bank of Australia | 44793 |
| 14470 | Danske Bank AS | 595559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| 24898 | DBS Group Holdings Ltd. | $| 980057 |
| 33337 | DNB Bank ASA |  | 878369 |
| 7445 | Erste Group Bank AG |  | 708656 |
| 4866 | Fifth Third Bancorp |  | 222717 |
| 14600 | FinecoBank Banca Fineco SpA |  | 320497 |
| 121 | First Citizens BancShares, Inc. Class A |  | 240053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85345 | HSBC Holdings PLC |  | 1092534 |
| 14173 | Huntington Bancshares, Inc. |  | 252421 |
| 23704 | ING Groep NV |  | 565932 |
| 167248 | Intesa Sanpaolo SpA |  | 1052918 |
| 59028 | Israel Discount Bank Ltd. Class A |  | 584769 |
| 18160 | JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473787 |
| 4898 | KBC Group NV |  | 577343 |
| 90406 | Lloyds Banking Group PLC |  | 96981 |
| 1065 | M&T Bank Corp. |  | 214768 |
| 7609 | Mitsubishi UFJ Financial Group, Inc. |  | 115802 |
| 13752 | Mizrahi Tefahot Bank Ltd. |  | 898100 |
| 2735 | National Bank of Canada |  | 287490 |
| 113138 | NatWest Group PLC |  | 780894 |
| 44518 | Nordea Bank Abp |  | 679357 |
| 41884 | Oversea-Chinese Banking Corp. Ltd. |  | 546145 |
| 2098 | PNC Financial Services Group, Inc. |  | 435209 |
| 15908 | Regions Financial Corp. |  | 435720 |
| 8536 | Royal Bank of Canada |  | 1240481 |
| 22634 | Skandinaviska Enskilda Banken AB Class A |  | 418560 |
| 647 | Societe Generale SA |  | 39926 |
| 21171 | Standard Chartered PLC |  | 396693 |
| 53295 | Svenska Handelsbanken AB Class A |  | 685794 |
| 25700 | Swedbank AB Class A |  | 723272 |
| 17307 | Toronto-Dominion Bank |  | 1299521 |
| 10317 | U.S. Bancorp |  | 503779 |
| 16119 | UniCredit SpA |  | 1246719 |
| 16475 | United Overseas Bank Ltd. |  | 451195 |
| 20761 | Wells Fargo & Co. |  | 1706139 |
|  |  |  | 39687204 |
| Beverages – 0.1% | Beverages – 0.1% | Beverages – 0.1% | Beverages – 0.1% |
| 604 | Carlsberg AS Class B |  | 73879 |
| 6811 | Coca-Cola Co. |  | 469891 |
| 277 | Coca-Cola Europacific Partners PLC |  | 24614 |
| 13488 | Coca-Cola HBC AG |  | 682281 |
| 881 | Molson Coors Beverage Co. Class B |  | 44482 |
| 15684 | Monster Beverage Corp.\* |  | 978838 |
| 3703 | PepsiCo, Inc. |  | 550451 |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

Schedule of Investments (continued) *August 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) |
| Beverages – (continued) | Beverages – (continued) | Beverages – (continued) | Beverages – (continued) |
| 4797 | Suntory Beverage & Food Ltd. | $| 148499 |
|  |  |  | 2972935 |
| Biotechnology – 0.2% | Biotechnology – 0.2% | Biotechnology – 0.2% | Biotechnology – 0.2% |
| 7422 | AbbVie, Inc. |  | 1561589 |
| 510 | Alnylam Pharmaceuticals, Inc.\* |  | 227720 |
| 2879 | Biogen, Inc.\* |  | 380661 |
| 3642 | BioMarin Pharmaceutical, Inc.\* |  | 212219 |
| 1487 | Genmab AS\* |  | 371139 |
| 17100 | Gilead Sciences, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20085 | Incyte Corp.\* |  | 1699392 |
| 1015 | Natera, Inc.\* |  | 170774 |
| 613 | Regeneron Pharmaceuticals, Inc. |  | 355969 |
| 2923 | United Therapeutics Corp.\* |  | 890813 |
| 1486 | Vertex Pharmaceuticals, Inc.\* |  | 581056 |
|  |  |  | 8383119 |
| Broadline Retail – 0.4% | Broadline Retail – 0.4% | Broadline Retail – 0.4% | Broadline Retail – 0.4% |
| 56017 | Amazon.com, Inc.\* |  | 12827893 |
| 4417 | Canadian Tire Corp. Ltd. Class A |  | 550778 |
| 2034 | Dollarama, Inc. |  | 277341 |
| 12314 | eBay, Inc. |  | 1115772 |
| 394 | MercadoLibre, Inc.\* |  | 974327 |
| 6939 | Next PLC |  | 1121326 |
| 16220 | Pan Pacific International Holdings Corp. |  | 585045 |
| 8572 | Ryohin Keikaku Co. Ltd. |  | 184362 |
| 12506 | Wesfarmers Ltd. |  | 749091 |
|  |  |  | 18385935 |
| Building Products – 0.2% | Building Products – 0.2% | Building Products – 0.2% | Building Products – 0.2% |
| 5157 | Allegion PLC |  | 875659 |
| 1418 | Assa Abloy AB Class B |  | 50105 |
| 45 | Belimo Holding AG |  | 49551 |
| 11354 | Builders FirstSource, Inc.\* |  | 1574573 |
| 1174 | Carlisle Cos., Inc. |  | 453035 |
| 4592 | Cie de Saint-Gobain SA |  | 495748 |
| 685 | Daikin Industries Ltd. |  | 85580 |
| 130 | Geberit AG |  | 95325 |
| 708 | Johnson Controls International PLC |  | 75678 |
| 1568 | Lennox International, Inc. |  | 874724 |
| 13659 | Masco Corp. |  | 1002434 |
| 2806 | Owens Corning |  | 421377 |
| 20836 | Rockwool AS Class B |  | 787461 |
| 1528 | Trane Technologies PLC |  | 635037 |
|  |  |  | 7476287 |
| Capital Markets – 0.4% | Capital Markets – 0.4% | Capital Markets – 0.4% | Capital Markets – 0.4% |
| 20773 | 3i Group PLC |  | 1128571 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 3303 | Ameriprise Financial, Inc. | $| 1700417 |
| 1240 | Amundi SA<sup>(a)</sup> |  | 91660 |
| 17071 | Bank of New York Mellon Corp. |  | 1802698 |
| 236 | Blackrock, Inc. |  | 266005 |
| 2711 | Blackstone, Inc. |  | 464665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | Carlyle Group, Inc. |  | 878016 |
| 1610 | Cboe Global Markets, Inc. |  | 379880 |
| 6755 | Charles Schwab Corp. |  | 647399 |
| 1238 | CME Group, Inc. |  | 329939 |
| 264 | Coinbase Global, Inc. Class A\* |  | 80399 |
| 8768 | Deutsche Bank AG |  | 308074 |
| 672 | Deutsche Boerse AG |  | 197792 |
| 497 | FactSet Research Systems, Inc. |  | 185540 |
| 2033 | IGM Financial, Inc. |  | 72891 |
| 3751 | Julius Baer Group Ltd. |  | 270844 |
| 3258 | LPL Financial Holdings, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187476 |
| 1737 | Moody's Corp. |  | 885453 |
| 9485 | Morgan Stanley |  | 1427303 |
| 11634 | Northern Trust Corp. |  | 1527312 |
| 6780 | Raymond James Financial, Inc. |  | 1148803 |
| 8359 | Robinhood Markets, Inc. Class A\* |  | 869587 |
| 11893 | SBI Holdings, Inc. |  | 558802 |
| 39368 | Singapore Exchange Ltd. |  | 508229 |
| 11830 | State Street Corp. |  | 1360095 |
| 5825 | T. Rowe Price Group, Inc. |  | 626886 |
|  |  |  | 18904736 |
| Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% | Chemicals – 0.1% |
| 13289 | Asahi Kasei Corp. |  | 108446 |
| 4284 | CF Industries Holdings, Inc. |  | 371123 |
| 3414 | Corteva, Inc. |  | 253285 |
| 561 | Ecolab, Inc. |  | 155419 |
| 41280 | ICL Group Ltd. |  | 268327 |
| 20125 | Mitsubishi Chemical Group Corp. |  | 114356 |
| 19327 | Nitto Denko Corp. |  | 435024 |
| 4209 | RPM International, Inc. |  | 527430 |
| 1495 | Sherwin-Williams Co. |  | 546916 |
| 10997 | Yara International ASA |  | 400332 |
|  |  |  | 3180658 |
| Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% | Commercial Services & Supplies – 0.1% |
| 5740 | Cintas Corp. |  | 1205572 |
| 17883 | Rollins, Inc. |  | 1011105 |
| 52150 | Securitas AB Class B |  | 798059 |
| 6628 | Veralto Corp. |  | 703827 |
|  |  |  | 3718563 |
| Communications Equipment – 0.2% | Communications Equipment – 0.2% | Communications Equipment – 0.2% | Communications Equipment – 0.2% |
| 4612 | Arista Networks, Inc.\* |  | 629769 |

---

&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 GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communications Equipment – (continued) | Communications Equipment – (continued) | Communications Equipment – (continued) | Communications Equipment – (continued) |
| 27300 | Cisco Systems, Inc. | $| 1886157 |
| 5547 | F5, Inc.\* |  | 1736987 |
| 1259 | Motorola Solutions, Inc. |  | 594827 |
| 108244 | Nokia OYJ |  | 465984 |
| 157947 | Telefonaktiebolaget LM Ericsson Class B |  | 1250436 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564160 |
| Construction & Engineering – 0.1% | Construction & Engineering – 0.1% | Construction & Engineering – 0.1% | Construction & Engineering – 0.1% |
| 10171 | Eiffage SA |  | 1279974 |
| 2889 | EMCOR Group, Inc. |  | 1791180 |
| 354 | Quanta Services, Inc. |  | 133798 |
| 5326 | Stantec, Inc. |  | 578924 |
| 6203 | Vinci SA |  | 841322 |
| 6929 | WSP Global, Inc. |  | 1411077 |
|  |  |  | 6036275 |
| Construction Materials – 0.1% | Construction Materials – 0.1% | Construction Materials – 0.1% | Construction Materials – 0.1% |
| 797 | CRH PLC |  | 90021 |
| 7450 | Heidelberg Materials AG |  | 1762285 |
| 10264 | Holcim AG |  | 860314 |
|  |  |  | 2712620 |
| Consumer Finance – 0.1% | Consumer Finance – 0.1% | Consumer Finance – 0.1% | Consumer Finance – 0.1% |
| 4956 | American Express Co. |  | 1641824 |
| 373 | Capital One Financial Corp. |  | 84753 |
| 1 | Isracard Ltd. |  | 3 |
| 6564 | SoFi Technologies, Inc.\* |  | 167645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28153 | Synchrony Financial |  | 2149200 |
|  |  |  | 4043425 |
| Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% | Consumer Staples Distribution & Retail – 0.6% |
| 2010 | Aeon Co. Ltd. |  | 24383 |
| 76483 | Albertsons Cos., Inc. Class A |  | 1488359 |
| 30508 | Carrefour SA |  | 441690 |
| 60636 | Coles Group Ltd. |  | 946589 |
| 2719 | Costco Wholesale Corp. |  | 2564887 |
| 13043 | Dollar General Corp. |  | 1418557 |
| 10229 | Dollar Tree, Inc.\* |  | 1116700 |
| 47298 | Empire Co. Ltd. Class A |  | 1835990 |
| 14322 | George Weston Ltd. |  | 922298 |
| 18620 | Jeronimo Martins SGPS SA |  | 460609 |
| 50936 | Koninklijke Ahold Delhaize NV |  | 2041148 |
| 31793 | Kroger Co. |  | 2156837 |
| 29684 | Loblaw Cos. Ltd. |  | 1212346 |
| 122805 | Marks & Spencer Group PLC |  | 573557 |
| 65806 | MatsukiyoCocokara & Co. |  | 1359297 |
| 5624 | Metro, Inc. |  | 403121 |
| 47042 | Seven & i Holdings Co. Ltd. |  | 608868 |
| 17965 | Sysco Corp. |  | 1445644 |
| 9485 | Target Corp. |  | 910370 |
| 19556 | Tesco PLC |  | 111783 |
| 37679 | Walmart, Inc. |  | 3654109 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 9274 | Woolworths Group Ltd. | $| 174573 |
|  |  |  | 25871715 |
| Containers & Packaging – 0.0% | Containers & Packaging – 0.0% | Containers & Packaging – 0.0% | Containers & Packaging – 0.0% |
| 154 | Avery Dennison Corp. |  | 26434 |
| 2012 | Crown Holdings, Inc. |  | 199953 |
|  |  |  | 226387 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| 1353 | Genuine Parts Co. |  | 188513 |
| 149 | Pool Corp. |  | 46296 |
|  |  |  | 234809 |
| Diversified Consumer Services – 0.0% | Diversified Consumer Services – 0.0% | Diversified Consumer Services – 0.0% | Diversified Consumer Services – 0.0% |
| 22927 | Pearson PLC |  | 333400 |
| Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% | Diversified Telecommunication Services – 0.1% |
| 50041 | AT&T, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465701 |
| 113617 | BT Group PLC |  | 332647 |
| 28349 | Deutsche Telekom AG |  | 1037431 |
| 545259 | NTT, Inc. |  | 576707 |
| 3389 | Orange SA |  | 55238 |
| 391 | Swisscom AG |  | 282683 |
| 6310 | Telenor ASA |  | 105273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239612 | Telstra Group Ltd. |  | 766586 |
| 25670 | Verizon Communications, Inc. |  | 1135384 |
|  |  |  | 5757650 |
| Electric Utilities – 0.0% | Electric Utilities – 0.0% | Electric Utilities – 0.0% | Electric Utilities – 0.0% |
| 753 | Acciona SA |  | 149253 |
| 18792 | Endesa SA |  | 572483 |
| 32337 | Enel SpA |  | 298411 |
| 4258 | NRG Energy, Inc. |  | 619794 |
|  |  |  | 1639941 |
| Electrical Equipment – 0.1% | Electrical Equipment – 0.1% | Electrical Equipment – 0.1% | Electrical Equipment – 0.1% |
| 6233 | Fujikura Ltd. |  | 528800 |
| 1579 | GE Vernova, Inc. |  | 967880 |
| 12068 | Mitsubishi Electric Corp. |  | 288100 |
| 6082 | Prysmian SpA |  | 530795 |
| 387 | Siemens Energy AG\* |  | 41169 |
| 3126 | Vertiv Holdings Co. Class A |  | 398721 |
|  |  |  | 2755465 |
| Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% | Electronic Equipment, Instruments & Components – 0.1% |
| 3091 | Amphenol Corp. Class A |  | 336486 |
| 939 | CDW Corp. |  | 154710 |
| 2524 | Halma PLC |  | 112210 |
| 2581 | Jabil, Inc. |  | 528666 |
| 1796 | Keysight Technologies, Inc.\* |  | 293520 |
| 2564 | TE Connectivity PLC |  | 529466 |
| 474 | Teledyne Technologies, Inc.\* |  | 255093 |
| 20669 | Yokogawa Electric Corp. |  | 603339 |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) | Electronic Equipment, Instruments & Components – (continued) |
| 681 | Zebra Technologies Corp. Class A\* | $| 215938 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029428 |
| Energy Equipment & Services – 0.0% | Energy Equipment & Services – 0.0% | Energy Equipment & Services – 0.0% | Energy Equipment & Services – 0.0% |
| 874 | Baker Hughes Co. |  | 39679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25731 | Tenaris SA |  | 466135 |
|  |  |  | 505814 |
| Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% | Entertainment – 0.2% |
| 8770 | Electronic Arts, Inc. |  | 1508001 |
| 2996 | Live Nation Entertainment, Inc.\* |  | 498804 |
| 1940 | Netflix, Inc.\* |  | 2344005 |
| 9230 | ROBLOX Corp. Class A\* |  | 1149966 |
| 2689 | Sea Ltd. ADR\* |  | 501606 |
| 477 | Spotify Technology SA\* |  | 325257 |
| 1287 | Take-Two Interactive Software, Inc.\* |  | 300218 |
| 4254 | Walt Disney Co. |  | 503589 |
| 52918 | Warner Bros Discovery, Inc.\* |  | 615966 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7747412 |
| Financial Services – 0.4% | Financial Services – 0.4% | Financial Services – 0.4% | Financial Services – 0.4% |
| 6826 | Apollo Global Management, Inc. |  | 929906 |
| 66425 | Banca Mediolanum SpA |  | 1343617 |
| 7734 | Berkshire Hathaway, Inc. Class B\* |  | 3890047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064 | Block, Inc.\* |  | 244017 |
| 2209 | Corpay, Inc.\* |  | 719405 |
| 10439 | EXOR NV |  | 1046151 |
| 2619 | Fiserv, Inc.\* |  | 361893 |
| 1544 | Jack Henry & Associates, Inc. |  | 252074 |
| 5744 | Mastercard, Inc. Class A |  | 3419346 |
| 13059 | PayPal Holdings, Inc.\* |  | 916611 |
| 85 | Sofina SA |  | 25719 |
| 2431 | Toast, Inc. Class A\* |  | 109638 |
| 10963 | Visa, Inc. Class A |  | 3856564 |
| 14271 | Wise PLC Class A\* |  | 203304 |
|  |  |  | 17318292 |
| Food Products – 0.1% | Food Products – 0.1% | Food Products – 0.1% | Food Products – 0.1% |
| 5125 | Ajinomoto Co., Inc. |  | 138986 |
| 6829 | Danone SA |  | 569998 |
| 14133 | Saputo, Inc. |  | 353801 |
| 1179349 | WH Group Ltd.<sup>(a)</sup> |  | 1267329 |
|  |  |  | 2330114 |
| Gas Utilities – 0.0% | Gas Utilities – 0.0% | Gas Utilities – 0.0% | Gas Utilities – 0.0% |
| 11795 | Tokyo Gas Co. Ltd. |  | 450627 |
| Ground Transportation\* – 0.0% | Ground Transportation\* – 0.0% | Ground Transportation\* – 0.0% | Ground Transportation\* – 0.0% |
| 8575 | Uber Technologies, Inc. |  | 803906 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies – 0.2% | Health Care Equipment & Supplies – 0.2% | Health Care Equipment & Supplies – 0.2% |
| 5885 | Abbott Laboratories | $780704 |
| 3708 | Align Technology, Inc.\* | 526388 |
| 1601 | BioMerieux | 222642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10485 | Boston Scientific Corp.\* | 1106167 |
| 14037 | Demant AS\* | 537049 |
| 237 | EssilorLuxottica SA | 72293 |
| 8916 | Fisher & Paykel Healthcare Corp. Ltd. | 192516 |
| 541 | Hoya Corp. | 69858 |
| 724 | IDEXX Laboratories, Inc.\* | 468493 |
| 1549 | Insulet Corp.\* | 526474 |
| 14016 | Koninklijke Philips NV | 387108 |
| 1731 | Medtronic PLC | 160654 |
| 26578 | Olympus Corp. | 308067 |
| 1898 | ResMed, Inc. | 521020 |
| 35702 | Smith & Nephew PLC | 669647 |
| 5555 | Solventum Corp.\* | 406015 |
| 191 | Sonova Holding AG | 55636 |
| 1278 | Stryker Corp. | 500222 |
| 9933 | Sysmex Corp. | 124738 |
| 904 | Zimmer Biomet Holdings, Inc. | 95914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731605 |
| Health Care Providers & Services – 0.1% | Health Care Providers & Services – 0.1% | Health Care Providers & Services – 0.1% |
| 2472 | Cardinal Health, Inc. | 367784 |
| 3759 | CVS Health Corp. | 274971 |
| 1593 | DaVita, Inc.\* | 219452 |
| 151 | Elevance Health, Inc. | 48116 |
| 4329 | Fresenius Medical Care AG | 223154 |
| 599 | HCA Healthcare, Inc. | 241972 |
| 3230 | Humana, Inc. | 980822 |
| 1187 | Labcorp Holdings, Inc. | 329974 |
| 598 | McKesson Corp. | 410611 |
| 738 | Molina Healthcare, Inc.\* | 133453 |
| 1891 | Quest Diagnostics, Inc. | 343481 |
| 4658 | UnitedHealth Group, Inc. | 1443374 |
|  |  | 5017164 |
| Health Care Technology – 0.0% | Health Care Technology – 0.0% | Health Care Technology – 0.0% |
| 580 | ABIOMED, Inc.\*<sup>(b)</sup> | 592 |
| 2938 | Pro Medicus Ltd. | 570661 |
|  |  | 571253 |
| Hotels, Restaurants & Leisure – 0.3% | Hotels, Restaurants & Leisure – 0.3% | Hotels, Restaurants & Leisure – 0.3% |
| 10617 | Accor SA | 526672 |
| 5930 | Amadeus IT Group SA | 497397 |
| 11535 | Aristocrat Leisure Ltd. | 546950 |
| 473 | Booking Holdings, Inc. | 2648351 |
| 16938 | Carnival Corp.\* | 540153 |
| 4100 | Delivery Hero SE\*<sup>(a)</sup> | 108769 |
| 1837 | Domino's Pizza, Inc. | 841897 |
| 2889 | DoorDash, Inc. Class A\* | 708527 |
| 45965 | Entain PLC | 545911 |
| 7371 | Expedia Group, Inc. | 1583291 |

---

&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 GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 1287 | Flutter Entertainment PLC\* | $| 395328 |
| 124357 | Lottery Corp. Ltd. |  | 477757 |
| 549 | McDonald's Corp. |  | 172133 |
| 373 | Royal Caribbean Cruises Ltd. |  | 135481 |
| 5217 | Yum! Brands, Inc. |  | 766742 |
| 10795 | Zensho Holdings Co. Ltd. |  | 681008 |
|  |  |  | 11176367 |
| Household Durables – 0.0% | Household Durables – 0.0% | Household Durables – 0.0% | Household Durables – 0.0% |
| 574 | DR Horton, Inc. |  | 97281 |
| 108 | Garmin Ltd. |  | 26117 |
| 96 | NVR, Inc.\* |  | 779294 |
| 6277 | Panasonic Holdings Corp. |  | 63538 |
| 4074 | PulteGroup, Inc. |  | 537849 |
|  |  |  | 1504079 |
| Household Products – 0.1% | Household Products – 0.1% | Household Products – 0.1% | Household Products – 0.1% |
| 3030 | Clorox Co. |  | 358146 |
| 9776 | Colgate-Palmolive Co. |  | 821868 |
| 4134 | Henkel AG & Co. KGaA |  | 317717 |
| 1695 | Kimberly-Clark Corp. |  | 218892 |
| 8089 | Procter & Gamble Co. |  | 1270297 |
| 3458 | Reckitt Benckiser Group PLC |  | 258546 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245466 |
| 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% |
| 2115 | Vistra Corp. |  | 399968 |
| Industrial Conglomerates – 0.0% | Industrial Conglomerates – 0.0% | Industrial Conglomerates – 0.0% | Industrial Conglomerates – 0.0% |
| 7003 | Hitachi Ltd. |  | 188685 |
| 1876 | Jardine Matheson Holdings Ltd. |  | 113589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33579 | Sekisui Chemical Co. Ltd. |  | 637272 |
| 575 | Siemens AG |  | 159393 |
| 2556 | Smiths Group PLC |  | 81384 |
|  |  |  | 1180323 |
| Insurance – 0.9% | Insurance – 0.9% | Insurance – 0.9% | Insurance – 0.9% |
| 24222 | Admiral Group PLC |  | 1186958 |
| 235 | Aflac, Inc. |  | 25112 |
| 18938 | Ageas SA |  | 1334329 |
| 65387 | AIA Group Ltd. |  | 621461 |
| 3556 | Allianz SE |  | 1503415 |
| 7576 | Allstate Corp. |  | 1541337 |
| 6907 | American Financial Group, Inc. |  | 938385 |
| 1951 | Aon PLC Class A |  | 716017 |
| 8703 | Arch Capital Group Ltd. |  | 796586 |
| 21068 | AXA SA |  | 981298 |
| 3005 | Chubb Ltd. |  | 826585 |
| 3524 | Cincinnati Financial Corp. |  | 541286 |
| 44750 | Dai-ichi Life Holdings, Inc. |  | 367199 |
| 817 | Fairfax Financial Holdings Ltd. |  | 1406524 |
| 11545 | Fidelity National Financial, Inc. |  | 691199 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 18785 | Generali | $| 733311 |
| 21569 | Gjensidige Forsikring ASA |  | 599188 |
| 11380 | Great-West Lifeco, Inc. |  | 450775 |
| 1212 | Hannover Rueck SE |  | 352865 |
| 11926 | Hartford Insurance Group, Inc. |  | 1577929 |
| 684 | Helvetia Holding AG |  | 176045 |
| 5090 | iA Financial Corp., Inc. |  | 547601 |
| 130638 | Insurance Australia Group Ltd. |  | 743189 |
| 3149 | Loews Corp. |  | 304823 |
| 347 | Markel Group, Inc.\* |  | 679794 |
| 4268 | Marsh & McLennan Cos., Inc. |  | 878397 |
| 74358 | Medibank Pvt Ltd. |  | 247722 |
| 10502 | MetLife, Inc. |  | 854443 |
| 32918 | MS&AD Insurance Group Holdings, Inc. |  | 765734 |
| 1276 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen |  | 813962 |
| 13315 | Phoenix Financial Ltd. |  | 470825 |
| 53366 | Poste Italiane SpA<sup>(a)</sup> |  | 1249914 |
| 11591 | Power Corp. of Canada |  | 490614 |
| 6687 | Progressive Corp. |  | 1652090 |
| 74174 | QBE Insurance Group Ltd. |  | 1047985 |
| 5471 | Sampo OYJ Class A |  | 62779 |
| 17136 | Sompo Holdings, Inc. |  | 547657 |
| 6424 | Sun Life Financial, Inc. |  | 375238 |
| 46547 | Suncorp Group Ltd. |  | 646872 |
| 321 | Swiss Life Holding AG |  | 346891 |
| 4690 | Swiss Re AG |  | 850035 |
| 17851 | T&D Holdings, Inc. |  | 462159 |
| 5113 | Talanx AG |  | 705030 |
| 22200 | Tokio Marine Holdings, Inc. |  | 952112 |
| 4846 | Travelers Cos., Inc. |  | 1315738 |
| 23428 | Unipol Assicurazioni SpA |  | 489482 |
| 16636 | W.R. Berkley Corp. |  | 1192635 |
| 1752 | Zurich Insurance Group AG |  | 1280283 |
|  |  |  | 37341808 |
| Interactive Media & Services – 0.6% | Interactive Media & Services – 0.6% | Interactive Media & Services – 0.6% | Interactive Media & Services – 0.6% |
| 28380 | Alphabet, Inc. Class C |  | 6059981 |
| 33195 | Alphabet, Inc. Class A |  | 7067548 |
| 81571 | Auto Trader Group PLC<sup>(a)</sup> |  | 885812 |
| 13250 | Meta Platforms, Inc. Class A |  | 9787775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28614 | Pinterest, Inc. Class A\* |  | 1048131 |
| 1028 | REA Group Ltd. |  | 168354 |
| 3230 | Reddit, Inc. Class A\* |  | 727008 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;25744609 |
| IT Services – 0.3% | IT Services – 0.3% | IT Services – 0.3% | IT Services – 0.3% |
| 4312 | Accenture PLC Class A |  | 1120991 |
| 5636 | Akamai Technologies, Inc.\* |  | 445977 |
| 626 | Cloudflare, Inc. Class A\* |  | 130652 |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| IT Services – (continued) | IT Services – (continued) | IT Services – (continued) | IT Services – (continued) |
| 16698 | Cognizant Technology Solutions Corp. Class A | $| 1206430 |
| 19221 | Fujitsu Ltd. |  | 462538 |
| 2653 | Gartner, Inc.\* |  | 666407 |
| 6621 | GoDaddy, Inc. Class A\* |  | 981961 |
| 6420 | International Business Machines Corp. |  | 1563206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26117 | NEC Corp. |  | 795281 |
| 13635 | TIS, Inc. |  | 453944 |
| 10873 | Twilio, Inc. Class A\* |  | 1148298 |
| 8292 | VeriSign, Inc. |  | 2266784 |
| 3791 | Wix.com Ltd.\* |  | 534834 |
|  |  |  | 11777303 |
| Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% | Leisure Products – 0.0% |
| 26219 | Bandai Namco Holdings, Inc. |  | 901464 |
| Life Sciences Tools & Services\* – 0.0% | Life Sciences Tools & Services\* – 0.0% | Life Sciences Tools & Services\* – 0.0% | Life Sciences Tools & Services\* – 0.0% |
| 7088 | Illumina, Inc. |  | 708517 |
| 471 | Mettler-Toledo International, Inc. |  | 612790 |
| 448 | Waters Corp. |  | 135206 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456513 |
| Machinery – 0.2% | Machinery – 0.2% | Machinery – 0.2% | Machinery – 0.2% |
| 1501 | Caterpillar, Inc. |  | 628979 |
| 14784 | GEA Group AG |  | 1076081 |
| 6858 | Graco, Inc. |  | 585605 |
| 1802 | Illinois Tool Works, Inc. |  | 476899 |
| 9932 | Knorr-Bremse AG |  | 1037522 |
| 704 | Makita Corp. |  | 23768 |
| 7876 | Otis Worldwide Corp. |  | 680329 |
| 34 | Parker-Hannifin Corp. |  | 25818 |
| 1503 | Pentair PLC |  | 161617 |
| 1015 | Schindler Holding AG |  | 370191 |
| 2928 | Snap-on, Inc. |  | 952303 |
| 69571 | Techtronic Industries Co. Ltd. |  | 899719 |
| 1526 | Westinghouse Air Brake Technologies Corp. |  | 295281 |
|  |  |  | 7214112 |
| Marine Transportation – 0.0% | Marine Transportation – 0.0% | Marine Transportation – 0.0% | Marine Transportation – 0.0% |
| 884 | Kuehne & Nagel International AG |  | 180216 |
| 251746 | SITC International Holdings Co. Ltd. |  | 887432 |
|  |  |  | 1067648 |
| Media – 0.1% | Media – 0.1% | Media – 0.1% | Media – 0.1% |
| 3549 | Comcast Corp. Class A |  | 120560 |
| 23061 | Fox Corp. Class A |  | 1376742 |
| 24951 | Fox Corp. Class B |  | 1361077 |
| 19201 | News Corp. Class A |  | 564701 |
|  |  |  | 3423080 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Metals & Mining – 0.1% | Metals & Mining – 0.1% | Metals & Mining – 0.1% |
| 26780 | Fresnillo PLC | $648774 |
| 45448 | Kinross Gold Corp. | 950094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11960 | Lundin Gold, Inc. | 735444 |
| 5522 | Newmont Corp. | 410837 |
| 3737 | Reliance, Inc. | 1104881 |
| 676 | Rio Tinto Ltd. | 51063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901093 |
| Multi-Utilities – 0.0% | Multi-Utilities – 0.0% | Multi-Utilities – 0.0% |
| 67888 | Centrica PLC | 147623 |
| Oil, Gas & Consumable Fuels – 0.1% | Oil, Gas & Consumable Fuels – 0.1% | Oil, Gas & Consumable Fuels – 0.1% |
| 11574 | Cenovus Energy, Inc. | 192486 |
| 988 | Cheniere Energy, Inc. | 238918 |
| 1531 | Chevron Corp. | 245878 |
| 339 | ConocoPhillips | 33551 |
| 9189 | EOG Resources, Inc. | 1146971 |
| 13270 | Equinor ASA | 327488 |
| 12424 | Exxon Mobil Corp. | 1419939 |
| 3743 | Imperial Oil Ltd. | 339646 |
| 3867 | Inpex Corp. | 65709 |
| 3187 | Shell PLC | 117343 |
| 23162 | Suncor Energy, Inc. | 957445 |
| 3293 | TotalEnergies SE | 206738 |
|  |  | 5292112 |
| Passenger Airlines – 0.1% | Passenger Airlines – 0.1% | Passenger Airlines – 0.1% |
| 63055 | Deutsche Lufthansa AG | 587849 |
| 69523 | Japan Airlines Co. Ltd. | 1478442 |
| 12367 | Qantas Airways Ltd. | 94759 |
| 8647 | United Airlines Holdings, Inc.\* | 907935 |
|  |  | 3068985 |
| Personal Products – 0.0% | Personal Products – 0.0% | Personal Products – 0.0% |
| 3667 | Estee Lauder Cos., Inc. Class A | 336374 |
| 177 | L'Oreal SA | 82639 |
| 9737 | Shiseido Co. Ltd. | 158024 |
|  |  | 577037 |
| Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% | Pharmaceuticals – 0.4% |
| 33114 | Astellas Pharma, Inc. | 363514 |
| 4489 | AstraZeneca PLC | 715611 |
| 23070 | Bayer AG | 759016 |
| 30031 | Bristol-Myers Squibb Co. | 1416863 |
| 3098 | Eli Lilly & Co. | 2269533 |
| 38517 | GSK PLC | 761099 |
| 8244 | Ipsen SA | 1120826 |
| 11856 | Johnson & Johnson | 2100527 |
| 14225 | Merck & Co., Inc. | 1196607 |
| 12318 | Novartis AG | 1559115 |
| 5551 | Orion OYJ Class B | 443449 |
| 19167 | Otsuka Holdings Co. Ltd. | 1005740 |
| 411 | Recordati Industria Chimica e Farmaceutica SpA | 25411 |

---

&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 GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| 5553 | Roche Holding AG | $| 1832566 |
| 4089 | Shionogi & Co. Ltd. |  | 70730 |
| 9548 | Takeda Pharmaceutical Co. Ltd. |  | 287421 |
| 429 | Zoetis, Inc. |  | 67096 |
|  |  |  | 15995124 |
| Professional Services – 0.1% | Professional Services – 0.1% | Professional Services – 0.1% | Professional Services – 0.1% |
| 4919 | Booz Allen Hamilton Holding Corp. |  | 534794 |
| 1312 | Broadridge Financial Solutions, Inc. |  | 335373 |
| 8752 | Bureau Veritas SA |  | 264018 |
| 5554 | Experian PLC |  | 287894 |
| 2980 | Leidos Holdings, Inc. |  | 539142 |
| 1164 | Paycom Software, Inc. |  | 264403 |
| 10749 | Randstad NV |  | 508475 |
| 18427 | Recruit Holdings Co. Ltd. |  | 1054453 |
| 11882 | RELX PLC |  | 555004 |
| 7377 | SGS SA |  | 752529 |
| 1748 | SS&C Technologies Holdings, Inc. |  | 154978 |
| 1712 | Verisk Analytics, Inc. |  | 459021 |
| 1887 | Wolters Kluwer NV |  | 237712 |
|  |  |  | 5947796 |
| Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% | Real Estate Management & Development – 0.0% |
| 1769 | FirstService Corp. |  | 356144 |
| 5256 | Zillow Group, Inc. Class C\* |  | 443134 |
|  |  |  | 799278 |
| Semiconductors & Semiconductor Equipment – 0.9% | Semiconductors & Semiconductor Equipment – 0.9% | Semiconductors & Semiconductor Equipment – 0.9% | Semiconductors & Semiconductor Equipment – 0.9% |
| 14864 | Advantest Corp. |  | 1136642 |
| 5793 | Applied Materials, Inc. |  | 931283 |
| 332 | ASML Holding NV |  | 246541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18048 | Broadcom, Inc. |  | 5367295 |
| 823 | KLA Corp. |  | 717656 |
| 8210 | Lam Research Corp. |  | 822231 |
| 151743 | NVIDIA Corp. |  | 26430596 |
| 1479 | ON Semiconductor Corp.\* |  | 73344 |
| 8906 | QUALCOMM, Inc. |  | 1431461 |
| 3760 | SCREEN Holdings Co. Ltd. |  | 284223 |
| 4342 | Teradyne, Inc. |  | 513398 |
|  |  |  | 37954670 |
| Software – 1.0% | Software – 1.0% | Software – 1.0% | Software – 1.0% |
| 3795 | Adobe, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353677 |
| 4599 | AppLovin Corp. Class A\* |  | 2201035 |
| 4698 | Atlassian Corp. Class A\* |  | 835210 |
| 3769 | Autodesk, Inc.\* |  | 1186104 |
| 999 | Cadence Design Systems, Inc.\* |  | 350080 |
| 3673 | Check Point Software Technologies Ltd.\* |  | 709403 |
| 290 | Constellation Software, Inc. |  | 960861 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| 722 | Crowdstrike Holdings, Inc. Class A\* | $| 305911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22584 | Docusign, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731289 |
| 1066 | Dynatrace, Inc.\* |  | 53940 |
| 611 | Fair Isaac Corp.\* |  | 929722 |
| 13063 | Fortinet, Inc.\* |  | 1028973 |
| 1501 | Gen Digital, Inc. |  | 45330 |
| 1188 | HubSpot, Inc.\* |  | 574006 |
| 1122 | Intuit, Inc. |  | 748374 |
| 40999 | Microsoft Corp. |  | 20773783 |
| 2417 | Nemetschek SE |  | 333906 |
| 2313 | Nice Ltd.\* |  | 326053 |
| 14095 | Nutanix, Inc. Class A\* |  | 947325 |
| 2708 | Oracle Corp. |  | 612360 |
| 14982 | Palantir Technologies, Inc. Class A\* |  | 2347829 |
| 656 | PTC, Inc.\* |  | 140056 |
| 44453 | Sage Group PLC |  | 652087 |
| 4801 | Salesforce, Inc. |  | 1230256 |
| 3134 | SAP SE |  | 853063 |
| 882 | ServiceNow, Inc.\* |  | 809200 |
| 3262 | Trend Micro, Inc. |  | 172883 |
| 1525 | Workday, Inc. Class A\* |  | 352001 |
| 2189 | Xero Ltd.\* |  | 233419 |
| 15475 | Zoom Communications, Inc.\* |  | 1259975 |
| 841 | Zscaler, Inc.\* |  | 232999 |
|  |  |  | 44291110 |
| Specialty Retail – 0.5% | Specialty Retail – 0.5% | Specialty Retail – 0.5% | Specialty Retail – 0.5% |
| 441 | AutoZone, Inc.\* |  | 1851552 |
| 23824 | Avolta AG |  | 1368323 |
| 16466 | Best Buy Co., Inc. |  | 1212556 |
| 353 | Burlington Stores, Inc.\* |  | 102610 |
| 816 | Carvana Co.\* |  | 303487 |
| 1539 | Dick's Sporting Goods, Inc. |  | 327499 |
| 101 | Fast Retailing Co. Ltd. |  | 31570 |
| 33122 | H & M Hennes & Mauritz AB Class B |  | 486752 |
| 5965 | Home Depot, Inc. |  | 2426383 |
| 808112 | JD Sports Fashion PLC |  | 1048957 |
| 366343 | Kingfisher PLC |  | 1276011 |
| 6256 | Lowe's Cos., Inc. |  | 1614423 |
| 16389 | O'Reilly Automotive, Inc.\* |  | 1699212 |
| 3022 | Ross Stores, Inc. |  | 444718 |
| 1605 | Sanrio Co. Ltd. |  | 83045 |
| 12505 | TJX Cos., Inc. |  | 1708308 |
| 8146 | Tractor Supply Co. |  | 503097 |
| 3119 | Ulta Beauty, Inc.\* |  | 1536825 |
| 6459 | Williams-Sonoma, Inc. |  | 1215519 |
| 38030 | Zalando SE\*<sup>(a)</sup> |  | 1059807 |
| 25879 | ZOZO, Inc. |  | 240473 |
|  |  |  | 20541127 |
| Technology Hardware, Storage & Peripherals – 0.5% | Technology Hardware, Storage & Peripherals – 0.5% | Technology Hardware, Storage & Peripherals – 0.5% | Technology Hardware, Storage & Peripherals – 0.5% |
| 90169 | Apple, Inc. |  | 20931832 |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

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

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Technology Hardware, Storage & Peripherals – (continued) | Technology Hardware, Storage & Peripherals – (continued) | Technology Hardware, Storage & Peripherals – (continued) |
| 8084 | Canon, Inc. | $236578 |
| 836 | Dell Technologies, Inc. Class C | 102117 |
| 12096 | HP, Inc. | 345220 |
| 6340 | Logitech International SA | 654654 |
| 4676 | NetApp, Inc. | 527406 |
| 6922 | Pure Storage, Inc. Class A\* | 537216 |
| 1368 | Seagate Technology Holdings PLC | 229003 |
| 3231 | Western Digital Corp. | 259579 |
|  |  | 23823605 |
| Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% | Textiles, Apparel & Luxury Goods – 0.1% |
| 2186 | adidas AG | 425299 |
| 31049 | Asics Corp. | 834647 |
| 10332 | Deckers Outdoor Corp.\* | 1236017 |
| 4868 | Lululemon Athletica, Inc.\* | 984310 |
| 333 | LVMH Moet Hennessy Louis Vuitton SE | 196614 |
| 7935 | NIKE, Inc. Class B | 613931 |
| 5651 | Pandora AS | 781227 |
| 9563 | Tapestry, Inc. | 973705 |
|  |  | 6045750 |
| Tobacco – 0.1% | Tobacco – 0.1% | Tobacco – 0.1% |
| 11983 | Altria Group, Inc. | 805377 |
| 14189 | Imperial Brands PLC | 599240 |
| 7537 | Philip Morris International, Inc. | 1259659 |
|  |  | 2664276 |
| Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% | Trading Companies & Distributors – 0.1% |
| 4306 | Brenntag SE | 266446 |
| 29171 | Fastenal Co. | 1448632 |
| 4117 | Ferguson Enterprises, Inc. | 951645 |
| 13371 | MonotaRO Co. Ltd. | 230390 |
| 11169 | Rexel SA | 361609 |
| 202 | Watsco, Inc. | 81281 |
| 1392 | WW Grainger, Inc. | 1410792 |
|  |  | 4750795 |
| Transportation Infrastructure<sup>(a)</sup> –0.0% | Transportation Infrastructure<sup>(a)</sup> –0.0% | Transportation Infrastructure<sup>(a)</sup> –0.0% |
| 9522 | Aena SME SA | 275991 |
| Wireless Telecommunication Services – 0.0% | Wireless Telecommunication Services – 0.0% | Wireless Telecommunication Services – 0.0% |
| 3805 | T-Mobile U.S., Inc. | 958822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404287 | Vodafone Group PLC | 484102 |
|  |  | 1442924 |
| TOTAL COMMON STOCKS<br>(Cost $330,027,089) | TOTAL COMMON STOCKS<br>(Cost $330,027,089) | $&nbsp;&nbsp;&nbsp;&nbsp;497390699 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.0% | Preferred Stocks – 0.0% | Preferred Stocks – 0.0% |
| Household Products – 0.0% | Household Products – 0.0% | Household Products – 0.0% |
|  Henkel AG & Co. KGaA | Henkel AG & Co. KGaA | Henkel AG & Co. KGaA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | 2.835% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246900 |
| **(Cost $230,472)** | **(Cost $230,472)** |  |
| **Units** | **Expiration**<br> **Date** | **Value** |
| Warrants\*<sup>(b)</sup> – 0.0% | Warrants\*<sup>(b)</sup> – 0.0% | Warrants\*<sup>(b)</sup> – 0.0% |
|  Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| 264 | 03/31/40 | $— |
| (Cost $—) | (Cost $—) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(c)</sup> –1.5% | U.S. Treasury Obligations<sup>(c)</sup> –1.5% | U.S. Treasury Obligations<sup>(c)</sup> –1.5% | U.S. Treasury Obligations<sup>(c)</sup> –1.5% | U.S. Treasury Obligations<sup>(c)</sup> –1.5% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800000 | 0.000% | 09/09/25 | $5795211 |
|  | 5000000 | 0.000 | 09/18/25 | 4990541 |
|  | 5400000 | 0.000 | 10/02/25 | 5381030 |
|  | 3800000 | 0.000 | 10/16/25 | 3780715 |
|  | 5000000 | 0.000 | 10/30/25 | 4966640 |
|  | 5000000 | 0.000 | 11/13/25 | 4959241 |
|  | 3000000 | 0.000 | 11/18/25 | 2974175 |
|  | 5400000 | 0.000 | 11/20/25 | 5351961 |
|  | 6100000 | 0.000 | 11/25/25 | 6042952 |
|  | 5400000 | 0.000 | 11/28/25 | 5347210 |
|  | 3100000 | 0.000 | 12/16/25 | 3063632 |
|  | 4465400 | 0.000 | 12/23/25 | 4409608 |
|  | 3800000 | 0.000 | 12/26/25 | 3751425 |
|  | 4500000 | 0.000 | 02/26/26 | 4414753 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $65,215,059)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $65,215,059)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $65,215,059)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $65,215,059)** | $&nbsp;&nbsp;&nbsp;&nbsp;65229094 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 78.5% | Exchange Traded Funds – 78.5% |  |
| 1345401 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(d)</sup> | $51771030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455379 | Goldman Sachs MarketBeta International Equity ETF<sup>(d)(e)</sup> | 554505446 |
| 3383250 | Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF<sup>(d)(e)</sup> | 204069182 |
| 6590966 | Goldman Sachs MarketBeta Russell 1000 Value Equity ETF<sup>(d)</sup> | 341144446 |
| 12756859 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(d)(e)</sup> | 1138358313 |
| 2937464 | iShares Core MSCI EAFE ETF | 251182547 |

---

&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 GLOBAL MANAGED BETA 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;**<br> **Shares** | **Description** | **Value** |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 7375898 | iShares Core MSCI Emerging Markets ETF | $457969507 |
| 2498093 | iShares MSCI EAFE Small-Cap ETF | 188780888 |
| 81240 | iShares U.S. Technology ETF | 14768619 |
| 2013990 | SPDR Portfolio S&P 500 Growth ETF | 200371865 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $2,482,320,513)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $2,482,320,513)** | $3402921843 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(d)</sup> – 5.9% | Investment Company<sup>(d)</sup> – 5.9% | Investment Company<sup>(d)</sup> – 5.9% |
|  Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255818382 | 4.154% | $255818382 |
| (Cost $255,818,382) | (Cost $255,818,382) |  |
| Securities Lending Reinvestment Vehicle<sup>(d)</sup> –0.0% | Securities Lending Reinvestment Vehicle<sup>(d)</sup> –0.0% |  |
|  Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| 1744170 | 4.154% | $1744170 |
| (Cost $1,744,170) | (Cost $1,744,170) |  |
| **TOTAL INVESTMENTS – 97.4%**<br> **(Cost $3,135,355,685)** | **TOTAL INVESTMENTS – 97.4%**<br> **(Cost $3,135,355,685)** | $4223351088 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%** | 113219995 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $4336571083 |

---

---

| | |
|:---|:---|
| 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) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (d) | Represents an affiliated issuer. |
| (e) | All or a portion of security is on loan. |

---

ADDITIONAL INVESTMENT I NFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 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 | CHF | 590000 | USD | 737438 | 09/17/25 | $1659 |
|  | DKK | 15020000 | USD | 2353556 | 09/17/25 | 3750 |
|  | EUR | 21070000 | USD | 24531434 | 09/17/25 | 148615 |
|  | NOK | 2650000 | USD | 263313 | 09/17/25 | 342 |
|  | NZD | 30000 | USD | 17666 | 09/17/25 | 45 |
|  | USD | 560329 | AUD | 850000 | 09/17/25 | 3858 |
|  | USD | 112392002 | GBP | 82835000 | 09/17/25 | 410996 |
|  | USD | 12807309 | HKD | 99730000 | 09/17/25 | 5593 |
|  | USD | 625641 | ILS | 2080000 | 09/17/25 | 2422 |
|  | USD | 166962162 | JPY | 23631000000 | 09/17/25 | 5819059 |
|  | USD | 1458202 | NZD | 2410000 | 09/17/25 | 35441 |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

Schedule of Investments (continued) *August 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10445463 | SGD | &nbsp;&nbsp;&nbsp;&nbsp;13340000 | 09/17/25 | $32274 |
| TOTA L |  |  |  |  |  | $6464054 |

---

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 | CAD | 65980000 | USD | 48485372 | 09/17/25 | $(398204) |
|  | CHF | 2890000 | USD | 3678127 | 09/17/25 | (57802) |
|  | DKK | 310000 | USD | 49228 | 09/17/25 | (575) |
|  | EUR | 280000 | USD | 331513 | 09/17/25 | (3539) |
|  | GBP | 1885000 | USD | 2588831 | 09/17/25 | (40582) |
|  | NZD | 40000 | USD | 24447 | 09/17/25 | (832) |
|  | SEK | 3675000 | USD | 390419 | 09/17/25 | (1654) |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51599413 | AUD | 79240000 | 09/17/25 | (276825) |
|  | USD | 74859769 | CHF | 60590000 | 09/17/25 | (1041777) |
|  | USD | 17051297 | DKK | 110520000 | 09/17/25 | (294203) |
|  | USD | 262943178 | EUR | 228620000 | 09/17/25 | (4847659) |
|  | USD | 2635228 | GBP | 1950000 | 09/17/25 | (891) |
|  | USD | 1761388 | HKD | 13740000 | 09/17/25 | (2329) |
|  | USD | 4039528 | ILS | 14040000 | 09/17/25 | (167201) |
|  | USD | 6858179 | JPY | 1006000000 | 09/17/25 | (1876) |
|  | USD | 4745733 | NOK | 47900000 | 09/17/25 | (19953) |
|  | USD | 23524903 | SEK | 223950000 | 09/17/25 | (165957) |
| TOTAL |  |  |  |  |  | $(7321859) |

---

FUTURES CONTRACTS — At August 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:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2360 | 09/19/25 | $279636400 | $27839951 |
|  Euro Stoxx 50 Index | 172 | 09/19/25 | 10789565 | (20402) |
|  S&P 500 E-Mini Index | 1100 | 09/19/25 | 356001250 | 18946717 |
|  S&P Toronto Stock Exchange 60 Index | 447 | 09/18/25 | 110383792 | 7102628 |
| TOTAL FUTURES CONTRACTS |  |  |  | $53868894 |

---

&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 GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

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)\*** |
| CIEQDUG2 Index | 0.000% | Citibank NA | 07/27/26 | $85789 | $(1302324) |

---

&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.

#### A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
| S&P 500 E-Mini Index | Futures | (471) | $(3045486) | 233.9 |
| Eli Lilly & Co. | Equitites | (53) | (38582) | 3 |
| Procter & Gamble Co. | Equitites | (206) | (32354) | 2.5 |
| Costco Wholesale Corp. | Equitites | (32) | (30529) | 2.3 |
| International Business Machines Corp. | Equitites | (103) | (25088) | 1.9 |
| Intuitive Surgical Inc. | Equitites | (46) | (21602) | 1.7 |
| Accenture PLC | Equitites | (75) | (19393) | 1.5 |
| NVIDIA Corp., 10/17/25, Call | Options | (375) | (18901) | 1.5 |
| Coca-Cola Co. | Equitites | (260) | (17905) | 1.4 |
| NVIDIA Corp., 10/17/25, Call | Options | (375) | (15385) | 1.2 |
| Salesforce, Inc. | Equitites | (55) | (14158) | 1.1 |
| NVIDIA Corp., 10/17/25, Call | Options | (210) | (12629) | 1 |
| Microsoft Corp., 10/17/25, Call | Options | (116) | (12135) | 0.9 |
| NVIDIA Corp., 09/19/25, Call | Options | (255) | (11985) | 0.9 |
| Microsoft Corp., 09/19/25, Call | Options | (117) | (10337) | 0.8 |
| Adobe, Inc. | Equitites | (29) | (10190) | 0.8 |
| Microsoft Corp., 10/17/25, Call | Options | (116) | (9897) | 0.8 |
| Microsoft Corp., 09/19/25, Call | Options | (90) | (9684) | 0.7 |
| NVIDIA Corp., 10/17/25, Call | Options | (170) | (9419) | 0.7 |
| NVIDIA Corp., 11/21/25, Call | Options | (266) | (9033) | 0.7 |
| Broadcom, Inc., 10/17/25, Call | Options | (108) | (8605) | 0.7 |
| Broadcom, Inc., 09/19/25, Call | Options | (91) | (8013) | 0.6 |
| NVIDIA Corp., 09/19/25, Call | Options | (214) | (7779) | 0.6 |
| NVIDIA Corp., 10/17/25, Call | Options | (170) | (7747) | 0.6 |
| Microsoft Corp., 10/17/25, Call | Options | (61) | (7615) | 0.6 |
| Broadcom, Inc., 10/17/25, Call | Options | (76) | (7485) | 0.6 |
| NVIDIA Corp., 10/17/25, Call | Options | (113) | (7338) | 0.6 |
| NVIDIA Corp., 10/17/25, Call | Options | (213) | (6705) | 0.5 |
| Microsoft Corp., 09/19/25, Call | Options | (98) | (6696) | 0.5 |
| UnitedHealth Group, Inc. | Equitites | (18) | (5611) | 0.4 |
| Visa, Inc. | Equitites | (15) | (5371) | 0.4 |
| ServiceNow, Inc. | Equitites | (6) | (5364) | 0.4 |
| NVIDIA Corp., 09/19/25, Call | Options | (125) | (5165) | 0.4 |
| Broadcom, Inc., 10/17/25, Call | Options | (47) | (5110) | 0.4 |
| NVIDIA Corp., 09/19/25, Call | Options | (95) | (5040) | 0.4 |
| NVIDIA Corp., 11/21/25, Call | Options | (190) | (5003) | 0.4 |
| NVIDIA Corp., 11/21/25, Call | Options | (95) | (4926) | 0.4 |
| NVIDIA Corp., 02/20/26, Put | Options | (190) | (4861) | 0.4 |
| Microsoft Corp., 10/17/25, Call | Options | (74) | (4851) | 0.4 |
| NVIDIA Corp., 09/19/25, Call | Options | (137) | (4833) | 0.4 |
| NVIDIA Corp., 09/19/25, Call | Options | (96) | (4730) | 0.4 |
| NVIDIA Corp., 11/21/25, Call | Options | (119) | (4592) | 0.4 |
| Broadcom, Inc., 09/19/25, Call | Options | (66) | (4542) | 0.3 |
| NVIDIA Corp., 11/21/25, Call | Options | (150) | (4504) | 0.3 |
| NVIDIA Corp., 12/19/25, Call | Options | (155) | (4495) | 0.3 |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

#### A basket (CIEQDUG2) of Futures, Purchased Options & Common Stocks (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
| Apple, Inc., 01/16/26, Call | Options | (174) | $(4089) | 0.3 |
| Intuit, Inc. | Equitites | (6) | (3965) | 0.3 |
| NVIDIA Corp., 09/19/25, Call | Options | (67) | (3781) | 0.3 |
| Apple, Inc., 10/17/25, Call | Options | (123) | (3655) | 0.3 |
| Apple, Inc., 12/19/25, Call | Options | (102) | (3414) | 0.3 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 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** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
| SPX Index | JPMorgan Securities, Inc. | $6641.150 | 09/30/2025 | 10142 | $6735454330 | $207399 | $210974 | $(3575) |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
| SPX Index | JPMorgan Securities, Inc. | 6072.640 | 09/30/2025 | (10142) | (6158871488) | (210836) | (209663) | (1173) |
| TOTAL |  |  |  |  | 576582842 | $(3437) | $1311 | $(4748) |

---

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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.124 | 09/17/2025 | 1980000 | $1980000 | $2 | $38670 | $(38668) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.516 | 09/17/2025 | 5392000 | 5392000 | 7 | 104803 | (104796) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.537 | 12/17/2025 | 6389000 | 6389000 | 3170 | 108731 | (105561) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 13.881 | 03/18/2026 | 6143000 | 6143000 | 50993 | 107474 | (56481) |
| Call CHF/Put NOK | MS & Co. Int. PLC | 14.209 | 06/17/2026 | 9258000 | 9258000 | 106540 | 174711 | (68171) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.540 | 09/17/2025 | 2123000 | 2123000 | 3 | 37062 | (37059) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.481 | 09/17/2025 | 6321000 | 6321000 | 8 | 102726 | (102718) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.709 | 12/17/2025 | 7340000 | 7340000 | 890 | 103398 | (102508) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 12.805 | 03/18/2026 | 6975000 | 6975000 | 47944 | 114554 | (66610) |
| Call CHF/Put SEK | MS & Co. Int. PLC | 13.248 | 06/17/2026 | 10517000 | 10517000 | 77285 | 196666 | (119381) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.269 | 09/17/2025 | 236302000 | 236302000 | 32 | 22350 | (22318) |

---

&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 GLOBAL MANAGED BETA 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)** |
| Call JPY/Put KRW | MS & Co. Int. PLC | $10.702 | 09/17/2025 | 615567000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615567000 | $4 | $66461 | $(66457) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.745 | 12/17/2025 | 701185000 | 701185000 | 6961 | 68910 | (61949) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 11.102 | 03/18/2026 | 655617000 | 655617000 | 12965 | 58270 | (45305) |
| Call JPY/Put KRW | MS & Co. Int. PLC | 10.883 | 06/17/2026 | 807229000 | 807229000 | 41137 | 82485 | (41348) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.449 | 09/17/2025 | 5775000 | 5775000 | 6 | 50485 | (50479) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.420 | 09/17/2025 | 19208000 | 19208000 | 269 | 137702 | (137433) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.501 | 12/17/2025 | 22231000 | 22231000 | 1356 | 200635 | (199279) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.504 | 03/18/2026 | 19875000 | 19875000 | 7831 | 163492 | (155661) |
| Call USD/Put CAD | MS & Co. Int. PLC | 1.425 | 06/17/2026 | 29120000 | 29120000 | 134360 | 192774 | (58414) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1108.720 | 09/17/2025 | 2420000 | 2420000 | 5 | 48603 | (48598) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1077.560 | 09/17/2025 | 7505000 | 7505000 | 135 | 133131 | (132996) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1148.202 | 12/17/2025 | 8012000 | 8012000 | 11978 | 131717 | (119739) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1066.790 | 03/18/2026 | 7503000 | 7503000 | 94110 | 130335 | (36225) |
| Call USD/Put CLP | MS & Co. Int. PLC | 1093.270 | 06/17/2026 | 9575000 | 9575000 | 142418 | 165245 | (22827) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1494.880 | 09/17/2025 | 1822000 | 1822000 | 4 | 22392 | (22388) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1427.030 | 09/17/2025 | 5463000 | 5463000 | 3545 | 63644 | (60099) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1572.940 | 12/17/2025 | 4999000 | 4999000 | 1305 | 68486 | (67181) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1559.160 | 03/18/2026 | 5674000 | 5674000 | 9742 | 63322 | (53580) |
| Call USD/Put KRW | MS & Co. Int. PLC | 1493.850 | 06/17/2026 | 6659000 | 6659000 | 47672 | 86301 | (38629) |
| Call USD/Put MXN | MS & Co. Int. PLC | 23.619 | 09/17/2025 | 1169000 | 1169000 | 1 | 23435 | (23434) |
| Call USD/Put MXN | MS & Co. Int. PLC | 23.724 | 09/17/2025 | 3400000 | 3400000 | 3 | 63029 | (63026) |
| Call USD/Put MXN | MS & Co. Int. PLC | 24.722 | 12/17/2025 | 3789000 | 3789000 | 455 | 63977 | (63522) |
| Call USD/Put MXN | MS & Co. Int. PLC | 24.200 | 03/18/2026 | 3684000 | 3684000 | 5169 | 61092 | (55923) |
| Call USD/Put MXN | MS & Co. Int. PLC | 22.541 | 06/17/2026 | 5275000 | 5275000 | 39109 | 79816 | (40707) |
| Call USD/Put NOK | MS & Co. Int. PLC | 12.224 | 09/17/2025 | 720000 | 720000 | 1 | 11866 | (11865) |
| Call USD/Put NOK | MS & Co. Int. PLC | 11.994 | 09/17/2025 | 2158000 | 2158000 | 2 | 35359 | (35357) |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

Schedule of Investments (continued) *August 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 NOK | MS & Co. Int. PLC | $12.731 | 12/17/2025 | 2269000 | $2269000 | $45 | $35623 | $(35578) |
| Call USD/Put NOK | MS & Co. Int. PLC | 11.867 | 03/18/2026 | 2411000 | 2411000 | 4022 | 35924 | (31902) |
| Call USD/Put SEK | MS & Co. Int. PLC | 11.758 | 09/17/2025 | 2149000 | 2149000 | 2 | 35244 | (35242) |
| Call USD/Put SEK | MS & Co. Int. PLC | 11.218 | 09/17/2025 | 7148000 | 7148000 | 7 | 103875 | (103868) |
| Call USD/Put SEK | MS & Co. Int. PLC | 12.134 | 12/17/2025 | 7081000 | 7081000 | 21 | 107341 | (107320) |
| Call USD/Put SEK | MS & Co. Int. PLC | 11.060 | 03/18/2026 | 7173000 | 7173000 | 8694 | 111662 | (102968) |
| Call USD/Put SEK | MS & Co. Int. PLC | 10.537 | 06/17/2026 | 6149000 | 6149000 | 37287 | 92419 | (55132) |
|  |  |  |  | 3288754000 | $3288754000 | $&nbsp;&nbsp;&nbsp;&nbsp;897495 | $3906197 | $(3008702) |
|  **Puts** | **Puts** |  |  |  |  |  |  |  |
| Put AUD/Call JPY | MS & Co. Int. PLC | 88.320 | 09/17/2025 | 5138000 | 5138000 | 114 | 60330 | (60216) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 82.360 | 09/17/2025 | 13335000 | 13335000 | 9 | 158228 | (158219) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 83.680 | 12/17/2025 | 19059000 | 19059000 | 20955 | 215981 | (195026) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 82.400 | 03/18/2026 | 18102000 | 18102000 | 50479 | 186589 | (136110) |
| Put AUD/Call JPY | MS & Co. Int. PLC | 81.740 | 06/17/2026 | 22311000 | 22311000 | 108532 | 247996 | (139464) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.605 | 09/17/2025 | 2404000 | 2404000 | 8 | 23059 | (23051) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.620 | 09/17/2025 | 7086000 | 7086000 | 325 | 66193 | (65868) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.577 | 12/17/2025 | 7613000 | 7613000 | 2551 | 67311 | (64760) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.585 | 03/18/2026 | 7676000 | 7676000 | 13438 | 63327 | (49889) |
| Put AUD/Call USD | MS & Co. Int. PLC | 0.597 | 06/17/2026 | 9287000 | 9287000 | 43195 | 85603 | (42408) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 99.060 | 09/17/2025 | 3193000 | 3193000 | 26 | 36997 | (36971) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 91.640 | 09/17/2025 | 8566000 | 8566000 | 6 | 99885 | (99879) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 95.080 | 12/17/2025 | 9728000 | 9728000 | 9385 | 110259 | (100874) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 92.800 | 03/18/2026 | 8981000 | 8981000 | 19108 | 95305 | (76197) |
| Put CAD/Call JPY | MS & Co. Int. PLC | 94.010 | 06/17/2026 | 11261000 | 11261000 | 57234 | 124720 | (67486) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 81.100 | 09/17/2025 | 4312000 | 4312000 | 275 | 46325 | (46050) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.450 | 09/17/2025 | 11734000 | 11734000 | 7 | 131135 | (131128) |

---

&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 GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| Put NZD/Call JPY | MS & Co. Int. PLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.630 | 12/17/2025 | 10592000 | $10592000 | $12422 | $108501 | $(96079) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.830 | 03/18/2026 | 9578000 | 9578000 | 28592 | 89388 | (60796) |
| Put NZD/Call JPY | MS & Co. Int. PLC | 75.890 | 06/17/2026 | 11647000 | 11647000 | 65867 | 118092 | (52225) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.556 | 09/17/2025 | 2611000 | 2611000 | 65 | 23156 | (23091) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.567 | 09/17/2025 | 7586000 | 7586000 | 1271 | 65287 | (64016) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.527 | 12/17/2025 | 4192000 | 4192000 | 1847 | 33689 | (31842) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.537 | 03/18/2026 | 4201000 | 4201000 | 9163 | 31912 | (22749) |
| Put NZD/Call USD | MS & Co. Int. PLC | 0.554 | 06/17/2026 | 5047000 | 5047000 | 31511 | 43582 | (12071) |
|  |  |  |  | 225240000 | $225240000 | $476385 | $2332850 | $(1856465) |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 3513994000 | $3513994000 | $1373880 | $6239047 | $(4865167) |

---

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** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| Euro Stoxx 50 Index | $5575.000 | 09/05/2025 | (68) | $&nbsp;&nbsp;&nbsp;&nbsp;(37910000) | $(238) | $(4872) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634 |
| Euro Stoxx 50 Index | 5675.000 | 09/12/2025 | (66) | (37455000) | (463) | (5545) | 5082 |
| Euro Stoxx 50 Index | 5700.000 | 09/19/2025 | (66) | (37620000) | (927) | (4126) | 3199 |
| FTSE 100 Index | 9400.000 | 09/19/2025 | (1) | (940000) | (230) | (233) | 3 |
| FTSE 100 Index | 9425.000 | 09/19/2025 | (8) | (7540000) | &nbsp;&nbsp;&nbsp;&nbsp;(1460) | (1278) | (182) |
| FTSE 100 Index | 9475.000 | 09/19/2025 | (26) | (24635000) | (2811) | (3257) | 446 |
| FTSE 100 Index | 9525.000 | 09/19/2025 | (3) | (2857500) | (182) | (560) | 378 |
| FTSE 100 Index | 9600.000 | 09/19/2025 | (12) | (11520000) | (324) | (1927) | 1603 |
| FTSE 100 Index | 9600.000 | 10/17/2025 | (4) | (3840000) | (892) | (832) | (60) |
| FTSE 100 Index | 9700.000 | 10/17/2025 | (1) | (970000) | (115) | (336) | 221 |
| Nikkei 225 Index | 43250.000 | 09/12/2025 | (2) | (8650000) | (4559) | (1974) | (2585) |
| Nikkei 225 Index | 43750.000 | 09/12/2025 | (7) | (30625000) | (9289) | &nbsp;&nbsp;&nbsp;&nbsp;(13645) | 4356 |
| Nikkei 225 Index | 43875.000 | 09/12/2025 | (5) | (21937500) | (5784) | (4523) | (1261) |
| Nikkei 225 Index | 44500.000 | 09/12/2025 | (4) | (17800000) | (2150) | (2395) | 245 |
| Nikkei 225 Index | 44750.000 | 09/12/2025 | (4) | (17900000) | (1579) | (5004) | 3425 |
| Nikkei 225 Index | 45500.000 | 09/12/2025 | (6) | (27300000) | (1021) | (2518) | 1497 |
| Nikkei 225 Index | 46250.000 | 09/12/2025 | (8) | (37000000) | (653) | (4090) | 3437 |
| Nikkei 225 Index | 45500.000 | 10/10/2025 | (4) | (18200000) | (4355) | (4301) | (54) |
| Nikkei 225 Index | 47000.000 | 10/10/2025 | (3) | (14100000) | (1164) | (1586) | 422 |
| S&P 500 Index | 6550.000 | 09/03/2025 | (28) | (18340000) | (840) | (30831) | 29991 |
| S&P 500 Index | 6565.000 | 09/03/2025 | (36) | (23634000) | (360) | (20183) | 19823 |
| S&P 500 Index | 6600.000 | 09/05/2025 | (36) | (23760000) | (3060) | (3407) | 347 |
| S&P 500 Index | 6610.000 | 09/08/2025 | (36) | (23796000) | (3690) | (3741) | 51 |
| S&P 500 Index | 6675.000 | 09/10/2025 | (27) | (18022500) | (878) | (31210) | 30332 |

---

&nbsp;&nbsp;&nbsp;&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 GLOBAL MANAGED BETA FUND

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

Schedule of Investments (continued) *August 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 Value** | **Premiums Paid<br>(Received) by<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| S&P 500 Index | $6650.000 | 09/17/2025 | (27) | $(17955000) | $(15795) | $(20159) | $4364 |
| S&P 500 Index | 6700.000 | 09/24/2025 | (27) | (18090000) | (16335) | (26129) | 9794 |
|  |  |  | (515) | $(502397500) | $(79154) | $(198662) | $119508 |
|  **Puts** |  |  |  |  |  |  |  |
| Euro Stoxx 50 Index | 5100.000 | 09/05/2025 | (135) | (68850000) | (2370) | (37565) | 35195 |
| Euro Stoxx 50 Index | 5250.000 | 09/12/2025 | (133) | (69825000) | (39988) | (43126) | 3138 |
| Euro Stoxx 50 Index | 5300.000 | 09/19/2025 | (133) | (70490000) | (79665) | (41722) | (37943) |
| FTSE 100 Index | 8575.000 | 09/19/2025 | (1) | (857500) | (88) | (629) | 541 |
| FTSE 100 Index | 8775.000 | 09/19/2025 | (34) | (29835000) | (5055) | (22193) | 17138 |
| FTSE 100 Index | 8925.000 | 09/19/2025 | (22) | (19635000) | (5352) | (10189) | 4837 |
| FTSE 100 Index | 9000.000 | 09/19/2025 | (19) | (17100000) | (6549) | (6303) | (246) |
| FTSE 100 Index | 9075.000 | 09/19/2025 | (25) | (22687500) | (12502) | (6741) | (5761) |
| FTSE 100 Index | 8875.000 | 10/17/2025 | (8) | (7100000) | (4541) | (4420) | (121) |
| FTSE 100 Index | 8975.000 | 10/17/2025 | (1) | (897500) | (757) | (512) | (245) |
| Nikkei 225 Index | 36500.000 | 09/12/2025 | (4) | (14600000) | (463) | (7496) | 7033 |
| Nikkei 225 Index | 38125.000 | 09/12/2025 | (11) | (41937500) | (2171) | (25343) | 23172 |
| Nikkei 225 Index | 38375.000 | 09/12/2025 | (14) | (53725000) | (2953) | (17025) | 14072 |
| Nikkei 225 Index | 38500.000 | 09/12/2025 | (7) | (26950000) | (1524) | (13736) | 12212 |
| Nikkei 225 Index | 40750.000 | 09/12/2025 | (12) | (48900000) | (9799) | (24061) | 14262 |
| Nikkei 225 Index | 40875.000 | 09/12/2025 | (24) | (98100000) | (21231) | (42547) | 21316 |
| Nikkei 225 Index | 39500.000 | 10/10/2025 | (13) | (51350000) | (25212) | (29809) | 4597 |
| S&P 500 Index | 6025.000 | 09/03/2025 | (55) | (33137500) | (2200) | (172750) | 170550 |
| S&P 500 Index | 6365.000 | 09/03/2025 | (73) | (46464500) | (21535) | (69325) | 47790 |
| S&P 500 Index | 6410.000 | 09/05/2025 | (73) | (46793000) | (144540) | (172952) | 28412 |
| S&P 500 Index | 6400.000 | 09/08/2025 | (73) | (46720000) | (154030) | (187918) | 33888 |
| S&P 500 Index | 6230.000 | 09/10/2025 | (55) | (34265000) | (35200) | (140654) | 105454 |
| S&P 500 Index | 6175.000 | 09/17/2025 | (55) | (33962500) | (72325) | (195801) | 123476 |
| S&P 500 Index | 6250.000 | 09/24/2025 | (55) | (34375000) | (156750) | (157053) | 303 |
|  |  |  | (1035) | $(918557500) | $(806800) | $(1429870) | $623070 |
| Total written option contracts |  |  | (1550) | $(1420955000) | $(885954) | $(1628532) | $742578 |
| EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES | EXCHANGE TRADED OPTIONS ON FUTURES |  |  |  |
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market Value** | **Premiums<br>Paid (Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
| 3 Month SOFR | $95.875 | 09/12/2025 | 2359 | $5897500 | $324363 | $2783135 | $(2458772) |
| 3 Month SOFR | 96.000 | 09/12/2025 | 482 | 1205000 | 18075 | 471068 | (452993) |
| 3 Month SOFR | 96.500 | 09/12/2025 | 1136 | 2840000 | 7100 | 1589661 | (1582561) |
| 3 Month SOFR | 96.625 | 09/12/2025 | 921 | 2302500 | 5756 | 1888445 | (1882689) |
| 3 Month SOFR | 97.000 | 09/12/2025 | 1234 | 3085000 | 7713 | 1267713 | (1260000) |
| 3 Month SOFR | 97.375 | 09/12/2025 | 327 | 817500 | 2044 | 70128 | (68084) |
| 3 Month SOFR | 97.500 | 09/12/2025 | 3092 | 7730000 | 19325 | 3074948 | (3055623) |
| 3 Month SOFR | 95.875 | 12/12/2025 | 1950 | 4875000 | 1791562 | 2763799 | (972237) |
| 3 Month SOFR | 96.125 | 12/12/2025 | 772 | 1930000 | 361875 | 870291 | (508416) |
| 3 Month SOFR | 96.500 | 12/12/2025 | 1019 | 2547500 | 146481 | 1614489 | (1468008) |

---

&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 GLOBAL MANAGED BETA FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market**<br> **Value** | **Premiums<br>Paid (Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| 3 Month SOFR | $97.000 | 12/12/2025 | 1763 | $4407500 | $88150 | $267905 | $(179755) |
| 3 Month SOFR | 97.250 | 12/12/2025 | 1442 | 3605000 | 54075 | 1373245 | (1319170) |
| 3 Month SOFR | 97.500 | 12/12/2025 | 3234 | 8085000 | 80850 | 3177500 | (3096650) |
| 3 Month SOFR | 96.000 | 03/13/2026 | 1922 | 4805000 | 2474575 | 2752934 | (278359) |
| 3 Month SOFR | 96.250 | 03/13/2026 | 727 | 1817500 | 627037 | 910437 | (283400) |
| 3 Month SOFR | 96.625 | 03/13/2026 | 615 | 1537500 | 272906 | 916239 | (643333) |
| 3 Month SOFR | 96.750 | 03/13/2026 | 480 | 1200000 | 171000 | 781114 | (610114) |
| 3 Month SOFR | 97.000 | 03/13/2026 | 1854 | 4635000 | 428738 | 749897 | (321159) |
| 3 Month SOFR | 97.250 | 03/13/2026 | 1368 | 3420000 | 213750 | 1371174 | (1157424) |
| 3 Month SOFR | 97.500 | 03/13/2026 | 363 | 907500 | 38569 | 118686 | (80117) |
| 3 Month SOFR | 96.000 | 06/12/2026 | 1712 | 4280000 | 3327700 | 2734522 | 593178 |
| 3 Month SOFR | 96.250 | 06/12/2026 | 658 | 1645000 | 949987 | 935558 | 14429 |
| 3 Month SOFR | 96.500 | 06/12/2026 | 408 | 1020000 | 425850 | 449600 | (23750) |
| 3 Month SOFR | 96.625 | 06/12/2026 | 580 | 1450000 | 511125 | 914846 | (403721) |
| 3 Month SOFR | 96.750 | 06/12/2026 | 494 | 1235000 | 364325 | 766846 | (402521) |
| 3 Month SOFR | 97.000 | 06/12/2026 | 998 | 2495000 | 517713 | 663131 | (145418) |
| 3 Month SOFR | 97.125 | 06/12/2026 | 408 | 1020000 | 178500 | 209900 | (31400) |
| 3 Month SOFR | 97.250 | 06/12/2026 | 1469 | 3672500 | 532513 | 700654 | (168141) |
| 3 Month SOFR | 96.000 | 09/11/2026 | 1600 | 4000000 | 3870000 | 2747337 | 1122663 |
| 3 Month SOFR | 96.375 | 09/11/2026 | 658 | 1645000 | 1089812 | 947402 | 142410 |
| 3 Month SOFR | 96.500 | 09/11/2026 | 1245 | 3112500 | 1797469 | 1413440 | 384029 |
| 3 Month SOFR | 96.625 | 09/11/2026 | 559 | 1397500 | 698750 | 930634 | (231884) |
| 3 Month SOFR | 97.000 | 09/11/2026 | 1398 | 3495000 | 1118400 | 1086190 | 32210 |
| 3 Month SOFR | 97.250 | 09/11/2026 | 1143 | 2857500 | 671512 | 745190 | (73678) |
| 3 Month SOFR | 96.000 | 12/11/2026 | 2008 | 5020000 | 5383950 | 4045036 | 1338914 |
| 3 Month SOFR | 96.375 | 12/11/2026 | 620 | 1550000 | 1197375 | 962438 | 234937 |
| 3 Month SOFR | 96.500 | 12/11/2026 | 2891 | 7227500 | 4932769 | 4082654 | 850115 |
| 3 Month SOFR | 96.000 | 03/12/2027 | 1952 | 4880000 | 5514400 | 4103026 | 1411374 |
| 3 Month SOFR | 96.250 | 03/12/2027 | 1302 | 3255000 | 3019012 | 2606552 | 412460 |
| 3 Month SOFR | 96.500 | 03/12/2027 | 1232 | 3080000 | 2294600 | 1641665 | 652935 |
| 3 Month SOFR | 96.000 | 06/11/2027 | 1731 | 4327500 | 4944169 | 3725043 | 1219126 |
| 3 Month SOFR | 96.250 | 06/11/2027 | 1302 | 3255000 | 3075975 | 2671652 | 404323 |
| 3 Month SOFR | 96.500 | 06/11/2027 | 780 | 1950000 | 1496625 | 1074029 | 422596 |
| 3 Month SOFR | 96.250 | 09/10/2027 | 1323 | 3307500 | 3150394 | 2681668 | 468726 |
| TOTAL |  |  | 55531 | $138827500 | $58196869 | $71651821 | $(13454952) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| CAD | —Canadian 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** | **17** |

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| SpA | —Stand-by Purchase Agreement |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
| Abbreviations: | 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION FUND

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

Consolidated Schedule of Investments *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations<sup>(a)</sup> – 60.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations<sup>(a)</sup> – 60.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations<sup>(a)</sup> – 60.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations<sup>(a)</sup> – 60.8% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $125000000 | 0.000% | 09/02/25 | $124941756 |
| 84722300 | 0.000 | 09/09/25 | 84652343 |
| 125000000 | 0.000 | 10/02/25 | 124560875 |
| 82000000 | 0.000 | 10/07/25 | 81665524 |
| 180000000 | 0.000 | 10/21/25 | 178983299 |
| 325000000 | 0.000 | 10/28/25 | 322905157 |
| 85201700 | 0.000 | 10/30/25 | 84633231 |
| 81000000 | 0.000 | 11/04/25 | 80423740 |
| 115000000 | 0.000 | 11/18/25 | 114010061 |
| 118000000 | 0.000 | 12/11/25 | 116689612 |
| 115000000 | 0.000 | 12/18/25 | 113628440 |
| TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $1,426,859,359) | TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $1,426,859,359) | TOTAL U.S. TREASURY OBLIGATIONS <br>(Cost $1,426,859,359) | $1427094038 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company<sup>(b)</sup> – 32.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company<sup>(b)</sup> – 32.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company<sup>(b)</sup> – 32.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Company<sup>(b)</sup> – 32.2% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 756575800 | 756575800 | 4.154% | $756575800 |
| (Cost $756,575,800) | (Cost $756,575,800) | (Cost $756,575,800) | (Cost $756,575,800) |
| **TOTAL INVESTMENTS – 93.0%**<br> **(Cost $2,183,435,159)** | **TOTAL INVESTMENTS – 93.0%**<br> **(Cost $2,183,435,159)** | **TOTAL INVESTMENTS – 93.0%**<br> **(Cost $2,183,435,159)** | $2183669838 |
| **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 7.0%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 7.0%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 7.0%** | 165233010 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2348902848 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 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 | AUD | 40200000 | USD | 26308661 | 09/17/25 | $9169 |
|  | CAD | 29140000 | USD | 21233739 | 09/17/25 | 3911 |
|  | CHF | 51260000 | USD | 64210758 | 09/17/25 | 3028 |
|  | EUR | 24860001 | USD | 28535982 | 09/17/25 | 583431 |
|  | GBP | 37060000 | USD | 49045510 | 09/17/25 | 1054280 |
|  | JPY | 7530110000 | USD | 51340593 | 09/17/25 | 8283 |
|  | USD | 42481470 | CAD | 57820000 | 09/17/25 | 341427 |
|  | USD | 43338960 | CHF | 34160001 | 09/17/25 | 546473 |
|  | USD | 21625851 | EUR | 18320001 | 09/17/25 | 166975 |
|  | USD | 42602679 | GBP | 31390000 | 09/17/25 | 167914 |
|  | USD | 21369849 | NZD | 35310000 | 09/17/25 | 524334 |
| TOTAL |  |  |  |  |  | $3409225 |

---

&nbsp;&nbsp;&nbsp;&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 STRATEGIC FACTOR ALLOCATION FUND

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

Consolidated Schedule of Investments (continued) *August 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 LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | 24080001 | USD | 15798152 | 09/17/25 | $(33641) |
|  | CAD | 28460000 | USD | 20938353 | 09/17/25 | (196299) |
|  | JPY | 2094990000 | USD | 14816001 | 09/17/25 | (529971) |
|  | NZD | 35310000 | USD | 21512141 | 09/17/25 | (666625) |
|  | USD | 15594042 | AUD | 24080000 | 09/17/25 | (170469) |
|  | USD | 21856118 | CAD | 30180000 | 09/17/25 | (139498) |
|  | USD | 21181845 | CHF | 17100000 | 09/17/25 | (239453) |
|  | USD | 29814431 | EUR | 25460000 | 09/17/25 | (7783) |
|  | USD | 51860042 | GBP | 38380000 | 09/17/25 | (24198) |
|  | USD | 66535531 | NZD | 112710000 | 09/17/25 | (3641) |
| TOTAL |  |  |  |  |  | $(2011578) |

---

FUTURES CONTRACTS — At August 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 | 13553 | 12/19/25 | $1524712500 | $2652747 |
|  2 Year U.S. Treasury Notes | 70 | 12/31/25 | 14597734 | 4252 |
|  Australian 10 Year Government Bonds | 454 | 09/15/25 | 33782454 | (25927) |
|  Japan 10 Year Government Bond | 26 | 09/12/25 | 24334252 | (72132) |
|  S&P 500 E-Mini Index | 4286 | 09/19/25 | 1387110325 | 38430457 |
| Total |  |  |  | $40989397 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | (117) | 12/29/25 | (14314577) | (14795) |
|  5 Year German Euro-Bund | (182) | 09/08/25 | (27584016) | (77678) |
|  Canada 10 Year Government Bonds | (370) | 12/18/25 | (32467106) | (232391) |
| Total |  |  |  | $(324864) |
| TOTAL FUTURES CONTRACTS |  |  |  | $40664533 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 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 Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  S&P 500 Index | $6500.000 | 09/05/2025 | 21 | $13650000 | $43995 | $41871 | $2124 |
|  S&P 500 Index | 6525.000 | 09/05/2025 | 2 | 1305000 | 2360 | 3882 | (1522) |
|  S&P 500 Index | 6535.000 | 09/05/2025 | 15 | 9802500 | 13500 | 21835 | (8335) |
|  S&P 500 Index | 6540.000 | 09/05/2025 | 23 | 15042000 | 17940 | 50393 | (32453) |
|  S&P 500 Index | 6555.000 | 09/05/2025 | 5 | 3277500 | 2400 | 6155 | (3755) |
|  S&P 500 Index | 6525.000 | 09/12/2025 | 19 | 12397500 | 56430 | 45129 | 11301 |
|  S&P 500 Index | 6565.000 | 09/12/2025 | 13 | 8534500 | 20345 | 23983 | (3638) |

---

&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 STRATEGIC FACTOR 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;

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 | $6580.000 | 09/12/2025 | 6 | $3948000 | $7050 | $9546 | $(2496) |
|  S&P 500 Index | 6590.000 | 09/12/2025 | 3 | 1977000 | 2895 | 4383 | (1488) |
|  S&P 500 Index | 6600.000 | 09/12/2025 | 2 | 1320000 | 1550 | 4082 | (2532) |
|  S&P 500 Index | 6610.000 | 09/12/2025 | 30 | 19830000 | 18450 | 69230 | (50780) |
|  S&P 500 Index | 6620.000 | 09/12/2025 | 2 | 1324000 | 980 | 4342 | (3362) |
|  S&P 500 Index | 6555.000 | 09/19/2025 | 13 | 8521500 | 42055 | 32473 | 9582 |
|  S&P 500 Index | 6595.000 | 09/19/2025 | 17 | 11211500 | 32385 | 31477 | 908 |
|  S&P 500 Index | 6600.000 | 09/19/2025 | 8 | 5280000 | 14480 | 15688 | (1208) |
|  S&P 500 Index | 6610.000 | 09/19/2025 | 29 | 19169000 | 45530 | 50779 | (5249) |
|  S&P 500 Index | 6620.000 | 09/19/2025 | 1 | 662000 | 1350 | 1731 | (381) |
|  S&P 500 Index | 6620.000 | 09/26/2025 | 28 | 18536000 | 64260 | 65178 | (918) |
|  S&P 500 Index | 6625.000 | 09/26/2025 | 9 | 5962500 | 19125 | 18679 | 446 |
|  |  |  | 246 | $161750500 | $407080 | $500836 | $(93756) |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 4200.000 | 09/02/2025 | 360 | 151200000 | 900 | 46925 | (46025) |
|  S&P 500 Index | 5775.000 | 09/02/2025 | 267 | 154192500 | 2002 | 13617 | (11615) |
|  S&P 500 Index | 4400.000 | 09/03/2025 | 358 | 157520000 | 895 | 55279 | (54384) |
|  S&P 500 Index | 4400.000 | 09/04/2025 | 358 | 157520000 | 895 | 46824 | (45929) |
|  S&P 500 Index | 4400.000 | 09/05/2025 | 357 | 157080000 | 2677 | 55259 | (52582) |
|  S&P 500 Index | 4600.000 | 09/08/2025 | 356 | 163760000 | 3560 | 53447 | (49887) |
|  S&P 500 Index | 4600.000 | 09/09/2025 | 354 | 162840000 | 5310 | 51696 | (46386) |
|  S&P 500 Index | 4600.000 | 09/10/2025 | 354 | 162840000 | 6195 | 40521 | (34326) |
|  S&P 500 Index | 4700.000 | 09/12/2025 | 702 | 329940000 | 24570 | 97222 | (72652) |
|  S&P 500 Index | 4600.000 | 09/15/2025 | 352 | 161920000 | 12320 | 47191 | (34871) |
|  S&P 500 Index | 4600.000 | 09/16/2025 | 353 | 162380000 | 15885 | 44990 | (29105) |
|  S&P 500 Index | 4600.000 | 09/17/2025 | 354 | 162840000 | 21240 | 53080 | (31840) |
|  S&P 500 Index | 4400.000 | 09/18/2025 | 356 | 156640000 | 17800 | 44081 | (26281) |
|  S&P 500 Index | 4625.000 | 09/19/2025 | 358 | 165575000 | 25955 | 60019 | (34064) |
|  S&P 500 Index | 4800.000 | 09/22/2025 | 354 | 169920000 | 41595 | 47128 | (5533) |
|  S&P 500 Index | 4800.000 | 09/23/2025 | 353 | 169440000 | 43243 | 45771 | (2528) |
|  S&P 500 Index | 4800.000 | 09/24/2025 | 354 | 169920000 | 46905 | 57294 | (10389) |
|  S&P 500 Index | 4700.000 | 09/26/2025 | 352 | 165440000 | 45760 | 49632 | (3872) |
|  S&P 500 Index | 4900.000 | 09/26/2025 | 352 | 172480000 | 60720 | 53460 | 7260 |
|  S&P 500 Index | 4710.000 | 09/30/2025 | 358 | 168618000 | 54595 | 59428 | (4833) |
|  |  |  | 7362 | $3422065500 | $433022 | $1022864 | $(589842) |
|  **Total purchased option**<br> **contracts** |  |  | 7608 | $3583816000 | $840102 | $1523700 | $(683598) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6230.000 | 09/02/2025 | (1437) | (895251000) | (35925) | (269797) | 233872 |
|  S&P 500 Index | 6155.000 | 09/03/2025 | (1440) | (886320000) | (68400) | (270360) | 201960 |
|  S&P 500 Index | 6150.000 | 09/04/2025 | (1434) | (881910000) | (107550) | (276404) | 168854 |
|  S&P 500 Index | 6110.000 | 09/05/2025 | (36) | (21996000) | (3870) | (129784) | 125914 |
|  S&P 500 Index | 6170.000 | 09/05/2025 | (12) | (7404000) | (1740) | (37038) | 35298 |
|  S&P 500 Index | 6195.000 | 09/05/2025 | (4) | (2478000) | (670) | (12716) | 12046 |
|  S&P 500 Index | 6205.000 | 09/05/2025 | (1439) | (892899500) | (262618) | (293905) | 31287 |
|  S&P 500 Index | 6250.000 | 09/05/2025 | (11) | (6875000) | (2970) | (29249) | 26279 |
|  S&P 500 Index | 6285.000 | 09/05/2025 | (9) | (5656500) | (3600) | (23931) | 20331 |

---

&nbsp;&nbsp;&nbsp;&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 STRATEGIC FACTOR ALLOCATION FUND

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

Consolidated Schedule of Investments (continued) *August 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 | $6340.000 | 09/05/2025 | (59) | $(37406000) | $(46610) | $(109661) | $63051 |
|  S&P 500 Index | 6355.000 | 09/05/2025 | (3) | (1906500) | (2850) | (5037) | 2187 |
|  S&P 500 Index | 6370.000 | 09/05/2025 | (41) | (26117000) | (47150) | (66379) | 19229 |
|  S&P 500 Index | 6400.000 | 09/05/2025 | (23) | (14720000) | (37720) | (25147) | (12573) |
|  S&P 500 Index | 6100.000 | 09/08/2025 | (1450) | (884500000) | (257374) | (330237) | 72863 |
|  S&P 500 Index | 6170.000 | 09/12/2025 | (4) | (2468000) | (2880) | (14156) | 11276 |
|  S&P 500 Index | 6220.000 | 09/12/2025 | (45) | (27990000) | (43875) | (141475) | 97600 |
|  S&P 500 Index | 6260.000 | 09/12/2025 | (9) | (5634000) | (11385) | (29151) | 17766 |
|  S&P 500 Index | 6305.000 | 09/12/2025 | (54) | (34047000) | (91530) | (131666) | 40136 |
|  S&P 500 Index | 6330.000 | 09/12/2025 | (38) | (24054000) | (77330) | (84442) | 7112 |
|  S&P 500 Index | 6355.000 | 09/12/2025 | (11) | (6990500) | (26620) | (19119) | (7501) |
|  S&P 500 Index | 6140.000 | 09/19/2025 | (3) | (1842000) | (4080) | (12057) | 7977 |
|  S&P 500 Index | 6200.000 | 09/19/2025 | (45) | (27900000) | (79650) | (172095) | 92445 |
|  S&P 500 Index | 6270.000 | 09/19/2025 | (37) | (23199000) | (90465) | (107143) | 16678 |
|  S&P 500 Index | 6295.000 | 09/19/2025 | (23) | (14478500) | (63365) | (63457) | 92 |
|  S&P 500 Index | 6315.000 | 09/19/2025 | (6) | (3789000) | (18210) | (13614) | (4596) |
|  S&P 500 Index | 6225.000 | 09/26/2025 | (45) | (28012500) | (130275) | (144855) | 14580 |
|  S&P 500 Index | 6270.000 | 09/26/2025 | (12) | (7524000) | (41160) | (39798) | (1362) |
|  S&P 500 Index | 6290.000 | 09/26/2025 | (2) | (1258000) | (7400) | (5798) | (1602) |
|  **Total written option contracts** |  |  | (7732) | $(4774626000) | $(1567272) | $(2858471) | $1291199 |
|  **TOTAL** |  |  | (124) | $(1190810000) | $(727170) | $(1334771) | $607601 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration**<br> **Date** | **Number of**<br> **Contracts** | **Notional**<br> **Amount** | **Market Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.125 | 09/12/2025 | 81 | $202500 | $1012 | $70021 | $(69009) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 67 | 167500 | 418 | 73831 | (73413) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 72 | 180000 | 450 | 74841 | (74391) |
|  3 Month SOFR | 96.063 | 12/12/2025 | 79 | 197500 | 44931 | 62367 | (17436) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 72 | 180000 | 33750 | 64941 | (31191) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 78 | 195000 | 20963 | 68403 | (47440) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 75 | 187500 | 46406 | 63897 | (17491) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 38500 | 68387 | (29887) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 15119 | 63541 | (48422) |
|  3 Month SOFR | 96.438 | 06/12/2026 | 76 | 190000 | 85975 | 58099 | 27876 |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 716456 | 1137814 | (421358) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 78 | 195000 | 57525 | 58653 | (1128) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 75 | 187500 | 50625 | 69522 | (18897) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 869425 | 2377996 | (1508571) |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 1719287 | 1032646 | 686641 |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 2780844 | 2470706 | 310138 |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 1978538 | 1095678 | 882860 |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 1375238 | 1089680 | 285558 |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 1180500 | 1024643 | 155857 |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 1134900 | 1095371 | 39529 |
|  3 Month SOFR | 96.875 | 03/12/2027 | 792 | 1980000 | 1024650 | 1096423 | (71773) |

---

&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 STRATEGIC FACTOR 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;

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 Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3 Month SOFR | $97.000 | 03/12/2027 | 757 | $1892500 | $856356 | $1165371 | $(309015) |
|  3 Month SOFR | 96.750 | 06/11/2027 | 794 | 1985000 | 1215813 | 1023831 | 191982 |
|  3 Month SOFR | 97.000 | 06/11/2027 | 810 | 2025000 | 972000 | 980183 | (8183) |
|  |  |  | 12192 | $30480000 | $16219681 | $16386845 | $(167164) |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | 96.125 | 09/12/2025 | 81 | 202500 | 45563 | 74578 | (29015) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 67 | 167500 | 57788 | 67969 | (10181) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 72 | 180000 | 197100 | 80241 | 116859 |
|  3 Month SOFR | 96.063 | 12/12/2025 | 79 | 197500 | 12344 | 61380 | (49036) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 72 | 180000 | 14850 | 75741 | (60891) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 78 | 195000 | 37050 | 67428 | (30378) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 75 | 187500 | 37500 | 63897 | (26397) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 70 | 175000 | 41125 | 71012 | (29887) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 59 | 147500 | 80755 | 67964 | 12791 |
|  3 Month SOFR | 96.438 | 06/12/2026 | 76 | 190000 | 27075 | 57149 | (30074) |
|  3 Month SOFR | 96.625 | 06/12/2026 | 813 | 2032500 | 457312 | 1302686 | (845374) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 78 | 195000 | 56550 | 56703 | (153) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 75 | 187500 | 61406 | 69522 | (8116) |
|  3 Month SOFR | 97.000 | 06/12/2026 | 1676 | 4190000 | 1875025 | 2492735 | (617710) |
|  3 Month SOFR | 96.125 | 09/11/2026 | 802 | 2005000 | 130325 | 1226121 | (1095796) |
|  3 Month SOFR | 96.375 | 09/11/2026 | 1679 | 4197500 | 482713 | 2539225 | (2056512) |
|  3 Month SOFR | 96.125 | 12/11/2026 | 818 | 2045000 | 184050 | 1238828 | (1054778) |
|  3 Month SOFR | 96.500 | 12/11/2026 | 806 | 2015000 | 347588 | 1200505 | (852917) |
|  3 Month SOFR | 96.625 | 12/11/2026 | 787 | 1967500 | 418094 | 1184144 | (766050) |
|  3 Month SOFR | 96.750 | 03/12/2027 | 776 | 1940000 | 562600 | 1078221 | (515621) |
|  3 Month SOFR | 96.875 | 03/12/2027 | 792 | 1980000 | 678150 | 951952 | (273802) |
|  3 Month SOFR | 97.000 | 03/12/2027 | 757 | 1892500 | 757000 | 1174834 | (417834) |
|  3 Month SOFR | 96.750 | 06/11/2027 | 794 | 1985000 | 660012 | 954356 | (294344) |
|  3 Month SOFR | 97.000 | 06/11/2027 | 810 | 2025000 | 896063 | 892588 | 3475 |
|  |  |  | 12192 | $30480000 | $8118038 | $17049779 | $(8931741) |
| Total purchased option contracts | Total purchased option contracts |  | 24384 | $60960000 | $24337719 | $33436624 | $(9098905) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 110.750 | 09/03/2025 | (344) | (344000) | (344) | (4704) | 4360 |
|  10 Year U.S. Treasury Notes | 111.000 | 09/03/2025 | (344) | (344000) | (344) | (4704) | 4360 |
|  10 Year U.S. Treasury Notes | 111.250 | 09/03/2025 | (688) | (688000) | (688) | (16059) | 15371 |
|  10 Year U.S. Treasury Notes | 111.500 | 09/03/2025 | (687) | (687000) | (687) | (14770) | 14083 |
|  10 Year U.S. Treasury Notes | 111.000 | 09/05/2025 | (698) | (698000) | (10906) | (9545) | (1361) |
|  10 Year U.S. Treasury Notes | 111.500 | 09/05/2025 | (698) | (698000) | (21813) | (25811) | 3998 |
|  |  |  | (3459) | $(3459000) | $(34782) | $(75593) | $40811 |
|  **Calls** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 112.750 | 09/03/2025 | (688) | (688000) | (53750) | (57783) | 4033 |
|  10 Year U.S. Treasury Notes | 113.000 | 09/03/2025 | (344) | (344000) | (16125) | (10079) | (6046) |
|  10 Year U.S. Treasury Notes | 113.250 | 09/03/2025 | (1031) | (1031000) | (16109) | (24816) | 8707 |
|  10 Year U.S. Treasury Notes | 113.750 | 09/05/2025 | (349) | (349000) | (16360) | (15679) | (681) |
|  10 Year U.S. Treasury Notes | 114.000 | 09/05/2025 | (343) | (343000) | (10719) | (10050) | (669) |

---

&nbsp;&nbsp;&nbsp;&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 STRATEGIC FACTOR ALLOCATION FUND

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

Consolidated Schedule of Investments (continued) *August 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 Value** | **Premiums**<br> **Paid (Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  10 Year U.S. Treasury Notes | $114.500 | 09/05/2025 | (698) | $(698000) | $(10906) | $(9545) | $(1361) |
|  |  |  | (3453) | $(3453000) | $(123969) | $(127952) | $3983 |
|  **Total written option contracts** |  |  | (6912) | $(6912000) | $(158751) | $(203545) | $44794 |
|  **TOTAL** |  |  | 17472 | $54048000 | $24178968 | $33233079 | $(9054111) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| EUR | —Euro |
| GBP | —British Pound |
| JPY | —Japanese Yen |
| NZD | —New Zealand Dollar |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Abbreviations: | 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;

---

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

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

Consolidated Schedule of Investments *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(a)</sup> – 63.9% | U.S. Treasury Obligations<sup>(a)</sup> – 63.9% | U.S. Treasury Obligations<sup>(a)</sup> – 63.9% | U.S. Treasury Obligations<sup>(a)</sup> – 63.9% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $23060400 | 0.000% | 09/04/25 | $23055011 |
| 30000000 | 0.000 | 09/23/25 | 29925701 |
| 31100000 | 0.000 | 10/02/25 | 30990746 |
| 30000000 | 0.000 | 10/16/25 | 29847750 |
| 25000000 | 0.000 | 10/21/25 | 24858791 |
| 30000000 | 0.000 | 10/28/25 | 29806630 |
| 30057600 | 0.000 | 11/04/25 | 29843761 |
| 25855700 | 0.000 | 11/18/25 | 25633130 |
| 20489000 | 0.000 | 11/20/25 | 20306728 |
| 7700000 | 0.000 | 12/02/25 | 7621841 |
| 26000000 | 0.000 | 12/11/25 | 25711270 |
| 24062900 | 0.000 | 12/16/25 | 23780607 |
| 24225700 | 0.000 | 02/19/26 | 23784864 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $325,081,390) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $325,081,390) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $325,081,390) | $325166830 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(b)</sup> – 31.9% | Investment Companies<sup>(b)</sup> – 31.9% | Investment Companies<sup>(b)</sup> – 31.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| 5423143 | 4.154% | $5423143 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(b)</sup> – (continued) | Investment Companies<sup>(b)</sup> – (continued) | Investment Companies<sup>(b)</sup> – (continued) |
|  Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares |
| 156862941 | 4.108% | $156862941 |
| TOTAL INVESTMENT COMPANIES<br>(Cost $162,286,084) | TOTAL INVESTMENT COMPANIES<br>(Cost $162,286,084) | $162286084 |
| TOTAL INVESTMENTS – 95.8%<br>(Cost $487,367,474) | TOTAL INVESTMENTS – 95.8%<br>(Cost $487,367,474) | $487452914 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 4.2%** | 21169678 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $508622592 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Represents an affiliated issuer. |

---

 <br> ADDITIONAL INVESTMENT INFORMATION

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;39 | 12/19/25 | $4387500 | $(3730) |
|  2 Year U.S. Treasury Notes | 1603 | 12/31/25 | 334288116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82483 |
|  5 Year U.S. Treasury Notes | 1593 | 12/31/25 | 174383719 | 257672 |
|  S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | 09/19/25 | 2589100 | 29301 |
| TOTAL FUTURES CONTRACTS |  |  |  | $365726 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At August 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** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
| S&P 500 Index | $4200.000 | 09/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | $32340000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | $10037 | $(9844) |
| S&P 500 Index | 4400.000 | 09/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | 33440000 | 190 | 11735 | (11545) |
| S&P 500 Index | 4400.000 | 09/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | 33880000 | 192 | 10071 | (9879) |
| S&P 500 Index | 4400.000 | 09/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | 33440000 | 570 | 11764 | (11194) |
| S&P 500 Index | 4600.000 | 09/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | 34960000 | 760 | 11410 | (10650) |

---

&nbsp;&nbsp;&nbsp;&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 STRATEGIC VOLATILITY PREMIUM FUND

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

Consolidated Schedule of Investments (continued) *August 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 | $4600.000 | 09/09/2025 | 76 | $34960000 | $1140 | $11099 | $(9959) |
|  S&P 500 Index | 4600.000 | 09/10/2025 | 76 | 34960000 | 1330 | 8699 | (7369) |
|  S&P 500 Index | 4700.000 | 09/12/2025 | 150 | 70500000 | 5250 | 20775 | (15525) |
|  S&P 500 Index | 4600.000 | 09/15/2025 | 77 | 35420000 | 2695 | 10323 | (7628) |
|  S&P 500 Index | 4600.000 | 09/16/2025 | 78 | 35880000 | 3510 | 9941 | (6431) |
|  S&P 500 Index | 4600.000 | 09/17/2025 | 77 | 35420000 | 4620 | 11546 | (6926) |
|  S&P 500 Index | 4400.000 | 09/18/2025 | 78 | 34320000 | 3900 | 9658 | (5758) |
|  S&P 500 Index | 4625.000 | 09/19/2025 | 78 | 36075000 | 5655 | 13077 | (7422) |
|  S&P 500 Index | 4800.000 | 09/22/2025 | 78 | 37440000 | 9165 | 10384 | (1219) |
|  S&P 500 Index | 4800.000 | 09/23/2025 | 77 | 36960000 | 9432 | 9984 | (552) |
|  S&P 500 Index | 4800.000 | 09/24/2025 | 77 | 36960000 | 10203 | 12463 | (2260) |
|  S&P 500 Index | 4700.000 | 09/26/2025 | 77 | 36190000 | 10010 | 10857 | (847) |
|  S&P 500 Index | 4900.000 | 09/26/2025 | 77 | 37730000 | 13283 | 11695 | 1588 |
|  S&P 500 Index | 4710.000 | 09/30/2025 | 77 | 36267000 | 11743 | 12783 | (1040) |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts | 1535 | $707142000 | $93841 | $218301 | $(124460) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** | **Written option contracts** |
|  **Puts** |  |  |  |  |  |  |  |
|  S&P 500 Index | 6230.000 | 09/02/2025 | (314) | (195622000) | (7850) | (58954) | 51104 |
|  S&P 500 Index | 6155.000 | 09/03/2025 | (315) | (193882500) | (14962) | (59141) | 44179 |
|  S&P 500 Index | 6150.000 | 09/04/2025 | (314) | (193110000) | (23550) | (60523) | 36973 |
|  S&P 500 Index | 6205.000 | 09/05/2025 | (313) | (194216500) | (57123) | (60331) | 3208 |
|  S&P 500 Index | 6100.000 | 09/08/2025 | (313) | (190930000) | (55558) | (71286) | 15728 |
| Total written option contracts | Total written option contracts |  | (1569) | $(967761000) | $(159043) | $(310235) | $151192 |
| TOTAL |  |  | (34) | $(260619000) | $(65202) | $(91934) | $26732 |

---

EXCHANGE TRADED OPTIONS ON FUTURES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of** <br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**  | **Market<br>Value** | **Premiums**<br> **Paid (Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  3 Month SOFR | $96.125 | 09/12/2025 | 16 | $40000 | $200 | $13831 | $(13631) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 13 | 32500 | 81 | 14326 | (14245) |
|  3 Month SOFR | 96.750 | 09/12/2025 | 29 | 72500 | 181 | 15655 | (15474) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 14 | 35000 | 88 | 14553 | (14465) |
|  3 Month SOFR | 96.063 | 12/12/2025 | 16 | 40000 | 9100 | 12631 | (3531) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 15 | 37500 | 7031 | 13529 | (6498) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 17 | 42500 | 4569 | 14909 | (10340) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 16 | 40000 | 9900 | 13631 | (3731) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 8250 | 14654 | (6404) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 3331 | 14000 | (10669) |
|  3 Month SOFR | 96.438 | 06/12/2026 | 16 | 40000 | 18100 | 12231 | 5869 |
|  3 Month SOFR | 96.750 | 06/12/2026 | 17 | 42500 | 12538 | 12784 | (246) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 16 | 40000 | 10800 | 14831 | (4031) |
|  |  |  | 213 | $532500 | $84169 | $181565 | $(97396) |

---

&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 STRATEGIC VOLATILITY PREMIUM FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FUTURES (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise**<br> **Price** | **Expiration<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of** <br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**  | **Market**<br> **Value** | **Premiums**<br> **Paid (Received)**<br> **by Fund** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Puts** |  |  |  |  |  |  |  |
|  3 Month SOFR | $95.000 | 09/12/2025 | 29 | $72500 | $181 | $12030 | $(11849) |
|  3 Month SOFR | 96.125 | 09/12/2025 | 16 | 40000 | 9000 | 14731 | (5731) |
|  3 Month SOFR | 96.250 | 09/12/2025 | 13 | 32500 | 11213 | 13188 | (1975) |
|  3 Month SOFR | 97.000 | 09/12/2025 | 14 | 35000 | 38325 | 15602 | 22723 |
|  3 Month SOFR | 96.063 | 12/12/2025 | 16 | 40000 | 2500 | 12431 | (9931) |
|  3 Month SOFR | 96.125 | 12/12/2025 | 15 | 37500 | 3094 | 15780 | (12686) |
|  3 Month SOFR | 96.313 | 12/12/2025 | 17 | 42500 | 8075 | 14696 | (6621) |
|  3 Month SOFR | 96.438 | 03/13/2026 | 16 | 40000 | 8000 | 13631 | (5631) |
|  3 Month SOFR | 96.500 | 03/13/2026 | 15 | 37500 | 8813 | 15217 | (6404) |
|  3 Month SOFR | 96.938 | 03/13/2026 | 13 | 32500 | 17792 | 14975 | 2817 |
|  3 Month SOFR | 96.438 | 06/12/2026 | 16 | 40000 | 5700 | 12031 | (6331) |
|  3 Month SOFR | 96.750 | 06/12/2026 | 17 | 42500 | 12325 | 12358 | (33) |
|  3 Month SOFR | 96.813 | 06/12/2026 | 16 | 40000 | 13100 | 14831 | (1731) |
|  |  |  | 213 | $532500 | $138118 | $181501 | $(43383) |
| Total purchased option contracts |  |  | 426 | $1065000 | $222287 | $363066 | $(140779) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 110.750 | 09/03/2025 | (75) | (75000) | (75) | (1026) | 951 |
|  10 Year U.S. Treasury Notes | 111.000 | 09/03/2025 | (75) | (75000) | (75) | (1026) | 951 |
|  10 Year U.S. Treasury Notes | 111.250 | 09/03/2025 | (150) | (150000) | (150) | (3501) | 3351 |
|  10 Year U.S. Treasury Notes | 111.500 | 09/03/2025 | (150) | (150000) | (150) | (3223) | 3073 |
|  10 Year U.S. Treasury Notes | 111.000 | 09/05/2025 | (151) | (151000) | (2359) | (2065) | (294) |
|  10 Year U.S. Treasury Notes | 111.500 | 09/05/2025 | (151) | (151000) | (4719) | (5595) | 876 |
|  |  |  | (752) | $(752000) | $(7528) | $(16436) | $8908 |
|  **Calls** |  |  |  |  |  |  |  |
|  10 Year U.S. Treasury Notes | 112.750 | 09/03/2025 | (150) | (150000) | (11719) | (12598) | 879 |
|  10 Year U.S. Treasury Notes | 113.000 | 09/03/2025 | (75) | (75000) | (3516) | (2198) | (1318) |
|  10 Year U.S. Treasury Notes | 113.250 | 09/03/2025 | (226) | (226000) | (3531) | (5446) | 1915 |
|  10 Year U.S. Treasury Notes | 113.750 | 09/05/2025 | (75) | (75000) | (3515) | (3369) | (146) |
|  10 Year U.S. Treasury Notes | 114.000 | 09/05/2025 | (75) | (75000) | (2344) | (2198) | (146) |
|  10 Year U.S. Treasury Notes | 114.500 | 09/05/2025 | (151) | (151000) | (2359) | (2065) | (294) |
|  |  |  | (752) | $(752000) | $(26984) | $(27874) | $890 |
| Total written option contracts |  |  | (1504) | $(1504000) | $(34512) | $(44310) | $9798 |
| TOTAL |  |  | (1078) | $(439000) | $187775 | $318756 | $(130981) |

---

---

| |
|:---|
| Abbreviation: |
| 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.** | **27** |

---

------

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

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

Consolidated Schedule of Investments *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 3.0% | Sovereign Debt Obligations – 3.0% | Sovereign Debt Obligations – 3.0% | Sovereign Debt Obligations – 3.0% |
| British Pound – 3.0% | British Pound – 3.0% | British Pound – 3.0% | British Pound – 3.0% |
| U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
| GBP 104,064,815 | 4.375% | 03/07/30 | $142271499 |
| (Cost $139,575,628) | (Cost $139,575,628) | (Cost $139,575,628) |  |
| Corporate Obligations<sup>(a)</sup> –0.3% | Corporate Obligations<sup>(a)</sup> –0.3% | Corporate Obligations<sup>(a)</sup> –0.3% | Corporate Obligations<sup>(a)</sup> –0.3% |
| Banks<sup>(a)</sup> –0.3% | Banks<sup>(a)</sup> –0.3% | Banks<sup>(a)</sup> –0.3% | Banks<sup>(a)</sup> –0.3% |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| $12740000 | 4.750% | 07/09/26 | $12742596 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $11,207,944)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $11,207,944)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $11,207,944)** | $12742596 |
| U.S. Treasury Obligations – 7.9% | U.S. Treasury Obligations – 7.9% | U.S. Treasury Obligations – 7.9% | U.S. Treasury Obligations – 7.9% |
| U.S. Treasury Bills<sup>(b)</sup> | U.S. Treasury Bills<sup>(b)</sup> | U.S. Treasury Bills<sup>(b)</sup> | U.S. Treasury Bills<sup>(b)</sup> |
| $32707600 | 0.000% | 12/09/25 | $32349729 |
| 17917800 | 0.000 | 01/22/26 | 17642732 |
| 7207100 | 0.000 | 01/29/26 | 7090819 |
| 18092300 | 0.000 | 02/26/26 | 17749562 |
| 5428900 | 0.000 <sup>(c)</sup> | 06/11/26 | 5270598 |
| 15573900 | 0.000 | 07/09/26 | 15075910 |
| 24624300 | 0.000 | 08/06/26 | 23772393 |
| U.S. Treasury Floating Rate Notes<sup>(a)</sup> | U.S. Treasury Floating Rate Notes<sup>(a)</sup> | U.S. Treasury Floating Rate Notes<sup>(a)</sup> | U.S. Treasury Floating Rate Notes<sup>(a)</sup> |
| (3 mo. Treasury money market yield + 0.170%) | (3 mo. Treasury money market yield + 0.170%) | (3 mo. Treasury money market yield + 0.170%) | (3 mo. Treasury money market yield + 0.170%) |
| 30353500 | 4.313 <sup>(c)</sup> | 10/31/25 | 30355735 |
| (3 mo. Treasury money market yield + 0.245%) | (3 mo. Treasury money market yield + 0.245%) | (3 mo. Treasury money market yield + 0.245%) | (3 mo. Treasury money market yield + 0.245%) |
| 33193300 | 4.388 <sup>(c)</sup> | 01/31/26 | 33206276 |
| (3 mo. Treasury money market yield + 0.150%) | (3 mo. Treasury money market yield + 0.150%) | (3 mo. Treasury money market yield + 0.150%) | (3 mo. Treasury money market yield + 0.150%) |
| 36475900 | 4.293 | 04/30/26 | 36475955 |
| (3 mo. Treasury money market yield + 0.182%) | (3 mo. Treasury money market yield + 0.182%) | (3 mo. Treasury money market yield + 0.182%) | (3 mo. Treasury money market yield + 0.182%) |
| 1567800 | 4.325 | 07/31/26 | 1568099 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 6870900 | 4.250 <sup>(c)</sup> | 10/15/25 | 6870363 |
| 34009000 | 4.500 <sup>(c)</sup> | 03/31/26 | 34101993 |
| 37462099 | 0.750 | 04/30/26 | 36674811 |
| 9520200 | 4.875 | 04/30/26 | 9573379 |
| 5253300 | 0.750 | 05/31/26 | 5129560 |
| 22956000 | 4.875 | 05/31/26 | 23103959 |
| 3040500 | 1.875 | 06/30/26 | 2989667 |
| 14435700 | 4.625 <sup>(c)</sup> | 06/30/26 | 14515209 |
| 17302300 | 0.625 | 07/31/26 | 16798776 |
| 385300 | 1.875 | 07/31/26 | 378392 |
| 3687800 | 4.375 | 07/31/26 | 3703070 |
| 470500 | 0.750 | 08/31/26 | 456256 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $374,695,636)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $374,695,636)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $374,695,636)** | $&nbsp;&nbsp;&nbsp;&nbsp;374853243 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 10.9% | Exchange Traded Funds – 10.9% | Exchange Traded Funds – 10.9% |
| 167620 | Alerian MLP ETF<sup>(d)</sup> | $8163094 |
| &nbsp;&nbsp;&nbsp;&nbsp;1410482 | Goldman Sachs Access |  |
|  | Treasury 0-1 Year ETF<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;141344401 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) | Exchange Traded Funds – (continued) |
| 1499913 | Health Care Select Sector SPDR Fund | $206133044 |
| 145622 | iShares 7-10 Year Treasury Bond ETF | 14001555 |
| 189447 | iShares Core MSCI Emerging Markets ETF | 11762764 |
| 18032 | iShares Core S&P 500 ETF | 11690506 |
| 192418 | iShares Gold Trust | 12526412 |
| 864052 | iShares MSCI Mexico ETF<sup>(d)</sup> | 53519381 |
| 3022199 | Sprott Physical Uranium Trust | 55301170 |
| 13372 | Vanguard Real Estate ETF | 1233433 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $509,659,674)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $509,659,674)** | $515675760 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(e)</sup> – 19.0% | Investment Companies<sup>(e)</sup> – 19.0% | Investment Companies<sup>(e)</sup> – 19.0% |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 | Goldman Sachs Energy Infrastructure Fund — Class R6 | Goldman Sachs Energy Infrastructure Fund — Class R6 |
| 1565653 | &nbsp;&nbsp;&nbsp;&nbsp;3.391% | $21856509 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 868489518 | 4.154 | 868489518 |
|  Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | Goldman Sachs MLP Energy Infrastructure Fund — Class R6 |
| 124865 | 6.618 | 4808538 |
| **TOTAL INVESTMENT COMPANIES**<br> **(Cost $881,311,404)** | **TOTAL INVESTMENT COMPANIES**<br> **(Cost $881,311,404)** | $895154565 |
| **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 41.1%**<br> **(Cost $1,916,450,286)** | **TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 41.1%**<br> **(Cost $1,916,450,286)** | $1940697663 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – 56.6% | Short-term Investments – 56.6% | Short-term Investments – 56.6% | Short-term Investments – 56.6% |
| Certificates of Deposit – 15.5% | Certificates of Deposit – 15.5% | Certificates of Deposit – 15.5% | Certificates of Deposit – 15.5% |
| Atlantic Asset Securitization LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.280%) | Atlantic Asset Securitization LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.280%) | Atlantic Asset Securitization LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.280%) | Atlantic Asset Securitization LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.280%) |
| $30000000 | 4.660% | 11/05/25 | $30006234 |
| Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
| 15132000 | 4.420 | 05/27/26 | 15152198 |
| (Secured Overnight Financing Rate + 0.240%) | (Secured Overnight Financing Rate + 0.240%) | (Secured Overnight Financing Rate + 0.240%) | (Secured Overnight Financing Rate + 0.240%) |
| 5111000 | 4.610 <sup>(a)</sup> | 11/03/25 | 5112055 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| 12888000 | 4.350 | 07/24/26 | 12871200 |
| Bank of Montreal | Bank of Montreal | Bank of Montreal | Bank of Montreal |
| 14700000 | 4.540 | 12/17/25 | 14706189 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 11311000 | 4.760 <sup>(a)(g)</sup> | 12/22/25 | 11318969 |
| 4229000 | 4.760 <sup>(a)(g)</sup> | 02/06/26 | 4230529 |
| 7639000 | 4.780 <sup>(a)(g)</sup> | 09/08/26 | 7639508 |
| Bank of New York Mellon<sup>(a)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(a)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(a)</sup> (Secured Overnight Financing Rate + 0.250%) | Bank of New York Mellon<sup>(a)</sup> (Secured Overnight Financing Rate + 0.250%) |
| 7344000 | 4.620 | 03/26/26 | 7343805 |
| Barclays Bank PLC<sup>(a)</sup> | Barclays Bank PLC<sup>(a)</sup> | Barclays Bank PLC<sup>(a)</sup> | Barclays Bank PLC<sup>(a)</sup> |
| 20725000 | 4.700 | 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;20736102 |

---

&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 TACTICAL TILT OVERLAY FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) |
| 15000000 | 4.760% | 05/08/26 | 15010471 |
| Bayerische Landesbank<sup>(a)</sup> | Bayerische Landesbank<sup>(a)</sup> | Bayerische Landesbank<sup>(a)</sup> | Bayerische Landesbank<sup>(a)</sup> |
| (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) |
| 20131000 | 4.750 | 01/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;20151640 |
| (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) | (Secured Overnight Financing Rate + 0.440%) |
| 4020000 | 4.800 | 07/16/26 | 4019961 |
| (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) | (Secured Overnight Financing Rate + 0.530%) |
| 12924000 | 4.890 | 04/27/26 | 12923948 |
| BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
| 4883000 | 4.390 | 10/07/25 | 4882536 |
| Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) | Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) | Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) | Chariot Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.470%) |
| 30000000 | 4.840 | 12/15/25 | 30003190 |
| Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA |
| 8332000 | 4.640 | 11/13/25 | 8336691 |
| Credit Industriel et Commercial<sup>(a)</sup> | Credit Industriel et Commercial<sup>(a)</sup> | Credit Industriel et Commercial<sup>(a)</sup> | Credit Industriel et Commercial<sup>(a)</sup> |
| 9000000 | 4.600 | 05/12/26 | 9014069 |
| Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| 7500000 | 4.630 | 11/06/25 | 7501476 |
| 15100000 | 4.440 | 08/03/26 | 15133205 |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 10631000 | 4.783 <sup>(a)</sup> | 10/21/25 | 10634138 |
| Emory University | Emory University | Emory University | Emory University |
| 25735000 | 4.380 | 10/16/25 | 25741879 |
| ING U.S. Funding LLC<sup>(a)(f)</sup> | ING U.S. Funding LLC<sup>(a)(f)</sup> | ING U.S. Funding LLC<sup>(a)(f)</sup> | ING U.S. Funding LLC<sup>(a)(f)</sup> |
| (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) |
| 7149000 | 4.570 | 09/25/25 | 7149598 |
| (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) | (Secured Overnight Financing Rate + 0.250%) |
| 7351000 | 4.620 | 12/23/25 | 7352575 |
| Jupiter Securitization Co. LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.290%) | Jupiter Securitization Co. LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.290%) | Jupiter Securitization Co. LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.290%) | Jupiter Securitization Co. LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.290%) |
| 15000000 | 4.660 | 02/11/26 | 14999834 |
| Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
| 11850000 | 4.780 | 11/28/25 | 11858864 |
| (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) | (Secured Overnight Financing Rate + 0.300%) |
| 16279000 | 4.660 <sup>(a)</sup> | 09/19/25 | 16280385 |
| (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) | (Secured Overnight Financing Rate + 0.600%) |
| 13600000 | 4.960 <sup>(a)</sup> | 02/06/26 | 13614764 |
| Korea Development Bank | Korea Development Bank | Korea Development Bank | Korea Development Bank |
| 16791000 | 4.310 | 02/10/26 | 16793851 |
| Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale | Landesbank Hessen-Thueringen Girozentrale |
| 5036000 | 4.540 | 12/16/25 | 5039806 |
| Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC | Lloyds Bank Corporate Markets PLC |
| 20727000 | 4.170 | 08/18/26 | 20731413 |
| Macquarie Bank Ltd.<sup>(a)(f)</sup> | Macquarie Bank Ltd.<sup>(a)(f)</sup> | Macquarie Bank Ltd.<sup>(a)(f)</sup> | Macquarie Bank Ltd.<sup>(a)(f)</sup> |
| (Secured Overnight Financing Rate + 0.360%) | (Secured Overnight Financing Rate + 0.360%) | (Secured Overnight Financing Rate + 0.360%) | (Secured Overnight Financing Rate + 0.360%) |
| 14110000 | 4.730 | 10/03/25 | 14113669 |
| (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) | (Secured Overnight Financing Rate + 0.430%) |
| 12593000 | 4.800 | 01/13/26 | 12603343 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 9000000 | 4.480 | 12/02/25 | 9002079 |
| 13000000 | 4.420 | 08/19/26 | 13007237 |
| (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) | (Secured Overnight Financing Rate + 0.590%) |
| 14400000 | 4.950 <sup>(a)</sup> | 03/26/26 | 14412901 |
| (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) | (Secured Overnight Financing Rate + 0.630%) |
| 18400000 | 4.990 <sup>(a)</sup> | 12/12/25 | 18399790 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) | Certificates of Deposit – (continued) |
| Old Line Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate +0.310%) | Old Line Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate +0.310%) | Old Line Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate +0.310%) | Old Line Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate +0.310%) |
| $30000000 | 4.680% | 11/14/25 | $&nbsp;&nbsp;&nbsp;&nbsp;29999697 |
| Paradelle Funding LLC<sup>(a)</sup> | Paradelle Funding LLC<sup>(a)</sup> | Paradelle Funding LLC<sup>(a)</sup> | Paradelle Funding LLC<sup>(a)</sup> |
| (Secured Overnight Financing Rate + 0.290%) | (Secured Overnight Financing Rate + 0.290%) | (Secured Overnight Financing Rate + 0.290%) | (Secured Overnight Financing Rate + 0.290%) |
| 14870000 | 4.670 | 11/04/25 | 14873414 |
| (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) | (Secured Overnight Financing Rate + 0.340%) |
| 2000000 | 4.720 | 07/30/26 | 1999966 |
| (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) | (Secured Overnight Financing Rate + 0.380%) |
| 30000000 | 4.760 | 01/02/26 | 30016152 |
| Park Avenue Collateralized Notes Co. LLC<sup>(a)(f)(g)</sup> | Park Avenue Collateralized Notes Co. LLC<sup>(a)(f)(g)</sup> | Park Avenue Collateralized Notes Co. LLC<sup>(a)(f)(g)</sup> | Park Avenue Collateralized Notes Co. LLC<sup>(a)(f)(g)</sup> |
| (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) | (Secured Overnight Financing Rate + 0.400%) |
| 13121000 | 4.780 | 12/02/25 | 13128337 |
| (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) |
| 15951000 | 4.830 | 12/10/25 | 15953615 |
| Podium Funding Trust<sup>(a)</sup> | Podium Funding Trust<sup>(a)</sup> | Podium Funding Trust<sup>(a)</sup> | Podium Funding Trust<sup>(a)</sup> |
| (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) | (Secured Overnight Financing Rate + 0.200%) |
| 3031000 | 4.580 | 12/15/25 | 3030972 |
| (Secured Overnight Financing Rate + 0.220%) | (Secured Overnight Financing Rate + 0.220%) | (Secured Overnight Financing Rate + 0.220%) | (Secured Overnight Financing Rate + 0.220%) |
| 4793000 | 4.600 | 09/03/25 | 4793073 |
| Ridgefield Funding Co. LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.260%) | Ridgefield Funding Co. LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.260%) | Ridgefield Funding Co. LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.260%) | Ridgefield Funding Co. LLC<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.260%) |
| 14250000 | 4.640 | 02/02/26 | 14249953 |
| Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
| 3813973 | 4.230 | 10/03/25 | 3812820 |
| 11358000 | 4.650 | 11/20/25 | 11362715 |
| Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) | Swedbank AB<sup>(a)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 18804000 | 4.760 | 04/10/26 | 18825815 |
| Thunder Bay Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.310%) | Thunder Bay Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.310%) | Thunder Bay Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.310%) | Thunder Bay Funding LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.310%) |
| 15000000 | 4.700 | 11/14/25 | 14999848 |
| Toronto-Dominion Bank<sup>(a)</sup> | Toronto-Dominion Bank<sup>(a)</sup> | Toronto-Dominion Bank<sup>(a)</sup> | Toronto-Dominion Bank<sup>(a)</sup> |
| (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) | (Secured Overnight Financing Rate + 0.390%) |
| 7616000 | 4.750 <sup>(g)</sup> | 08/18/26 | 7618480 |
| (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) | (Secured Overnight Financing Rate + 0.450%) |
| 19051000 | 4.810 | 04/23/26 | 19073892 |
| Versailles Commercial Paper LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.180%) | Versailles Commercial Paper LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.180%) | Versailles Commercial Paper LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.180%) | Versailles Commercial Paper LLC<sup>(a)(f)(g)</sup> (Secured Overnight Financing Rate + 0.180%) |
| 919000 | 4.460 | 10/03/25 | 919078 |
| Wells Fargo Bank NA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.270%) | Wells Fargo Bank NA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.270%) | Wells Fargo Bank NA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.270%) | Wells Fargo Bank NA<sup>(a)</sup> (Secured Overnight Financing Rate + 0.270%) |
| 19199000 | 4.650 | 03/03/26 | 19203114 |
| Westpac Banking Corp.<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.400%) | Westpac Banking Corp.<sup>(a)(f)</sup> (Secured Overnight Financing Rate + 0.400%) |
| 20322000 | 4.780 | 04/10/26 | 20340619 |
|  |  |  | 732031662 |
| Commercial Paper – 41.1% | Commercial Paper – 41.1% | Commercial Paper – 41.1% | Commercial Paper – 41.1% |
| AbbVie, Inc.<sup>(b)(f)</sup> | AbbVie, Inc.<sup>(b)(f)</sup> | AbbVie, Inc.<sup>(b)(f)</sup> | AbbVie, Inc.<sup>(b)(f)</sup> |
| 27389000 | 0.000 | 09/16/25 | 27327170 |
| 13813000 | 0.000 | 11/12/25 | 13683790 |
| 10202000 | 0.000 | 11/14/25 | 10104053 |
| Albion Capital Corp. SA/Albion Capital LLC<sup>(b)</sup> | Albion Capital Corp. SA/Albion Capital LLC<sup>(b)</sup> | Albion Capital Corp. SA/Albion Capital LLC<sup>(b)</sup> | Albion Capital Corp. SA/Albion Capital LLC<sup>(b)</sup> |
| 8351000 | 0.000 | 11/17/25 | 8271387 |
| 8087000 | 0.000 | 11/20/25 | 8007180 |
| 16417000 | 0.000 | 11/21/25 | 16253126 |
| 30171000 | 0.000 | 12/15/25 | 29780889 |

---

&nbsp;&nbsp;&nbsp;&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 TACTICAL TILT OVERLAY FUND

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

Consolidated Schedule of Investments (continued) *August 31, 2025*

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) |
| Alimentation Couche-Tard, Inc.<sup>(b)(f)</sup> | Alimentation Couche-Tard, Inc.<sup>(b)(f)</sup> | Alimentation Couche-Tard, Inc.<sup>(b)(f)</sup> | Alimentation Couche-Tard, Inc.<sup>(b)(f)</sup> |
| $20498000 | 0.000% | 09/18/25 | $&nbsp;&nbsp;&nbsp;&nbsp;20445779 |
| 15022000 | 0.000 | 10/02/25 | 14957267 |
| American Honda Finance Corp.<sup>(b)</sup> | American Honda Finance Corp.<sup>(b)</sup> | American Honda Finance Corp.<sup>(b)</sup> | American Honda Finance Corp.<sup>(b)</sup> |
| 7670000 | 0.000 | 09/04/25 | 7664242 |
| 13078000 | 0.000 | 09/05/25 | 13066532 |
| 6411000 | 0.000 | 09/09/25 | 6402194 |
| 4375000 | 0.000 | 10/16/25 | 4348622 |
| 6540000 | 0.000 | 11/10/25 | 6479509 |
| 12178000 | 0.000 | 11/13/25 | 12060783 |
| Antalis SA<sup>(f)</sup> | Antalis SA<sup>(f)</sup> | Antalis SA<sup>(f)</sup> | Antalis SA<sup>(f)</sup> |
| 4610000 | 0.000 <sup>(b)</sup> | 10/02/25 | 4591110 |
| 13394000 | 0.044 | 02/05/26 | 13143384 |
| ANZ New Zealand International Ltd.<sup>(b)(f)</sup> | ANZ New Zealand International Ltd.<sup>(b)(f)</sup> | ANZ New Zealand International Ltd.<sup>(b)(f)</sup> | ANZ New Zealand International Ltd.<sup>(b)(f)</sup> |
| 8301000 | 0.000 | 05/22/26 | 8054215 |
| AstraZeneca PLC<sup>(b)(f)</sup> | AstraZeneca PLC<sup>(b)(f)</sup> | AstraZeneca PLC<sup>(b)(f)</sup> | AstraZeneca PLC<sup>(b)(f)</sup> |
| 11024000 | 0.000 | 10/06/25 | 10972366 |
| 8657000 | 0.000 | 10/24/25 | 8597326 |
| Barclays Bank PLC<sup>(b)(f)</sup> | Barclays Bank PLC<sup>(b)(f)</sup> | Barclays Bank PLC<sup>(b)(f)</sup> | Barclays Bank PLC<sup>(b)(f)</sup> |
| 935000 | 0.000 | 11/24/25 | 925391 |
| 10000000 | 0.000 | 02/06/26 | 9812099 |
| BASF SE<sup>(b)(f)</sup> | BASF SE<sup>(b)(f)</sup> | BASF SE<sup>(b)(f)</sup> | BASF SE<sup>(b)(f)</sup> |
| 11333000 | 0.000 | 10/17/25 | 11262659 |
| 14904000 | 0.000 | 11/07/25 | 14771562 |
| BAT International Finance PLC<sup>(b)(f)</sup> | BAT International Finance PLC<sup>(b)(f)</sup> | BAT International Finance PLC<sup>(b)(f)</sup> | BAT International Finance PLC<sup>(b)(f)</sup> |
| 9379000 | 0.000 | 10/21/25 | 9316896 |
| Bay Square Funding LLC<sup>(b)(f)</sup> | Bay Square Funding LLC<sup>(b)(f)</sup> | Bay Square Funding LLC<sup>(b)(f)</sup> | Bay Square Funding LLC<sup>(b)(f)</sup> |
| 14598000 | 0.000 | 11/07/25 | 14476323 |
| Bayer Corp.<sup>(b)(f)</sup> | Bayer Corp.<sup>(b)(f)</sup> | Bayer Corp.<sup>(b)(f)</sup> | Bayer Corp.<sup>(b)(f)</sup> |
| 15127000 | 0.000 | 09/22/25 | 15080940 |
| BofA Securities, Inc.<sup>(b)</sup> | BofA Securities, Inc.<sup>(b)</sup> | BofA Securities, Inc.<sup>(b)</sup> | BofA Securities, Inc.<sup>(b)</sup> |
| 10000000 | 0.000 | 11/13/25 | 9908941 |
| 7281000 | 0.000 | 11/25/25 | 7204587 |
| BPCE SA<sup>(b)(f)</sup> | BPCE SA<sup>(b)(f)</sup> | BPCE SA<sup>(b)(f)</sup> | BPCE SA<sup>(b)(f)</sup> |
| 8363000 | 0.000 | 11/06/25 | 8294668 |
| Brighthouse Financial Short Term Funding LLC<sup>(b)(f)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(b)(f)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(b)(f)</sup> | Brighthouse Financial Short Term Funding LLC<sup>(b)(f)</sup> |
| 27730000 | 0.000 | 11/25/25 | 27436628 |
| Broadcom, Inc.<sup>(b)(f)</sup> | Broadcom, Inc.<sup>(b)(f)</sup> | Broadcom, Inc.<sup>(b)(f)</sup> | Broadcom, Inc.<sup>(b)(f)</sup> |
| 26272000 | 0.000 | 10/21/25 | 26097562 |
| Cabot Trail Funding LLC<sup>(b)(f)</sup> | Cabot Trail Funding LLC<sup>(b)(f)</sup> | Cabot Trail Funding LLC<sup>(b)(f)</sup> | Cabot Trail Funding LLC<sup>(b)(f)</sup> |
| 9823000 | 0.000 | 10/28/25 | 9752602 |
| 24500000 | 0.000 | 11/10/25 | 24287235 |
| CDP Financial, Inc.<sup>(b)(f)</sup> | CDP Financial, Inc.<sup>(b)(f)</sup> | CDP Financial, Inc.<sup>(b)(f)</sup> | CDP Financial, Inc.<sup>(b)(f)</sup> |
| 28147000 | 0.000 | 11/28/25 | 27845422 |
| Charles Schwab Corp.<sup>(b)(f)</sup> | Charles Schwab Corp.<sup>(b)(f)</sup> | Charles Schwab Corp.<sup>(b)(f)</sup> | Charles Schwab Corp.<sup>(b)(f)</sup> |
| 23775000 | 0.000 | 11/14/25 | 23558795 |
| Chevron Corp.<sup>(b)(f)</sup> | Chevron Corp.<sup>(b)(f)</sup> | Chevron Corp.<sup>(b)(f)</sup> | Chevron Corp.<sup>(b)(f)</sup> |
| 48550000 | 0.000 | 01/27/26 | 47717314 |
| Collateralized Commercial Paper III<sup>(b)</sup> | Collateralized Commercial Paper III<sup>(b)</sup> | Collateralized Commercial Paper III<sup>(b)</sup> | Collateralized Commercial Paper III<sup>(b)</sup> |
| 10000000 | 0.000 | 02/12/26 | 9808146 |
| 30000000 | 0.000 | 02/17/26 | 29408006 |
| Credit Agricole Corporate & Investment Bank SA<sup>(b)</sup> | Credit Agricole Corporate & Investment Bank SA<sup>(b)</sup> | Credit Agricole Corporate & Investment Bank SA<sup>(b)</sup> | Credit Agricole Corporate & Investment Bank SA<sup>(b)</sup> |
| 15000000 | 0.000 | 09/15/25 | 14969533 |
| Deutsche Bank AG<sup>(b)</sup> | Deutsche Bank AG<sup>(b)</sup> | Deutsche Bank AG<sup>(b)</sup> | Deutsche Bank AG<sup>(b)</sup> |
| 9000000 | 0.000 | 09/02/25 | 8995687 |
| 6000000 | 0.000 | 10/02/25 | 5975657 |
| 15000000 | 0.000 | 12/02/25 | 14832250 |
| 12000000 | 0.000 | 03/13/26 | 11729936 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) |
| Dow Chemical Co.<sup>(b)</sup> | Dow Chemical Co.<sup>(b)</sup> | Dow Chemical Co.<sup>(b)</sup> | Dow Chemical Co.<sup>(b)</sup> |
| $14897000 | 0.000% | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;14857460 |
| eBay, Inc.<sup>(b)(f)</sup> | eBay, Inc.<sup>(b)(f)</sup> | eBay, Inc.<sup>(b)(f)</sup> | eBay, Inc.<sup>(b)(f)</sup> |
| 27374000 | 0.000 | 09/09/25 | 27336262 |
| 16904000 | 0.000 | 10/16/25 | 16802801 |
| 16007000 | 0.000 | 10/23/25 | 15897197 |
| Emerson Electric Co.<sup>(b)(f)</sup> | Emerson Electric Co.<sup>(b)(f)</sup> | Emerson Electric Co.<sup>(b)(f)</sup> | Emerson Electric Co.<sup>(b)(f)</sup> |
| 30000000 | 0.000 | 11/20/25 | 29708694 |
| 29744000 | 0.000 | 12/15/25 | 29371903 |
| Enel Finance America LLC<sup>(b)(f)</sup> | Enel Finance America LLC<sup>(b)(f)</sup> | Enel Finance America LLC<sup>(b)(f)</sup> | Enel Finance America LLC<sup>(b)(f)</sup> |
| 15452000 | 0.000 | 11/07/25 | 15316996 |
| Equitable Short Term Funding LLC<sup>(b)(f)</sup> | Equitable Short Term Funding LLC<sup>(b)(f)</sup> | Equitable Short Term Funding LLC<sup>(b)(f)</sup> | Equitable Short Term Funding LLC<sup>(b)(f)</sup> |
| 9910000 | 0.000 | 09/15/25 | 9889742 |
| 9588000 | 0.000 | 10/10/25 | 9540168 |
| 15324000 | 0.000 | 11/07/25 | 15197264 |
| 14000000 | 0.000 | 03/09/26 | 13693170 |
| First Abu Dhabi Bank PJSC<sup>(b)(f)</sup> | First Abu Dhabi Bank PJSC<sup>(b)(f)</sup> | First Abu Dhabi Bank PJSC<sup>(b)(f)</sup> | First Abu Dhabi Bank PJSC<sup>(b)(f)</sup> |
| 25075000 | 0.000 | 02/12/26 | 24590255 |
| General Motors Financial Co., Inc.<sup>(b)(f)</sup> | General Motors Financial Co., Inc.<sup>(b)(f)</sup> | General Motors Financial Co., Inc.<sup>(b)(f)</sup> | General Motors Financial Co., Inc.<sup>(b)(f)</sup> |
| 5000000 | 0.000 | 10/16/25 | 4970334 |
| 25000000 | 0.000 | 04/13/26 | 24327985 |
| 19533000 | 0.000 | 04/20/26 | 18992639 |
| Gotham Funding Corp.<sup>(b)(f)</sup> | Gotham Funding Corp.<sup>(b)(f)</sup> | Gotham Funding Corp.<sup>(b)(f)</sup> | Gotham Funding Corp.<sup>(b)(f)</sup> |
| 15000000 | 0.000 | 09/19/25 | 14961744 |
| 15000000 | 0.000 | 11/05/25 | 14878468 |
| Hannover Funding Co. LLC<sup>(b)(f)</sup> | Hannover Funding Co. LLC<sup>(b)(f)</sup> | Hannover Funding Co. LLC<sup>(b)(f)</sup> | Hannover Funding Co. LLC<sup>(b)(f)</sup> |
| 7000000 | 0.000 | 02/19/26 | 6853299 |
| 20000000 | 0.000 | 02/27/26 | 19562368 |
| Honeywell International, Inc.<sup>(b)(f)</sup> | Honeywell International, Inc.<sup>(b)(f)</sup> | Honeywell International, Inc.<sup>(b)(f)</sup> | Honeywell International, Inc.<sup>(b)(f)</sup> |
| 36110000 | 0.000 | 09/04/25 | 36084008 |
| 15392000 | 0.000 | 10/10/25 | 15315179 |
| 21615000 | 0.000 | 11/03/25 | 21445791 |
| HSBC USA, Inc.<sup>(b)(f)</sup> | HSBC USA, Inc.<sup>(b)(f)</sup> | HSBC USA, Inc.<sup>(b)(f)</sup> | HSBC USA, Inc.<sup>(b)(f)</sup> |
| 4114000 | 0.000 | 09/18/25 | 4104009 |
| 18253000 | 0.000 | 09/29/25 | 18184026 |
| 338000 | 0.000 | 10/17/25 | 335986 |
| 14886000 | 0.000 | 11/03/25 | 14765919 |
| Intesa Sanpaolo Funding LLC<sup>(b)</sup> | Intesa Sanpaolo Funding LLC<sup>(b)</sup> | Intesa Sanpaolo Funding LLC<sup>(b)</sup> | Intesa Sanpaolo Funding LLC<sup>(b)</sup> |
| 16500000 | 0.000 | 10/03/25 | 16424791 |
| Jackson National Life Short Term Funding LLC<sup>(b)(f)</sup> | Jackson National Life Short Term Funding LLC<sup>(b)(f)</sup> | Jackson National Life Short Term Funding LLC<sup>(b)(f)</sup> | Jackson National Life Short Term Funding LLC<sup>(b)(f)</sup> |
| 21599000 | 0.000 | 02/13/26 | 21178483 |
| Lime Funding LLC<sup>(b)(f)</sup> | Lime Funding LLC<sup>(b)(f)</sup> | Lime Funding LLC<sup>(b)(f)</sup> | Lime Funding LLC<sup>(b)(f)</sup> |
| 6704000 | 0.000 | 09/12/25 | 6692617 |
| Lloyds Bank Corporate Markets PLC<sup>(b)</sup> | Lloyds Bank Corporate Markets PLC<sup>(b)</sup> | Lloyds Bank Corporate Markets PLC<sup>(b)</sup> | Lloyds Bank Corporate Markets PLC<sup>(b)</sup> |
| 4334000 | 0.000 | 05/26/26 | 4337238 |
| Lloyds Bank PLC<sup>(b)(f)</sup> | Lloyds Bank PLC<sup>(b)(f)</sup> | Lloyds Bank PLC<sup>(b)(f)</sup> | Lloyds Bank PLC<sup>(b)(f)</sup> |
| 1000000 | 0.000 | 10/03/25 | 995828 |
| LVMH Moet Hennessy Louis Vuitton SE<sup>(b)(f)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(b)(f)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(b)(f)</sup> | LVMH Moet Hennessy Louis Vuitton SE<sup>(b)(f)</sup> |
| 11051000 | 0.000 | 03/12/26 | 10807250 |
| LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(b)(f)</sup> | LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(b)(f)</sup> | LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(b)(f)</sup> | LVMH Moet Hennessy Louis Vuitton, Inc.<sup>(b)(f)</sup> |
| 30000000 | 0.000 | 12/22/25 | 29598939 |
| Microchip Technology, Inc.<sup>(b)(f)</sup> | Microchip Technology, Inc.<sup>(b)(f)</sup> | Microchip Technology, Inc.<sup>(b)(f)</sup> | Microchip Technology, Inc.<sup>(b)(f)</sup> |
| 15000000 | 0.000 | 09/26/25 | 14945400 |
| Mizuho Bank Ltd.<sup>(b)</sup> | Mizuho Bank Ltd.<sup>(b)</sup> | Mizuho Bank Ltd.<sup>(b)</sup> | Mizuho Bank Ltd.<sup>(b)</sup> |
| 18000000 | 0.000 | 09/25/25 | 17941868 |
| Mont Blanc Capital Corp.<sup>(b)(f)</sup> | Mont Blanc Capital Corp.<sup>(b)(f)</sup> | Mont Blanc Capital Corp.<sup>(b)(f)</sup> | Mont Blanc Capital Corp.<sup>(b)(f)</sup> |
| 13900000 | 0.000 | 09/16/25 | 13869631 |

---

&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 TACTICAL TILT OVERLAY FUND

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) |
| Mosaic Co.<sup>(b)(f)</sup> | Mosaic Co.<sup>(b)(f)</sup> | Mosaic Co.<sup>(b)(f)</sup> | Mosaic Co.<sup>(b)(f)</sup> |
| $18213000 | 0.000% | 09/17/25 | $&nbsp;&nbsp;&nbsp;&nbsp;18169405 |
| National Bank of Canada<sup>(b)(f)</sup> | National Bank of Canada<sup>(b)(f)</sup> | National Bank of Canada<sup>(b)(f)</sup> | National Bank of Canada<sup>(b)(f)</sup> |
| 21185000 | 0.000 | 01/16/26 | 20842000 |
| NatWest Markets PLC<sup>(b)(f)</sup> | NatWest Markets PLC<sup>(b)(f)</sup> | NatWest Markets PLC<sup>(b)(f)</sup> | NatWest Markets PLC<sup>(b)(f)</sup> |
| 14000000 | 0.000 | 11/03/25 | 13890146 |
| Nestle Finance International Ltd.<sup>(b)(f)</sup> | Nestle Finance International Ltd.<sup>(b)(f)</sup> | Nestle Finance International Ltd.<sup>(b)(f)</sup> | Nestle Finance International Ltd.<sup>(b)(f)</sup> |
| 25750000 | 0.000 | 01/09/26 | 25356313 |
| NextEra Energy Capital Holdings, Inc.<sup>(b)(f)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(b)(f)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(b)(f)</sup> | NextEra Energy Capital Holdings, Inc.<sup>(b)(f)</sup> |
| 5258000 | 0.000 | 10/06/25 | 5233065 |
| NRW Bank<sup>(b)(f)</sup> | NRW Bank<sup>(b)(f)</sup> | NRW Bank<sup>(b)(f)</sup> | NRW Bank<sup>(b)(f)</sup> |
| 5000000 | 0.000 | 09/23/25 | 4985129 |
| Old Line Funding LLC<sup>(b)(f)</sup> | Old Line Funding LLC<sup>(b)(f)</sup> | Old Line Funding LLC<sup>(b)(f)</sup> | Old Line Funding LLC<sup>(b)(f)</sup> |
| 45000000 | 0.000 | 02/03/26 | 44181823 |
| Oracle Corp.<sup>(b)(f)</sup> | Oracle Corp.<sup>(b)(f)</sup> | Oracle Corp.<sup>(b)(f)</sup> | Oracle Corp.<sup>(b)(f)</sup> |
| 20000000 | 0.000 | 09/18/25 | 19950382 |
| O'Reilly Automotive, Inc.<sup>(b)(f)</sup> | O'Reilly Automotive, Inc.<sup>(b)(f)</sup> | O'Reilly Automotive, Inc.<sup>(b)(f)</sup> | O'Reilly Automotive, Inc.<sup>(b)(f)</sup> |
| 1500000 | 0.000 | 09/02/25 | 1499243 |
| Paradelle Funding LLC<sup>(b)</sup> | Paradelle Funding LLC<sup>(b)</sup> | Paradelle Funding LLC<sup>(b)</sup> | Paradelle Funding LLC<sup>(b)</sup> |
| 11737000 | 0.000 | 09/24/25 | 11700061 |
| 4583000 | 0.000 | 04/21/26 | 4460607 |
| 25991000 | 0.000 | 06/09/26 | 25156668 |
| PepsiCo, Inc.<sup>(b)(f)</sup> | PepsiCo, Inc.<sup>(b)(f)</sup> | PepsiCo, Inc.<sup>(b)(f)</sup> | PepsiCo, Inc.<sup>(b)(f)</sup> |
| 50000000 | 0.000 | 01/26/26 | 49175000 |
| Podium Funding Trust<sup>(b)</sup> | Podium Funding Trust<sup>(b)</sup> | Podium Funding Trust<sup>(b)</sup> | Podium Funding Trust<sup>(b)</sup> |
| 4603000 | 0.000 | 10/16/25 | 4576524 |
| 4864000 | 0.000 | 10/22/25 | 4832540 |
| 4542000 | 0.000 | 12/10/25 | 4487074 |
| PPG Industries, Inc.<sup>(b)</sup> | PPG Industries, Inc.<sup>(b)</sup> | PPG Industries, Inc.<sup>(b)</sup> | PPG Industries, Inc.<sup>(b)</sup> |
| 2010000 | 0.000 | 09/08/25 | 2007482 |
| 21966000 | 0.000 | 09/29/25 | 21881071 |
| Pure Grove Funding<sup>(b)(f)</sup> | Pure Grove Funding<sup>(b)(f)</sup> | Pure Grove Funding<sup>(b)(f)</sup> | Pure Grove Funding<sup>(b)(f)</sup> |
| 17329000 | 0.000 | 09/12/25 | 17299577 |
| 10010000 | 0.000 | 10/24/25 | 9942982 |
| 29989000 | 0.000 | 11/24/25 | 29678668 |
| 15519000 | 0.000 | 01/07/26 | 15280538 |
| Ridgefield Funding Co. LLC<sup>(b)(f)</sup> | Ridgefield Funding Co. LLC<sup>(b)(f)</sup> | Ridgefield Funding Co. LLC<sup>(b)(f)</sup> | Ridgefield Funding Co. LLC<sup>(b)(f)</sup> |
| 12312000 | 0.000 | 10/28/25 | 12223764 |
| 25000000 | 0.000 | 11/12/25 | 24776562 |
| RTX Corp.<sup>(b)(f)</sup> | RTX Corp.<sup>(b)(f)</sup> | RTX Corp.<sup>(b)(f)</sup> | RTX Corp.<sup>(b)(f)</sup> |
| 9732000 | 0.000 | 09/16/25 | 9709908 |
| RWE AG<sup>(b)(f)</sup> | RWE AG<sup>(b)(f)</sup> | RWE AG<sup>(b)(f)</sup> | RWE AG<sup>(b)(f)</sup> |
| 15430000 | 0.000 | 09/15/25 | 15395801 |
| 15561000 | 0.000 | 09/18/25 | 15520313 |
| Salisbury Receivables Co. LLC<sup>(b)(f)</sup> | Salisbury Receivables Co. LLC<sup>(b)(f)</sup> | Salisbury Receivables Co. LLC<sup>(b)(f)</sup> | Salisbury Receivables Co. LLC<sup>(b)(f)</sup> |
| 6388000 | 0.000 | 02/03/26 | 6270753 |
| 3091000 | 0.000 | 02/18/26 | 3029104 |
| Sanofi SA<sup>(b)(f)</sup> | Sanofi SA<sup>(b)(f)</sup> | Sanofi SA<sup>(b)(f)</sup> | Sanofi SA<sup>(b)(f)</sup> |
| 39435000 | 0.000 | 11/10/25 | 39097681 |
| 15510000 | 0.000 | 12/29/25 | 15292534 |
| Sheffield Receivables Co. LLC<sup>(b)(f)</sup> | Sheffield Receivables Co. LLC<sup>(b)(f)</sup> | Sheffield Receivables Co. LLC<sup>(b)(f)</sup> | Sheffield Receivables Co. LLC<sup>(b)(f)</sup> |
| 16500000 | 0.000 | 11/07/25 | 16362629 |
| Societe Generale SA<sup>(b)(f)</sup> | Societe Generale SA<sup>(b)(f)</sup> | Societe Generale SA<sup>(b)(f)</sup> | Societe Generale SA<sup>(b)(f)</sup> |
| 3000000 | 0.000 | 06/01/26 | 2906116 |
| SSM Health Care Corp.<sup>(b)</sup> | SSM Health Care Corp.<sup>(b)</sup> | SSM Health Care Corp.<sup>(b)</sup> | SSM Health Care Corp.<sup>(b)</sup> |
| 16441000 | 0.000 | 10/21/25 | 16337348 |
| 29000000 | 0.000 | 10/23/25 | 28810299 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) | Short-term Investments – (continued) |
| Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) |
| Starbird Funding Corp.<sup>(b)(f)</sup> | Starbird Funding Corp.<sup>(b)(f)</sup> | Starbird Funding Corp.<sup>(b)(f)</sup> | Starbird Funding Corp.<sup>(b)(f)</sup> |
| 23500000 | 0.000% | 02/02/26 | $23071301 |
| Sumitomo Mitsui Banking Corp.<sup>(b)</sup> | Sumitomo Mitsui Banking Corp.<sup>(b)</sup> | Sumitomo Mitsui Banking Corp.<sup>(b)</sup> | Sumitomo Mitsui Banking Corp.<sup>(b)</sup> |
| 17000000 | 0.000 | 09/05/25 | 16985699 |
| Suncor Energy, Inc.<sup>(b)(f)</sup> | Suncor Energy, Inc.<sup>(b)(f)</sup> | Suncor Energy, Inc.<sup>(b)(f)</sup> | Suncor Energy, Inc.<sup>(b)(f)</sup> |
| 12063000 | 0.000 | 09/18/25 | 12032686 |
| Targa Resources Corp.<sup>(b)(f)</sup> | Targa Resources Corp.<sup>(b)(f)</sup> | Targa Resources Corp.<sup>(b)(f)</sup> | Targa Resources Corp.<sup>(b)(f)</sup> |
| 9194000 | 0.000 | 09/02/25 | 9189012 |
| Thunder Bay Funding LLC<sup>(b)(f)</sup> | Thunder Bay Funding LLC<sup>(b)(f)</sup> | Thunder Bay Funding LLC<sup>(b)(f)</sup> | Thunder Bay Funding LLC<sup>(b)(f)</sup> |
| 16000000 | 0.000 | 02/09/26 | 15697414 |
| TotalEnergies Capital SA<sup>(b)(f)</sup> | TotalEnergies Capital SA<sup>(b)(f)</sup> | TotalEnergies Capital SA<sup>(b)(f)</sup> | TotalEnergies Capital SA<sup>(b)(f)</sup> |
| 26775000 | 0.000 | 09/16/25 | 26716636 |
| 10998000 | 0.000 | 01/20/26 | 10813498 |
| Trinity Health Corp.<sup>(b)</sup> | Trinity Health Corp.<sup>(b)</sup> | Trinity Health Corp.<sup>(b)</sup> | Trinity Health Corp.<sup>(b)</sup> |
| 11000000 | 0.000 | 10/09/25 | 10946724 |
| UBS AG<sup>(b)(f)</sup> | UBS AG<sup>(b)(f)</sup> | UBS AG<sup>(b)(f)</sup> | UBS AG<sup>(b)(f)</sup> |
| 14582000 | 0.000 | 12/03/25 | 14415882 |
| Victory Receivables Corp.<sup>(b)(f)</sup> | Victory Receivables Corp.<sup>(b)(f)</sup> | Victory Receivables Corp.<sup>(b)(f)</sup> | Victory Receivables Corp.<sup>(b)(f)</sup> |
| 9000000 | 0.000 | 09/18/25 | 8978126 |
| VW Credit, Inc.<sup>(b)(f)</sup> | VW Credit, Inc.<sup>(b)(f)</sup> | VW Credit, Inc.<sup>(b)(f)</sup> | VW Credit, Inc.<sup>(b)(f)</sup> |
| 8356000 | 0.000 | 09/09/25 | 8344307 |
| 12636000 | 0.000 | 09/23/25 | 12596454 |
| 8243000 | 0.000 | 10/07/25 | 8202878 |
|  |  |  | 1939765202 |
| TOTAL SHORT- TERM INVESTMENTS<br>(Cost $2,671,751,498) | TOTAL SHORT- TERM INVESTMENTS<br>(Cost $2,671,751,498) | TOTAL SHORT- TERM INVESTMENTS<br>(Cost $2,671,751,498) | $2671796864 |
| **TOTAL INVESTMENTS BEFORE SECURITIES**<br> **LENDING REINVESTMENT – 97.7%**<br> **(Cost $4,588,201,784)** | **TOTAL INVESTMENTS BEFORE SECURITIES**<br> **LENDING REINVESTMENT – 97.7%**<br> **(Cost $4,588,201,784)** | **TOTAL INVESTMENTS BEFORE SECURITIES**<br> **LENDING REINVESTMENT – 97.7%**<br> **(Cost $4,588,201,784)** | $4612494527 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.5% | Securities Lending Reinvestment Vehicle<sup>(e)</sup> – 0.5% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23679814 | 4.154% | $23679814 |
| (Cost $23,679,814) | (Cost $23,679,814) |  |
| **TOTAL INVESTMENTS – 98.2%**<br> **(Cost $4,611,881,598)** | **TOTAL INVESTMENTS – 98.2%**<br> **(Cost $4,611,881,598)** | $4636174341 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%** | 83714399 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $4719888740 |

---

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

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

&nbsp;&nbsp;&nbsp;&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 TACTICAL TILT OVERLAY FUND

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

Consolidated Schedule of Investments (continued) *August 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;

(b) Issued with a zero coupon. Income is recognized through the accretion of discount.

(c) All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(d) All or a portion of security is on loan.

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

(e) Represents an affiliated issuer.

(f) Exempt from registration under Rule 144A of the Securities Act of 1933.

(g) Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At August 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** |
|  BofA Securities LLC | TRY | 375400000 | USD | 8656751 | 09/17/25 | $315479 |
|  JPMorgan Securities, Inc. | TRY | 375400000 | USD | 8659325 | 09/17/25 | 312905 |
|  MS & Co. Int. PLC | TRY | 1437319000 | USD | 33115071 | 09/17/25 | 1237505 |
| TOTAL |  |  |  |  |  | $1865889 |

---

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** |
|  BofA Securities LLC | USD | 8863390 | TRY | 375400000 | 09/17/25 | $(108841) |
|  JPMorgan Securities, Inc. | USD | 8862762 | TRY | 375400000 | 09/17/25 | (109468) |
|  MS & Co. Int. PLC | GBP | 554696 | USD | 750928 | 11/14/25 | (838) |
|  | USD | 146588947 | GBP | 108680890 | 11/14/25 | (375339) |
|  | USD | 49232735 | MXN | 955500000 | 09/17/25 | (1857678) |
|  | USD | 33932656 | TRY | 1437319000 | 09/17/25 | (419920) |
| TOTAL |  |  |  |  |  | $(2872084) |

---

FUTURES CONTRACTS — At August 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 | 8203 | 12/19/25 | $922837500 | $4195450 |
|  2 Year U.S. Treasury Notes | 7129 | 12/31/25 | 1486674973 | 1426332 |
|  5 Year U.S. Treasury Notes | 4745 | 12/31/25 | 519429219 | 1252087 |
|  E-Mini Nasdaq 100 Index | 24 | 09/19/25 | 11261640 | 434542 |
|  E-Mini Russell 2000 Index | 104 | 09/19/25 | 12322960 | 292690 |
|  FTSE/JSE Top 40 Index | 635 | 09/18/25 | 33886466 | 1943655 |
|  IFSC NIFTY 50 Index | 1223 | 09/30/25 | 60056638 | (1259430) |
|  MEX Bolsa Index | 252 | 09/19/25 | 7938111 | 27910 |
|  Mini-MDAX Index | 1178 | 09/19/25 | 41799049 | (196739) |
|  S&P 500 E-Mini Index | 72 | 09/19/25 | 23301900 | (21415) |
|  TOPIX Futures | 58 | 09/11/25 | 12126501 | 846489 |
| TOTAL FUTURES CONTRACTS |  |  |  | $8941571 |

---

&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 TACTICAL TILT OVERLAY FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Payments<br>Received<br>by Fund** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Market<br>Value** | **Upfront<br>Premium<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  1M BID Average<sup>(a)</sup> | 13.403 %<sup>(a)</sup> | 01/02/30 | BRL 553,127 | $318058 | $— | $318058 |
|  12M CPIBR<sup>(b)</sup> | 8.565 <sup>(b)</sup> | 02/18/30 | COP 3,040,000 | (1962) |  | (1962) |
|  12M CPIBR<sup>(b)</sup> | 8.598 <sup>(b)</sup> | 02/18/30 | 73400000 | (24827) |  | (24827) |
|  12M CPIBR<sup>(b)</sup> | 8.610 <sup>(b)</sup> | 02/18/30 | 18991000 | (4303) | 78 | (4381) |
|  12M CPIBR<sup>(b)</sup> | 8.620 <sup>(b)</sup> | 02/18/30 | 48290000 | (6448) |  | (6448) |
|  12M CPIBR<sup>(b)</sup> | 8.650 <sup>(b)</sup> | 02/18/30 | 50429000 | 7346 | 93 | 7253 |
|  12M CPIBR<sup>(b)</sup> | 8.663 <sup>(b)</sup> | 02/18/30 | 47300000 | 12612 | 83 | 12529 |
|  12M GBP<sup>(a)</sup> | 3.815 <sup>(a)</sup> | 04/10/30 | GBP 220,700 | (395589) |  | (395589) |
|  12M GBP<sup>(a)</sup> | 3.815 <sup>(a)</sup> | 04/14/30 | 260900 | (448038) |  | (448038) |
| TOTAL |  |  |  | $(543151) | $254 | $(543405) |

---

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

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

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 | ESTR+0.320% | BNP Paribas SA | 02/03/26 | EUR 39,789 | $1122874 |
|  SXDR Index | ESTR+0.480 | JPMorgan Securities, Inc. | 02/03/26 | EUR106,276 | 2965453 |
|  SXDR Index | ESTR+0.495 | MS & Co. Int. PLC | 02/03/26 | EUR 53,736 | 752483 |
| TOTAL |  |  |  |  | $4840810 |

---

&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 August 31, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **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)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  7M IRS | MS & Co. Int. PLC | 3.450% | 01/14/2026 | 1142600000 | $1142600000 | $8002200 | $6032928 | $1969272 |

---

&nbsp;&nbsp;&nbsp;&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 TACTICAL TILT OVERLAY FUND

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

Consolidated Schedule of Investments (continued) *August 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 INTEREST RATE SWAPTIONS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional**<br> **Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  7M IRS | MS & Co. Int. PLC | 3.050% | 01/14/2026 | (1142600000) | $(1142600000) | $(3556000) | $(2947908) | $(608092) |
| TOTAL | TOTAL | TOTAL |  |  | $— | $4446200 | $3085020 | $1361180 |

---

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** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | MS & Co. Int. PLC | $135.000 | 06/18/2026 | 634382 | $8564157000 | $6679441 | $6553610 | $125831 |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |
|  SPX Index | UBS AG (London) | 6458.720 | 10/31/2025 | 45402 | 29323880544 | 5620327 | 5630189 | (9862) |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 679784 | $37888037544 | $12299768 | $12183799 | $115969 |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  XLV Index | MS & Co. Int. PLC | 146.000 | 06/18/2026 | (1268764) | (18523954400) | (5862931) | (6489220) | 626289 |
|  **Puts** | **Puts** | **Puts** |  |  |  |  |  |  |
|  TOPX Index | JPMorgan Securities, Inc. | 2503.355 | 12/19/2025 | (9528481) | (2385317055376) | (968587) | (6128998) | 5160411 |
|  SPX Index | UBS AG (London) | 5812.850 | 10/31/2025 | (45402) | (26391501570) | (1367622) | (1284387) | (83235) |
|  |  |  |  | (9573883) | $(2411708556946) | $(2336209) | $(7413385) | $5077176 |
| Total written option contracts | Total written option contracts | Total written option contracts |  | (10842647) | $(2430232511346) | $(8199140) | $(13902605) | $5703465 |
| TOTAL | TOTAL | TOTAL |  | (10162863) | $(2392344473802) | $4100628 | $(1718806) | $5819434 |

---

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** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | $0.874 | 12/11/2025 | 73960000 | $73960000 | $838347 | $1273813 | $(435466) |
|  **Written option contracts** | **Written option contracts** | **Written option contracts** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Call EUR/Put GBP | MS & Co. Int. PLC | 0.905 | 12/11/2025 | (73960000) | (73960000) | (197971) | (401984) | 204013 |
| TOTAL | TOTAL | TOTAL |  |  | $— | $640376 | $871829 | $(231453) |

---

&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 TACTICAL TILT OVERLAY FUND

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

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

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

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

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
|  **Currency Abbreviations:** | **Currency Abbreviations:** |
| BRL | —Brazil Real |
| COP | —Colombia Peso |
| EUR | —Euro |
| GBP | —British Pound |
| MXN | —Mexican Peso |
| TRY | —Turkish Lira |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | —Exchange Traded Fund |
| LLC | —Limited Liability Company |
| MLP | —Master Limited Partnership |
| MSCI | —Morgan Stanley Capital International |
| PLC | —Public Limited Company |
| SPDR | —Standard and Poor's Depository Receipt |

---

---

| | |
|:---|:---|
|  **Abbreviations:** | **Abbreviations:** |
| 7M IRS | —7 Month Interest Rate Swaptions |
| BofA Securities LLC | —Bank of America Securities LLC |
| ESTR | —Euro short-term rate |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |
| SOFR | —Secured Overnight Financing Rate |
| SPX | —S&P 500 Index |
| TOPX | —Tokyo Stock Price Index |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.** | **35** |

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

Statements of Assets and Liabilities *August 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Global Managed**<br> **Beta Fund** | **Strategic Factor**<br> **Allocation Fund<sup>(a)</sup>** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $1,872,693,498 and $756,575,800, respectively) | $2545666799 | $756575800 |
|  Investments in unaffiliated issuers, at value (cost $1,260,918,017 and $1,426,859,359, respectively)<sup>(b)</sup> | 1675940119 | 1427094038 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1744170 |  |
|  Purchased options, at value (premium paid $78,101,842 and $34,960,324, respectively) | 59778148 | 25177821 |
|  Cash | 29721620 | 70556597 |
|  Foreign currencies, at value (cost $5,245,701 and $0, respectively) | 5232574 | 1129 |
|  Unrealized gain on forward foreign currency exchange contracts | 6464054 | 3409225 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(c)</sup> | 27545996 | 120742368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1467672 | 2539926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 622781 | 330237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 326962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 80641 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 41351 | 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 19118 |  |
|  Other assets | 20378 | 28074 |
|  **Total assets** | 4354672383 | 2406637847 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 7321859 | 2011578 |
|  Variation margin on futures contracts | 3008428 | 49932021 |
|  Unrealized loss on swap contracts | 1302324 |  |
|  Written option contracts, at value (premium received $1,838,195 and $3,062,016, respectively) | 1096790 | 1726023 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1744170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 1500000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1132131 | 2649509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 418081 | 611479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 205099 | 295700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 33261 | 26953 |
|  Accrued expenses | 339157 | 481736 |
|  **Total liabilities** | 18101300 | 57734999 |
| Net Assets: |  |  |
|  Paid-in capital | 3158633767 | 2258446913 |
|  Total distributable earnings | 1177937316 | 90455935 |
|  **NET ASSETS** | $4336571083 | $2348902848 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | $4336571083 | $18434814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P |  | 2330468034 |
|  Total Net Assets | $4336571083 | $2348902848 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 256577751 | 1558649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P |  | 199392629 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 16.90 | 11.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P |  | 11.69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Assets and Liabilities for the Strategic Factor Allocation Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity—SFA, LLC. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes loaned securities having market value of $1,707,117 and $0, for the Global Managed Beta and Strategic Factor Allocation Funds, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** |
|  Global Managed Beta Fund | $27035996 | $510000 | $— |
|  Strategic Factor Allocation Fund | 119802368 |  | 940000 |

---

&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 ALLOCATION FUNDS

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

Statements of Assets and Liabilities (continued) *August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
|  | **Strategic Volatility<br>Premium Fund<sup>(a)</sup>** | **Tactical Tilt<br>Overlay Fund<sup>(a)</sup>** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $325,081,390 and $3,565,937,388, respectively)<sup>(b)</sup> | $325166830 | $3575995561 |
|  Investments in affiliated issuers, at value (cost $162,286,084 and $1,022,264,396, respectively) | 162286084 | 1036498966 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  | 23679814 |
|  Purchased options, at value (premium paid $581,367 and $19,490,540, respectively) | 316128 | 21140315 |
|  Cash | 15245084 | 75118953 |
|  Foreign currencies, at value (cost $0 and $19,128,620, respectively) |  | 18583620 |
|  Unrealized gain on swap contracts |  | 4840810 |
|  Unrealized gain on forward foreign currency exchange contracts |  | 1865889 |
|  Variation margin on futures contracts | 492200 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(c)</sup> | 5573024 | 31335188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 538955 | 13817721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 131616 | 3539581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 25000 | 3821973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 17168 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 24001 |
|  Other assets | 24827 | 37180 |
|  **Total assets** | 509816916 | 4810300633 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts |  | 2872084 |
|  Variation margin on futures contracts |  | 1551179 |
|  Written option contracts, at value (premium received $354,545 and $17,252,497, respectively) | 193555 | 11953111 |
|  Variation margin on swaps contracts |  | 179758 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 563431 | 39286477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 59314 | 1210123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 54487 | 2130636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 5849 | 54068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 7340000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  | 23679814 |
|  Accrued professional fees | 254280 | 139901 |
|  Accrued expenses | 63408 | 14742 |
|  **Total liabilities** | 1194324 | 90411893 |
| Net Assets: |  |  |
|  Paid-in capital | 525021063 | 4709011317 |
|  Total distributable earnings (loss) | (16398471) | 10877423 |
|  **NET ASSETS** | $508622592 | $4719888740 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | $263890 | $10937026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 602185885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 508358702 | 4106765829 |
|  Total Net Assets | $508622592 | $4719888740 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 27047 | 1013452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 57845180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 52054895 | 394588640 |
|  Net asset value, offering and redemption price per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional | 9.76 | 10.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 |  | 10.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P | 9.77 | 10.41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Assets and Liabilities for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and includes the balances of wholly owned subsidiaries, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes loaned securities having a market value of $0 and $23,191,630, for the Strategic Volatility Premium and Tactical Tilt Overlay Funds, respectively.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** |
|  Strategic Volatility Premium Fund | $5573024 | $— | $— |
|  Tactical Tilt Overlay Fund |  | 29865188 | 1470000 |

---

&nbsp;&nbsp;&nbsp;&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 ALLOCATION FUNDS

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund<sup>(a)</sup>** |
| Investment Income: |  |  |
|  Dividends — affiliated issuers | $49386189 | $35890064 |
|  Dividends — unaffiliated issuers (net of tax withholding of $488,939 and $0, respectively) | 37744434 |  |
|  Interest | 1290371 | 63219954 |
|  Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuers | 89675 |  |
|  **Total investment income** | 88510669 | 99110018 |
| Expenses: |  |  |
|  Management fees | 12700548 | 17223346 |
|  Transfer Agency fees<sup>(b)</sup> | 846703 | 698875 |
|  Custody, accounting and administrative services | 506952 | 381688 |
|  Professional fees | 149684 | 401901 |
|  Printing and mailing costs | 39929 | 34183 |
|  Trustee fees | 36361 | 32100 |
|  Registration fees | 33884 | 61486 |
|  Prime broker fees | 18668 | 14826 |
|  Other | 84173 | 49604 |
|  **Total expenses** | 14416902 | 18898009 |
|  Less — expense reductions | (3171149) | (1506370) |
|  **Net expenses** | 11245753 | 17391639 |
|  **NET INVESTMENT INCOME** | 77264916 | 81718379 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 56251585 | 32577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 42888310 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (30748760) | (30001497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 18277889 | 20379089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 12693988 | 81495464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 106034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (39104335) | (11592853) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 261 | (3089707) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 229178326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 163399042 | (115843) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (10927222) | (9145157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 15298210 | (19863765) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 454059 | (753830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (1302324) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 23962400 | 12952839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (67849) | 2078 |
|  **Net realized and unrealized gain** | 480359614 | 40299395 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $557624530 | $122017774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Operations for the Strategic Factor Allocation Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity—SFA, LLC. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Transfer Agency fees were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Institutional** | **Class P** |
|  Global Managed Beta Fund | $846703 | $— |
|  Strategic Factor Allocation Fund | 7019 | 691856 |

---

&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 ALLOCATION FUNDS

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

Statements of Operations (continued) *For the Fiscal Year Ended August 31, 2025*

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

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

---

| | | |
|:---|:---|:---|
|  | **Strategic Volatility<br>Premium Fund<sup>(a)</sup>** | **Tactical Tilt<br>Overlay Fund<sup>(a)</sup>** |
| Investment Income: |  |  |
|  Interest | $14196595 | $139604843 |
|  Dividends — unaffiliated issuers |  | 6241216 |
|  Dividends — affiliated issuers | 6532656 | 54239004 |
|  Securities lending income, net of rebates received or paid to borrowers — unaffiliated issuers |  | 442097 |
|  **Total investment income** | 20729251 | 200527160 |
| Expenses: |  |  |
|  Management fees | 2422159 | 35308225 |
|  Professional fees | 418238 | 196329 |
|  Custody, accounting and administrative services | 320020 | 469883 |
|  Transfer Agency fees<sup>(b)</sup> | 144044 | 1384641 |
|  Registration fees | 39440 | 79593 |
|  Trustee fees | 28298 | 36680 |
|  Printing and mailing costs | 26032 | 48050 |
|  Prime broker fees |  | 7682 |
|  Other | 19242 | 76189 |
|  **Total expenses** | 3417473 | 37607272 |
|  Less — expense reductions | (1315583) | (4848897) |
|  **Net expenses** | 2101890 | 32758375 |
|  **NET INVESTMENT INCOME** | 18627361 | 167768785 |
| Realized and unrealized gain (loss): |  |  |
|  Capital gain distributions from Affiliated Underlying Funds |  | 2778252 |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 4931 | 16790533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | 2617461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (3473572) | (13287911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (13552780) | (17907019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 14465704 | 29387415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (19699520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | (4453303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 85543 | 325505 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  | (1143729) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (86179) | (12016286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | 19735 | 6245609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1172596 | 13665097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (41241) | (7932716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 601500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts |  | 980008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation |  | (371486) |
|  **Net realized and unrealized loss** | (1405263) | (3420590) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $17222098 | $164348195 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Operations for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and includes the balances of wholly owned subsidiaries, Cayman Commodity—SVP, LLC and Cayman Commodity—TTIF, LLC., respectively. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Transfer Agency fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Institutional** | **Class R6** | **Class P** |
|  Strategic Volatility Premium Fund | $129 | $— | $143915 |
|  Tactical Tilt Overlay Fund | 5285 | 178519 | 1200837 |

---

&nbsp;&nbsp;&nbsp;&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 ALLOCATION FUNDS

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

Statements of Changes in Net Assets

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Strategic Factor Allocation Fund<sup>(a)</sup>** | **Strategic Factor Allocation Fund<sup>(a)</sup>** |
|  | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** |
| From operations: |  |  |  |  |
| Net investment income | $77264916 | $61826026 | $81718379 | $96741518 |
| Net realized gain | 60364972 | 325004652 | 57223073 | 218333293 |
| Net change in unrealized gain (loss) | 419994642 | 320000149 | (16923678) | 41841677 |
| **Net increase in net assets resulting from operations** | 557624530 | 706830827 | 122017774 | 356916488 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (390152143) | (54313580) | (1533379) | (489815) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares |  |  | (243242744) | (72117761) |
| **Total distributions to shareholders** | (390152143) | (54313580) | (244776123) | (72607576) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 1096687642 | 1924804556 | 321827847 | 268238290 |
| Reinvestment of distributions | 390152143 | 54313580 | 244776123 | 72607575 |
| Cost of shares redeemed | (1597082068) | (890367936) | (494202401) | (470425368) |
| **Net increase (decrease) in net assets resulting from share transactions** | (110242283) | 1088750200 | 72401569 | (129579503) |
| **TOTAL INCREASE (DECREASE)** | 57230104 | 1741267447 | (50356780) | 154729409 |
| Net assets: |  |  |  |  |
| Beginning of year | 4279340979 | 2538073532 | 2399259628 | 2244530219 |
| End of year | $4336571083 | $4279340979 | $2348902848 | $2399259628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Changes in Net Assets for the Strategic Factor Allocation Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity—SFA, LLC. Accordingly, all interfund balances and transactions have been eliminated.

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

---

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

---

------

GOLDMAN SACHS ALLOCATION FUNDS

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

Statements of Changes in Net Assets (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund<sup>(a)</sup>** | **Strategic Volatility Premium Fund<sup>(a)</sup>** | **Tactical Tilt Overlay Fund<sup>(a)</sup>** | **Tactical Tilt Overlay Fund<sup>(a)</sup>** |
|  | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** |
| From operations: |  |  |  |  |
| Net investment income | $18627361 | $19857155 | $167768785 | $211088183 |
| Net realized gain (loss) | (2470174) | 14013053 | (3448587) | 105511544 |
| Net change in unrealized gain (loss) | 1064911 | (1766848) | 27997 | (11047834) |
| **Net increase in net assets resulting from operations** | 17222098 | 32103360 | 164348195 | 305551893 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (20354) | (11216) | (731961) | (1239651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares |  |  | (30347909) | (30435080) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (28664871) | (18407711) | (208905823) | (216862467) |
| **Total distributions to shareholders** | (28685225) | (18418927) | (239985693) | (248537198) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 131016101 | 68268293 | 788818972 | 711849057 |
| Reinvestment of distributions | 28685225 | 18418927 | 239985693 | 248537197 |
| Cost of shares redeemed | (84228114) | (99725686) | (934694155) | (1006395976) |
| **Net increase (decrease) in net assets resulting from share transactions** | 75473212 | (13038466) | 94110510 | (46009722) |
| **TOTAL INCREASE** | 64010085 | 645967 | 18473012 | 11004973 |
| Net assets: |  |  |  |  |
| Beginning of year | 444612507 | 443966540 | 4701415728 | 4690410755 |
| End of year | $508622592 | $444612507 | $4719888740 | $4701415728 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Changes in Net Assets for the Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund are consolidated and includes the balances of wholly owned subsidiaries, Cayman Commodity—SVP, LLC and Cayman Commodity — TTIF, LLC., respectively. Accordingly, all interfund balances and transactions have been eliminated.

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

---

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

---

------

GOLDMAN SACHS GLOBAL MANAGED BETA 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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Global Managed Beta Fund** | **Global Managed Beta Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $16.34 | $13.62 | $12.86 | $16.71 | $13.26 |
|  Net investment income<sup>(a)</sup> | 0.29 | 0.27 | 0.25 | 0.28 | 0.21 |
|  Net realized and unrealized gain (loss) | 1.82 | 2.70 | 1.23 | (2.69) | 3.89 |
|  Total from investment operations | 2.11 | 2.97 | 1.48 | (2.41) | 4.10 |
|  Distributions to shareholders from net investment income | (0.25) | (0.25) | (0.72) | (0.33) | (0.18) |
|  Distributions to shareholders from net realized gains | (1.30) |  |  | (1.11) | (0.47) |
|  Total distributions | (1.55) | (0.25) | (0.72) | (1.44) | (0.65) |
|  Net asset value, end of year | $16.90 | $16.34 | $13.62 | $12.86 | $16.71 |
|  **Total return<sup>(b)</sup>** | 13.84% | 22.05% | 12.24% | (15.81)% | 31.87% |
|  Net assets, end of year (in 000s) | $4336571 | $4279341 | $2538074 | $1662524 | $2262595 |
|  Ratio of net expenses to average net assets<sup>(c)</sup> | 0.27% | 0.27% | 0.30% | 0.30% | 0.20% |
|  Ratio of total expenses to average net assets<sup>(c)</sup> | 0.34% | 0.34% | 0.36% | 0.36% | 0.35% |
|  Ratio of net investment income to average net assets | 1.83% | 1.83% | 1.91% | 1.94% | 1.40% |
|  Portfolio turnover rate<sup>(d)</sup> | 31% | 56% | 23% | 26% | 29% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Expense ratios exclude the expenses of the Affiliated Underlying Funds in which the Fund invests.

&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;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION 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;

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.46 | $11.00 | $10.50 | $12.76 | $11.98 |
|  Net investment income (loss)<sup>(a)</sup> | 0.40 | 0.49 | 0.31 | (0.01) | (0.08) |
|  Net realized and unrealized gain (loss) | 0.21 | 1.34 | 0.39 | (0.67) | 1.77 |
|  Total from investment operations | 0.61 | 1.83 | 0.70 | (0.68) | 1.69 |
|  Distributions to shareholders from net investment income | (0.42) | (0.37) | (0.18) |  |  |
|  Distributions to shareholders from net realized gains | (0.82) |  | (0.02) | (1.58) | (0.91) |
|  Total distributions | (1.24) | (0.37) | (0.20) | (1.58) | (0.91) |
|  Net asset value, end of year | $11.83 | $12.46 | $11.00 | $10.50 | $12.76 |
|  **Total return<sup>(b)</sup>** | 5.37% | 17.16% | 6.88% | (6.47)% | 15.01% |
|  Net assets, end of year (in 000s) | $18435 | $14387 | $14710 | $12455 | $3960 |
|  Ratio of net expenses to average net assets | 0.76% | 0.71% | 0.70% | 0.69% | 0.69% |
|  Ratio of total expenses to average net assets | 0.82% | 0.81% | 0.81% | 0.81% | 0.82% |
|  Ratio of net investment income (loss) to average net assets | 3.49% | 4.26% | 2.94% | (0.10)% | (0.67)% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, respectively.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS STRATEGIC FACTOR ALLOCATION 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;

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $12.30 | $10.86 | $10.38 | $12.62 | $11.86 |
|  Net investment income (loss)<sup>(a)</sup> | 0.40 | 0.49 | 0.31 | (0.04) | (0.08) |
|  Net realized and unrealized gain (loss) | 0.23 | 1.32 | 0.37 | (0.62) | 1.75 |
|  Total from investment operations | 0.63 | 1.81 | 0.68 | (0.66) | 1.67 |
|  Distributions to shareholders from net investment income | (0.42) | (0.37) | (0.18) |  |  |
|  Distributions to shareholders from net realized gains | (0.82) |  | (0.02) | (1.58) | (0.91) |
|  Total distributions | (1.24) | (0.37) | (0.20) | (1.58) | (0.91) |
|  Net asset value, end of year | $11.69 | $12.30 | $10.86 | $10.38 | $12.62 |
|  **Total return<sup>(b)</sup>** | 5.63% | 17.10% | 6.97% | (6.47)% | 15.09% |
|  Net assets, end of year (in 000s) | $2330468 | $2384873 | $2229820 | $2095895 | $2347839 |
|  Ratio of net expenses to average net assets | 0.75% | 0.70% | 0.69% | 0.67% | 0.68% |
|  Ratio of total expenses to average net assets | 0.81% | 0.80% | 0.80% | 0.80% | 0.81% |
|  Ratio of net investment income (loss) to average net assets | 3.52% | 4.28% | 2.95% | (0.31)% | (0.66)% |
|  Portfolio turnover rate<sup>(c)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> | — %<sup>(d)</sup> |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, respectively.

&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 STRATEGIC VOLATILITY PREMIUM FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended**<br> **August 31, 2021<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended**<br> **August 31, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $10.02 | $9.70 | $9.66 | $10.10 | $10.00 |
|  Net investment income (loss)<sup>(b)</sup> | 0.38 | 0.44 | 0.31 | — <sup>(c)</sup> | (0.02) |
|  Net realized and unrealized gain (loss) | (0.05) | 0.29 | (0.20) | (0.40) | 0.12 |
|  Total from investment operations | 0.33 | 0.73 | 0.11 | (0.40) | 0.10 |
|  Distributions to shareholders from net investment income | (0.59) | (0.41) | (0.07) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) |  |
|  Total distributions | (0.59) | (0.41) | (0.07) | (0.04) |  |
|  Net asset value, end of period | $9.76 | $10.02 | $9.70 | $9.66 | $10.10 |
|  **Total return<sup>(d)</sup>** | 3.70% | 7.53% | 1.38% | (4.09)% | 1.00% |
|  Net assets, end of period (in 000s) | $264 | $327 | $327 | $306 | $350 |
|  Ratio of net expenses to average net assets | 0.45% | 0.42% | 0.39% | 0.38% | 0.38 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.71% | 0.65% | 0.60% | 0.62% | 0.91 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets | 3.90% | 4.57% | 3.25% | (0.02)% | (0.36)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on March 29, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than $0.005 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and period ended August 31, 2021, respectively.

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

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS STRATEGIC VOLATILITY PREMIUM FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Period Ended**<br> **August 31, 2021<sup>(a)</sup>** |
|  | <br> **2025** | <br> **2024** | <br> **2023** | <br> **2022** | **Period Ended**<br> **August 31, 2021<sup>(a)</sup>** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of period | $10.02 | $9.71 | $9.66 | $10.10 | $10.00 |
|  Net investment income (loss)<sup>(b)</sup> | 0.38 | 0.45 | 0.31 | — <sup>(c)</sup> | (0.01) |
|  Net realized and unrealized gain (loss) | (0.04) | 0.27 | (0.19) | (0.40) | 0.11 |
|  Total from investment operations | 0.34 | 0.72 | 0.12 | (0.40) | 0.10 |
|  Distributions to shareholders from net investment income | (0.59) | (0.41) | (0.07) |  |  |
|  Distributions to shareholders from net realized gains |  |  |  | (0.04) |  |
|  Total distributions | (0.59) | (0.41) | (0.07) | (0.04) |  |
|  Net asset value, end of period | $9.77 | $10.02 | $9.71 | $9.66 | $10.10 |
|  **Total return<sup>(d)</sup>** | 3.71% | 7.65% | 1.39% | (4.09)% | 1.00% |
|  Net assets, end of period (in 000s) | $508359 | $444286 | $443639 | $511763 | $422570 |
|  Ratio of net expenses to average net assets | 0.44% | 0.41% | 0.38% | 0.37% | 0.37 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.71% | 0.64% | 0.59% | 0.60% | 0.79 %<sup>(e)</sup> |
|  Ratio of net investment income (loss) to average net assets | 3.88% | 4.58% | 3.23% | 0.05% | (0.35)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> | — %<sup>(g)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on March 29, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount is less than ($0.005) per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) There were either no long-term purchases or no long term sales for the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and period ended August 31, 2021, respectively.

&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 TACTICAL TILT OVERLAY 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;

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.96 | $10.81 | $10.51 | $10.66 | $10.20 |
|  Net investment income (loss)<sup>(a)</sup> | 0.39 | 0.49 | 0.39 | 0.05 | (0.02) |
|  Net realized and unrealized gain (loss) | (0.02) | 0.23 | — <sup>(b)</sup> | 0.01 | 0.95 |
|  Total from investment operations | 0.37 | 0.72 | 0.39 | 0.06 | 0.93 |
|  Distributions to shareholders from net investment income | (0.54) | (0.57) | (0.09) | (0.21) | (0.47) |
|  Net asset value, end of year | $10.79 | $10.96 | $10.81 | $10.51 | $10.66 |
|  **Total return<sup>(c)</sup>** | 3.61% | 6.81% | 3.82% | 0.49% | 9.43% |
|  Net assets, end of year (in 000s) | $10937 | $15795 | $26750 | $21588 | $6105 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.72% | 0.73% | 0.71% | 0.68% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.77% | 0.77% | 0.77% | 0.77% | 0.78% |
|  Ratio of net investment income (loss) to average net assets | 3.65% | 4.52% | 3.69% | 0.47% | (0.15)% |
|  Portfolio turnover rate<sup>(e)</sup> | 143% | 41% | 150% | 61% | 60% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Affiliated 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 TACTICAL TILT OVERLAY 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;

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.59 | $10.46 | $10.17 | $10.33 | $9.91 |
|  Net investment income (loss)<sup>(a)</sup> | 0.38 | 0.47 | 0.38 | 0.02 | (0.01) |
|  Net realized and unrealized gain (loss) | (0.02) | 0.23 | — <sup>(b)</sup> | 0.03 | 0.92 |
|  Total from investment operations | 0.36 | 0.70 | 0.38 | 0.05 | 0.91 |
|  Distributions to shareholders from net investment income | (0.54) | (0.57) | (0.09) | (0.21) | (0.49) |
|  Net asset value, end of year | $10.41 | $10.59 | $10.46 | $10.17 | $10.33 |
|  **Total return<sup>(c)</sup>** | 3.67% | 6.86% | 3.74% | 0.49% | 9.48% |
|  Net assets, end of year (in 000s) | $602186 | $620690 | $583578 | $573866 | $1054147 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.71% | 0.72% | 0.70% | 0.67% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.76% | 0.76% | 0.76% | 0.76% | 0.77% |
|  Ratio of net investment income (loss) to average net assets | 3.64% | 4.51% | 3.68% | 0.23% | (0.09)% |
|  Portfolio turnover rate<sup>(e)</sup> | 143% | 41% | 150% | 61% | 60% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Affiliated 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 TACTICAL TILT OVERLAY 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;

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.59 | $10.46 | $10.17 | $10.33 | $9.91 |
|  Net investment income (loss)<sup>(a)</sup> | 0.37 | 0.47 | 0.38 | 0.04 | (0.01) |
|  Net realized and unrealized gain (loss) | (0.01) | 0.23 | — <sup>(b)</sup> | 0.01 | 0.92 |
|  Total from investment operations | 0.36 | 0.70 | 0.38 | 0.05 | 0.91 |
|  Distributions to shareholders from net investment income | (0.54) | (0.57) | (0.09) | (0.21) | (0.49) |
|  Net asset value, end of year | $10.41 | $10.59 | $10.46 | $10.17 | $10.33 |
|  **Total return<sup>(c)</sup>** | 3.67% | 6.86% | 3.75% | 0.49% | 9.47% |
|  Net assets, end of year (in 000s) | $4106766 | $4064931 | $4080082 | $3951830 | $3037227 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.71% | 0.72% | 0.70% | 0.67% | 0.69% |
|  Ratio of total expenses to average net assets<sup>(d)</sup> | 0.76% | 0.76% | 0.76% | 0.76% | 0.77% |
|  Ratio of net investment income (loss) to average net assets | 3.64% | 4.51% | 3.67% | 0.37% | (0.08)% |
|  Portfolio turnover rate<sup>(e)</sup> | 143% | 41% | 150% | 61% | 60% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Affiliated 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 ALLOCATION FUNDS

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

Notes to Financial Statements *August 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 Global Managed Beta Fund | Institutional | Diversified |
| Goldman Sachs Strategic Factor Allocation Fund | Institutional and P | Diversified |
| Goldman Sachs Strategic Volatility Premium Fund | Institutional and P | Diversified |
| Goldman Sachs Tactical Tilt Overlay Fund | Institutional, R6 and P | Diversified |

---

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to each of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay 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. Basis of Consolidation for Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund — Cayman Commodity-SFA, LLC., Cayman Commodity-SVP, LLC., and Cayman Commodity-TTIF, LLC., (each a "Subsidiary" and collectively, the "Subsidiaries"), Cayman Islands exempted companies, are currently wholly-owned subsidiaries of the Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay 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 August 31, 2025, the Fund and Subsidiary net assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fund Net Assets** | **Subsidiary Net Assets** | **% Represented by Subsidiary's Net Assets** |
| Goldman Sachs Strategic Factor Allocation Fund | $2348902848 | $5350525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2% |
| Goldman Sachs Strategic Volatility Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp;509048951 | 5348836 | 1.1 |
| Goldman Sachs Tactical Tilt Overlay Fund | 4719888740 | 622356184 | 13.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Valuation — Each Fund's valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;C. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is

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

**50**

------

GOLDMAN SACHS ALLOCATION 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)

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. For the Global Managed Beta and Tactical Tilt Overlay Funds, 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 Statement 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 a Fund's 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 Fund as a reduction to the cost basis of the REIT.

Distributions from master limited partnerships ("MLPs") are generally recorded based on the characterization reported on the MLP's tax return. A Fund records its pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly. 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 Statement of Assets and Liabilities and 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. For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;D. Class Allocations and Expenses for Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund and Strategic Volatility Premium Fund — 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 Transfer Agency fees.

&nbsp;&nbsp;&nbsp;&nbsp;E. Expenses for Global Managed Beta Fund — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;F. 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:

---

| | | |
|:---|:---|:---|
|  | **Investment Income Dividends** | **Capital Gains Distributions** |
| **Fund** | **Declared/Paid** | **Declared/Paid** |
| Global Managed Beta Fund | Annually | Annually |
| Strategic Factor Allocation Fund | Annually | Annually |
| Strategic Volatility Premium Fund | Quarterly | Annually |
| Tactical Tilt Overlay Fund | Annually | Annually |

---

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Tactical Tilt Overlay Fund is required to increase its taxable income by its share of the Subsidiary's income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

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

**51**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *August 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)

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 Fund's net assets on the Statement of Assets and Liabilities and Consolidated Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;G. 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 Statement of Operations and Consolidated Statements of Operations within net change in unrealized gain (loss) on foreign currency translations. 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;H. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("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

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

**52**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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.

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

**53**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *August 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)

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 Statement of Assets and Liabilities and 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 Schedule and 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.

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

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

**54**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

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 *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 August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA 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 | $2633275 | $34001253 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 192516 | 7510363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2689646 | 80799550 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 360805570 | 7383275 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 974327 | 400332 |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 65229094 |  |  |
|  Securities Lending Reinvestment Vehicle | 1744170 |  |  |
|  Preferred Stocks |  | 246900 |  |
|  Exchange Traded Funds | 3402921843 |  |  |
|  Investment Company | 255818382 |  |  |
|  **Total** | $4093008823 | $130341673 | $592 |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $6464054 | $— |
|  Futures Contracts<sup>(b)</sup> | 53889296 |  |  |
|  Purchased Option Contracts | 58196869 | 1581279 |  |
|  **Total** | $112086165 | $8045333 | $— |

---

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

**55**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *August 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)

---

| | | | |
|:---|:---|:---|:---|
| **GLOBAL MANAGED BETA FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(7321859) | $— |
|  Futures Contracts<sup>(b)</sup> | (20402) |  |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | (1302324) |  |
|  Written Option Contracts | (885954) | (210836) |  |
|  **Total** | $(906356) | $(8835019) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC FACTOR ALLOCATION FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $1427094038 | $— | $— |
|  Investment Company | 756575800 |  |  |
|  **Total** | $2183669838 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $3409225 | $— |
|  Futures Contracts<sup>(a)</sup> | 41087456 |  |  |
|  Purchased Option Contracts | 25177821 |  |  |
|  **Total** | $66265277 | $3409225 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(2011578) | $— |
|  Futures Contracts<sup>(a)</sup> | (422923) |  |  |
|  Written Option Contracts | (1726023) |  |  |
|  **Total** | $(2148946) | $(2011578) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

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

**56**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **STRATEGIC VOLATILITY PREMIUM FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $325166830 | $— | $— |
|  Investment Companies | 162286084 |  |  |
|  **Total** | $487452914 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $369456 | $— | $— |
|  Purchased Option Contracts | 316128 |  |  |
|  **Total** | $685584 | $— | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup> | $(3730) | $— | $— |
|  Written Option Contracts | (193555) |  |  |
|  **Total** | $(197285) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

---

| | | | |
|:---|:---|:---|:---|
| **TACTICAL TILT OVERLAY FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $374853243 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 142271499 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 12742596 |  |
|  Securities Lending Reinvestment Vehicle | 23679814 |  |  |
|  Exchange Traded Funds | 515675760 |  |  |
|  Investment Companies | 895154565 |  |  |
|  Short-term Investments |  | 2671796864 |  |
|  **Total** | $1951634881 | $2684539460 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $1865889 | $— |
|  Futures Contracts<sup>(a)</sup> | 10419155 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup> |  | 337840 |  |
|  Total Return Swap Contracts<sup>(a)</sup> |  | 4840810 |  |
|  Purchased Option Contracts |  | 21140315 |  |
|  **Total** | $10419155 | $28184854 | $— |

---

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

**57**

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GOLDMAN SACHS ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *August 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)

---

| | | | |
|:---|:---|:---|:---|
| **TACTICAL TILT OVERLAY FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup> | $— | $(2872084) | $— |
|  Futures Contracts<sup>(a)</sup> | (1477584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Interest Rate Swap Contracts<sup>(a)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (881245) |  |
|  Written Option Contracts |  | (11953111) |  |
|  **Total** | $(1477584) | $(15706440) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedule and Consolidated 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 August 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Managed Beta Fund** | **Global Managed Beta Fund** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets** | **Statement of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value | $7837934 | Payable for unrealized loss on forward foreign currency exchange contracts | $(7321859) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 54096695 <sup>(a)</sup> | Variation margin on futures contracts; Payable for unrealized loss on swap contracts; Written options, at value | (2419516)<sup>(a)(b)</sup> |
| Interest rate | Purchased options, at value | 58196869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** |  | $120131498 |  | $(9741375) |
| **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and<br>Liabilities** | **Assets** | **Consolidated Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $3409225 | Payable for unrealized loss on forward foreign currency exchange contracts | $(2011578) |
| Equity | Variation margin on futures contracts; Purchased options, at value | 39270559 <sup>(a)</sup> | Written options, at value | (1567272) |
| Interest rate | Variation margin on futures contracts; Purchased options, at value | 26994718 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (581674)<sup>(a)</sup> |
|  **Total** |  | $69674502 |  | $(4160524) |

---

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

**58**

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GOLDMAN SACHS ALLOCATION 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;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and Liabilities** | **Assets** | **Consolidated Statements of Assets and Liabilities** | **Liabilities** |
| Equity | Variation margin on futures contracts; Purchased options, at value | $123142 <sup>(a)</sup> | Written options, at value | $(159043) |
| Interest rate | Variation margin on futures contracts; Purchased options, at value | 562442 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (38242)<sup>(a)</sup> |
|  **Total** |  | $685584 |  | $(197285) |
| **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** |  |  |  |
| **Risk** | **Consolidated Statements of Assets and<br>Liabilities** | **Assets** | **Consolidated Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; Purchased options, at value | $2704236 | Payable for unrealized loss on forward foreign currency contracts; Written options, at value | $(3070055) |
| Equity | Variation margin on futures contracts; Receivable for unrealized gain on swap contracts; Purchased options, at value | 20685864 <sup>(a)</sup> | Variation margin on futures contracts; Written options, at value | (9676724)<sup>(a)</sup> |
| Interest rate | Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value | 15213909 <sup>(a)</sup> | Variation margin on swap contracts; Written options, at value | (4437245) |
|  **Total** |  | $38604009 |  | $(17184024) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedule and Consolidated Schedules of Investments. Only current day's variation margin is reported within the Statement and Consolidated Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aggregate of amounts include $1,196,290 for Global Managed Beta 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 August 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**59**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *August 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)

gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statement and Consolidated Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Global Managed Beta Fund** | **Global Managed Beta Fund** |  |  |
| **Risk** | **Statement 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 | $(44158416) | $22001868 |
| 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 | 33426083 | 14446370 |
| Interest rate | Net realized gain (loss) from purchased options/Net change in unrealized gain (loss) on purchased options | (28042851) | (8963115) |
|  **Total** |  | $(38775184) | $27485123 |
| **Strategic Factor Allocation Fund** | **Strategic Factor Allocation Fund** |  |  |
| **Risk** | **Consolidated 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/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $(11592853) | $12952839 |
| Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | 129626768 | (30167090) |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | (57753712) | 404338 |
|  **Total** |  | $60280203 | $(16809913) |
| **Strategic Volatility Premium Fund** | **Strategic Volatility Premium Fund** |  |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | $2129569 | $18491 |
| Interest rate | Net realized gain (loss) from futures contracts, purchased options and written options/Net change in unrealized gain (loss) on futures contracts, purchased options and written options | (4690217) | 1132599 |
|  **Total** |  | $(2560648) | $1151090 |

---

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

**60**

------

GOLDMAN SACHS ALLOCATION 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;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Tactical Tilt Overlay Fund** | **Tactical Tilt Overlay Fund** |  |  |
| **Risk** | **Consolidated Statements of Operations** | **Net Realized Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency contracts; purchased options and written options/Net change in unrealized gain (loss) on forward foreign currency contracts; purchased options and written options | $(764550) | $1693726 |
| 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 | 13250249 | 1858930 |
| Interest rate | 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 | (38446037) | 10006842 |
|  **Total** |  | $(25960338) | $13559498 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<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** |
|  Global Managed Beta Fund | 4552 | $861359022 | $85788532 | 589774899 | $— | 82372 | $— |
|  Strategic Factor Allocation Fund | 17385 | 593722711 |  | 67972634 |  | 8970450 |  |
|  Strategic Volatility Premium Fund | 3317 |  |  | 1298950 |  | 1561400 |  |
|  Tactical Tilt Overlay Fund | 20851 | 328792952 | 659662651 | 132234826 | 479309361 | 95539223 | 697814584 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent 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 volume for this derivative type, for the months that each Fund held such derivatives during the fiscal year ended August 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 each Fund, 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;

**61**

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

Notes to Financial Statements (continued) *August 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)

For the fiscal year ended August 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**  | | |
| **Fund** | **First<br>$2 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate<sup>\*^</sup>** |
|  Global Managed Beta Fund | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.22% |
|  Strategic Factor Allocation Fund | 0.75 | 0.68 | 0.64 | 0.62 | 0.74 | 0.69<sup>(a)</sup> |
|  Strategic Volatility Premium Fund | 0.50 | 0.45 | 0.43 | 0.42 | 0.50 | 0.35<sup>(a)</sup> |
|  Tactical Tilt Overlay Fund | 0.75 | 0.68 | 0.64 | 0.62 | 0.71 | 0.68<sup>(a)</sup> |

---

\* GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Fund invests through at least December 29, 2025. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. 

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreements as defined below after waivers.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"). The Strategic Volatility Premium Fund invests in Institutional Shares of the Goldman Sachs Financial Square Treasury Instruments Fund. The Global Managed Beta Fund invests in each of the Goldman Sachs ActiveBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF, Goldman Sachs MarketBeta Russell 1000 Value Equity ETF and the Goldman Sachs MarketBeta US Equity ETF, and the Tactical Tilt Overlay Fund invests in Goldman Sachs Energy Infrastructure Fund and Goldman Sachs MLP Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2025, GSAM waived $3,171,149, $1,285,424, $269,740 and $2,204,830 of the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds' management fees, respectively.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.40% as an annual percentage rate of the Strategic Volatility Premium Fund's average daily net assets. This arrangement will remain in effect at least through December 29, 2025. For the fiscal year ended August 31, 2025, GSAM waived $480,038 of the Strategic Volatility Premium Fund's management fee. GSAM also provides management services to the Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds' Subsidiaries pursuant to Subsidiary Management Agreements (each, a "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary's average daily net assets. In consideration of each Subsidiary's management fee, and for as long as each Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds' management fee in an amount equal to the management fee accrued and paid to GSAM by each Subsidiary under each Subsidiary Agreement. For the fiscal year ended August 31, 2025, GSAM waived $21,970, $21,967 and $2,552,978 of the Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Fund's management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. 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 of 0.04% of the average daily net assets of Institutional Shares for the Tactical Tilt Overlay Fund, Strategic Factor Allocation Fund

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

**62**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

and Strategic Volatility Premium Fund, 0.02% of the average daily net assets of Institutional Shares for the Global Managed Beta Fund, 0.03% of the average daily net assets of Class R6 Shares for the Tactical Tilt Overlay Fund and 0.03% of the average daily net assets of Class P Shares for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund.

&nbsp;&nbsp;&nbsp;&nbsp;C. 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 the Funds. 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 Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds are 0.204%, 0.164%, 0.064% and 0.164%, respectively. These Other Expense limitations will remain in place through at least December 29, 2025 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 August 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other**<br> **Expense**<br> **Reimbursements** | **Total**<br> **Expense<br>Reductions** |
|  Global Managed Beta Fund | $3171149 | $— | $3171149 |
|  Strategic Factor Allocation Fund | 1307394 | 198976 | 1506370 |
|  Strategic Volatility Premium Fund | 771745 | 543838 | 1315583 |
|  Tactical Tilt Overlay Fund | 4757808 | 91089 | 4848897 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Line of Credit Facility — As of August 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 August 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;E. Other Transactions with Affiliates — For the fiscal year ended August 31, 2025, Goldman Sachs earned $1,099 and $233,555 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Global Managed Beta and Tactical Tilt Overlay Funds, respectively.

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

**63**

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GOLDMAN SACHS ALLOCATION FUNDS

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

Notes to Financial Statements (continued) *August 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)

The tables below show the transactions in and earnings from investments in the Underlying Funds for the fiscal year ended August 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** | **Goldman Sachs Global Managed Beta Fund** |
| **Underlying Fund** | **Market**<br> **Value as of**<br> **8/31/24** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Net**<br> **Realized**<br> **Gain/(Loss)** | **Change In<br>Unrealized<br>Gain/(Loss)** | **Market**<br> **Value as of**<br> **August 31, 2025** | **Shares as of**<br> **August 31, 2025** | **Dividend**<br> **Income** |
|  Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $47673045 | $26147098 | $(30519577) | $892283 | $7578181 | $51771030 | 1345401 | $597952 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 215810091 | 1572293947 | (1532285656) |  |  | 255818382 | 255818382 | 10132912 |
|  Goldman Sachs MarketBeta International Equity ETF | 565976472 | 84651134 | (152191817) | 7579437 | 48490220 | 554505446 | 8455379 | 15965898 |
|  Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF | 266945431 | 53879090 | (154844850) | 18442246 | 19647265 | 204069182 | 3383250 | 1451512 |
|  Goldman Sachs MarketBeta Russell 1000 Value Equity ETF | 493658397 | 49317314 | (222374357) | 14789200 | 5753892 | 341144446 | 6590966 | 8547954 |
|  Goldman Sachs MarketBeta U.S. Equity ETF | 962813789 | 482003368 | (455352756) | 1185144 | 147708768 | 1138358313 | 12756859 | 12689961 |
|  **Total** | $2552877225 | $2268291951 | $(2547569013) | $42888310 | $229178326 | $2545666799 |  | $49386189 |

---

#### Goldman Sachs Strategic Factor Allocation Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **8/31/24** | **Purchases**<br> **at Cost** | **Proceeds<br>from Sales** | **Market**<br> **Value as of**<br> **August 31, 2025** | **Shares as of**<br> **August 31, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | $1408271148 | $3558052361 | $(4209747709) | $756575800 | 756575800 | $35890064 |

---

#### Goldman Sachs Strategic Volatility Premium Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Market**<br> **Value as of**<br> **8/31/24** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Market**<br> **Value as of**<br> **August 31, 2025** | **Shares as of**<br> **August 31, 2025** | **Dividend<br>Income** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | $5101449 | $607915 | $(286221) | $5423143 | 5423143 | $230592 |
|  Goldman Sachs Financial Square Treasury Instruments Fund — Institutional Shares | 132716299 | 788398722 | (764252080) | 156862941 | 156862941 | 6302064 |
|  **Total** | $137817748 | $789006637 | $(764538301) | $162286084 |  | $6532656 |

---

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

**64**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

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

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

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

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** | **Goldman Sachs Tactical Tilt Overlay Fund** |
| **Underlying Fund** | **Market<br>Value as of<br>8/31/24** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain/(Loss)** | **Change In<br>Unrealized<br>Gain/(Loss)** | **Market<br>Value as of<br>August 31, 2025** | **Shares as of<br>August 31, 2025** | **Dividend<br>Income** | **Capital** <br> **Gain<br>Distributions** |
|  Goldman Sachs Access Treasury 0-1 Year ETF | $— | $140952993 | $— | $— | $391408 | $141344401 | 1410482 | $966561 | $— |
|  Goldman Sachs Energy Infrastructure Fund — Class R6 | 24942235 | 3572147 | (7574477) | 2617461 | (1700857) | 21856509 | 1565653 | 793896 | 2778252 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | 1567406812 | 3319459784 | (4018377078) |  |  | 868489518 | 868489518 | 52173375 |  |
|  Goldman Sachs MLP Energy Infrastructure Fund — Class R6 | 4337646 | 305172 |  |  | 165720 | 4808538 | 124865 | 305172 |  |
|  **Total** | $1596686693 | $3464290096 | $(4025951555) | $2617461 | $(1143729) | $1036498966 |  | $54239004 | $2778252 |

---

&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 August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases of<br>U.S. Government and<br>Agency Obligations** | **Purchases** | **Sales and<br>Maturities of<br>U.S. Government and<br>Agency Obligations** | **Sales and<br>Maturities** |
|  Global Managed Beta 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;— | $1191662440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1652586927 |
|  Tactical Tilt Overlay Fund | 579482395 | 705853764 | 701213566 | 309159961 |

---

For the fiscal year ended August 31, 2025, there were no purchases and proceeds from sales and maturities of long-term securities for the Strategic Factor Allocation and Strategic Volatility Premium Funds, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING

The Global Managed Beta Fund and Tactical Tilt Overlay Fund may lend their securities through a securities lending agent, the Bank of New York Mellon ("BNYM"), to certain qualified borrowers. 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 Statement and/or

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

**65**

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

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 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, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statement and Consolidated Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2025, are reported under Investment Income on the Statement and Consolidated Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended August 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Beginning<br>Value as of<br>August 31, 2024** | **Purchases**<br> **at cost** | **Proceeds**<br> **from Sales** | **Ending**<br> **Value as of<br>August 31, 2025** | **Shares as of<br>August 31, 2025** |
|  Global Managed Beta Fund | $— | $116158005 | $(114413835) | $1744170 | 1744170 |
|  Tactical Tilt Overlay Fund | 32982945 | 735978575 | (745281706) | 23679814 | 23679814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund** | **Strategic Volatility<br>Premium Fund** | **Tactical Tilt<br>Overlay Fund** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $227989703 | $149871292 | $28685225 | $239985693 |
|  Net long-term capital gains | 162162440 | 94904831 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $390152143 | $244776123 | $28685225 | $239985693 |

---

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

**66**

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GOLDMAN SACHS ALLOCATION 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;8. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund** | **Strategic Volatility<br>Premium Fund** | **Tactical Tilt<br>Overlay Fund** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary income | $54313580 | $72607576 | $18418927 | $248537198 |

---

As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund** | **Strategic Volatility<br>Premium Fund** | **Tactical Tilt<br>Overlay Fund** |
|  Undistributed ordinary income — net | $104823660 | $67579236 | $3448597 | $120078257 |
|  Undistributed long-term capital gains | 78381312 | 25285277 |  |  |
|  Total Undistributed Earnings | $183204972 | $92864513 | $3448597 | $120078257 |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term |  |  | (7969599) | (105434777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  |  | (11962910) |  |
|  Total capital loss carryforwards |  |  | (19932509) | (105434777) |
|  Timing differences(Late Year Ordinary Loss Deferral and Straddle Loss Deferral) | $(76365016) | $(2547295) | $— | $(22809243) |
|  Unrealized gains (loss) — net | 1071097360 | 138717 | 85441 | 19043186 |
|  Total accumulated earnings (loss) net | $1177937316 | $90455935 | $(16398471) | $10877423 |

---

As of August 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed<br>Beta Fund** | **Strategic Factor<br>Allocation Fund** | **Strategic Volatility<br>Premium Fund** | **Tactical Tilt<br>Overlay Fund** |
|  Tax Cost | $3264494440 | $2252109212 | $488210317 | $4657045716 |
|  Gross unrealized gain | 1091349962 | 10314915 | 85441 | 34466909 |
|  Gross unrealized loss | (20252602) | (10176198) |  | (15423723) |
|  Net unrealized gain | $1071097360 | $138717 | $85441 | $19043186 |

---

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 and swap transactions.

The Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds reclassed $32,577, $3,761 and $8,753, respectively, from distributable earnings to paid in capital for the fiscal year ended August 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 each Fund's 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 each Fund's 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;

**67**

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

Notes to Financial Statements (continued) *August 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

The Funds' risks include, but are not limited to, the following:

Asset Allocation Risk — The Fund's allocations to the various asset classes may cause the Funds to underperform other funds with a similar investment objective.

Commodity Sector Risk — Exposure to the commodities markets may subject a Fund to greater volatility than investments in more traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, business, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked investments in which the Subsidiaries enter into may involve counterparties in the financial services sector, and events affecting the financial services sector may cause the Subsidiaries', and therefore a Funds', share values to fluctuate.

Counterparty Risk — Many of the protections afforded to cleared transactions, such as the security afforded by transacting through a clearing house, might not be available in connection with OTC transactions. Therefore, in those instances in which a Fund enters into uncleared OTC transactions, a Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that a Fund will sustain losses.

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 a Fund. 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.

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 ETFs Risk — The Fund may invest directly in ETFs, including affiliated ETFs. The Fund's investments in ETFs will be subject to the restrictions applicable to investments by an investment company in other investment companies, unless relief is otherwise provided under the terms of an SEC exemptive order or SEC exemptive rule.

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

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

**68**

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GOLDMAN SACHS ALLOCATION 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;9. OTHER RISKS (continued)

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.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

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 a Fund's NAV and dilute remaining investors' interests. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Management Risk — A strategy used by the Investment Adviser may fail to produce the intended results.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. 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.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund's NAV. Furthermore, the premium received from the Fund's option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

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.

Subsidiary Risk — The Subsidiary is not registered under the Act, as amended and is 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 Fund and/or the Subsidiary to operate as described in the Prospectus and the SAI and could adversely affect the Fund.

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

**69**

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

Notes to Financial Statements (continued) *August 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)

Tax Risk — The Strategic Factor Allocation, Strategic Volatility Premium and Tactical Tilt Overlay Funds will seek to gain exposure to the commodity markets primarily through investments in the Subsidiaries and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Code. However, the Tactical Tilt Overlay Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Tactical Tilt Overlay Fund's income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Tactical Tilt Overlay Fund's business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Tactical Tilt Overlay Fund has limited its investments in commodity index-linked structured notes. The Tactical Tilt Overlay Fund has obtained an opinion of counsel that the Fund's income from investments in the Subsidiary should constitute "qualifying income." However, no assurances can be provided that the IRS would not be able to successfully assert that the Tactical Tilt Overlay Fund's income from such investments was not "qualifying income," in which case the Tactical Tilt Overlay Fund would fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Tactical Tilt Overlay Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its 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, Tactical Tilt Overlay Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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

**70**

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Managed Beta Fund**  | **Global Managed Beta Fund**  | **Global Managed Beta Fund**  | **Global Managed Beta Fund**  |
|  | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2024** | **For the Fiscal Year Ended<br>August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 69684183 | $1096687642 | 133623792 | $1924804556 |
|  Reinvestment of distributions | 24998210 | 390152143 | 3816836 | 54313580 |
|  Shares redeemed | (100046828) | (1597082068) | (61823377) | (890367936) |
|  **NET INCREASE** | (5364435) | (110242283) | 75617251 | 1088750200 |
|  | **Strategic Factor Allocation Fund**  | **Strategic Factor Allocation Fund**  | **Strategic Factor Allocation Fund**  | **Strategic Factor Allocation Fund**  |
|  | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2024** | **For the Fiscal Year Ended**<br> **August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 679222 | $8028983 | 91334 | $1073736 |
|  Reinvestment of distributions | 132257 | 1533379 | 44048 | 489814 |
|  Shares redeemed | (407305) | (4928844) | (318582) | (3639227) |
|  | 404174 | 4633518 | (183200) | (2075677) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 27493661 | 313798864 | 23428587 | 267164554 |
|  Reinvestment of distributions | 21253616 | 243242744 | 6568102 | 72117761 |
|  Shares redeemed | (43218698) | (489273557) | (41442327) | (466786141) |
|  | 5528579 | 67768051 | (11445638) | (127503826) |
|  **NET INCREASE (DECREASE)** | 5932753 | $72401569 | (11628838) | $(129579503) |

---

&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;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Strategic Volatility Premium Fund**  | **Strategic Volatility Premium Fund**  | **Strategic Volatility Premium Fund**  | **Strategic Volatility Premium Fund**  |
|  | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2024** | **For the Fiscal Year Ended<br>August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 11158 | $109142 | 9994 | $96386 |
|  Reinvestment of distributions | 2126 | 20354 | 1170 | 11216 |
|  Shares redeemed | (18874) | (182241) | (12251) | (118481) |
|  | (5590) | (52745) | (1087) | (10879) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 13343210 | 130906959 | 7011705 | 68171907 |
|  Reinvestment of distributions | 2990633 | 28664871 | 1919469 | 18407711 |
|  Shares redeemed | (8626585) | (84045873) | (10290175) | (99607205) |
|  | 7707258 | 75525957 | (1359001) | (13027587) |
|  **NET INCREASE (DECREASE)** | 7701668 | $75473212 | (1360088) | $(13038466) |
|  | **Tactical Tilt Overlay Fund**  | **Tactical Tilt Overlay Fund**  | **Tactical Tilt Overlay Fund**  | **Tactical Tilt Overlay Fund**  |
|  | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2024** | **For the Fiscal Year Ended<br>August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 147208 | $1578824 | 260454 | $2795027 |
|  Reinvestment of distributions | 70789 | 731961 | 116399 | 1239650 |
|  Shares redeemed | (646083) | (6857834) | (1410497) | (15165659) |
|  | (428086) | (4547049) | (1033644) | (11130982) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 8428258 | 86115400 | 10845859 | 113098000 |
|  Reinvestment of distributions | 3043923 | 30347909 | 2957734 | 30435080 |
|  Shares redeemed | (12240236) | (125806000) | (10960203) | (113669188) |
|  | (768055) | (9342691) | 2843390 | 29863892 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 68142753 | 701124748 | 57458286 | 595956030 |
|  Reinvestment of distributions | 20953443 | 208905823 | 21075070 | 216862467 |
|  Shares redeemed | (78458934) | (802030321) | (84583238) | (877561129) |
|  | 10637262 | 108000250 | (6049882) | (64742632) |
|  **NET INCREASE (DECREASE)** | 9441121 | $94110510 | (4240136) | $(46009722) |

---

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

**72**

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

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Goldman Sachs Global Managed Beta Fund | Statement of assets and liabilities, including the schedule of investments as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, and the financial highlights for each of the five years in the period ended August 31, 2025.<br>|
| &nbsp;&nbsp;&nbsp;Goldman Sachs Strategic Factor Allocation Fund and its subsidiary, Goldman Sachs Strategic Volatility Premium Fund and its subsidiary, and Goldman Sachs Tactical Tilt Overlay Fund and its subsidiary | Consolidated statement of assets and liabilities, including the consolidated schedule of investments as of August 31, 2025, the related consolidated statement of operations for the year ended August 31, 2025, the consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2025, and the consolidated financial highlights for each of the periods indicated therein. |

---

#### 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 August 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

October 27, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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

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

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

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Global Managed Beta Fund, Goldman Sachs Strategic Factor Allocation Fund, Goldman Sachs Strategic Volatility Premium Fund, and Goldman Sachs Tactical Tilt Overlay Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which the Tactical Tilt Overlay Fund invests (the "Underlying Funds") by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund and the Underlying Funds invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

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

**74**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds, including the fees received by the Investment Adviser's affiliates from the Fund and/or the Underlying Funds for transfer agency, security lending, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and/or the Underlying Funds and broker oversight, an update on the Investment Adviser's soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds, the Underlying Funds, and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds, the Underlying Funds, and the Investment Adviser and its affiliates.

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

**75**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Investment Performance
The Trustees also considered the investment performance of the Funds and the Underlying Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and, with the exception of the Strategic Factor Allocation Fund, updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' and the Underlying Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. For the Strategic Factor Allocation Fund and Strategic Volatility Premium Fund, they noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds.

The Trustees observed that the Global Managed Beta Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and five-year periods, and in the third quartile for the three-year period, and had underperformed the Fund's benchmark index for the one-, three-, and five-year periods ended March 31, 2025. They also considered that the Global Managed Beta Fund had experienced certain portfolio management changes in early 2025. They noted that the Strategic Factor Allocation Fund's Institutional Shares had placed in the top half of the Fund's peer group and had outperformed the Fund's benchmark index for the one-, three-, and five-year periods ended December 31, 2024. They observed that the Strategic Factor Allocation Fund had experienced certain portfolio management changes in 2022 and 2024. The Trustees considered that the Strategic Volatility Premium Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-year period and in the third quartile for the three-year period, and had outperformed the Fund's benchmark index for the one- and three-year periods ended March 31, 2025. They noted that the Strategic Volatility Premium Fund had experienced certain portfolio management changes in 2022 and 2024. The Trustees observed that the Tactical Tilt Overlay Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and three-year periods, in the third quartile for the five-year period, and in the fourth quartile for the ten-year period, and had outperformed the Fund's benchmark index for the five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2025. They noted that the Tactical Tilt Overlay Fund had experienced a benchmark index change in 2021.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and (in the case of the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund, and Tactical Tilt Overlay Fund) breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations with respect to the Funds and the Underlying Funds. The Trustees noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to each Fund's wholly-owned subsidiary. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many

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

**76**

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GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. For the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund and Tactical Tilt Overlay Fund, the Trustees also considered the breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of each Fund:

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| | | | |
|:---|:---|:---|:---|
|  | **Strategic Factor** | **Strategic Volatility** | **Tactical Tilt** |
| **Average Daily Net Assets**<br>| **Allocation Fund** | **Premium Fund** | **Overlay Fund** |
|  First $2 billion | 0.75% | 0.50% | 0.75% |
|  Next $3 billion | 0.68 | 0.45 | 0.68 |
|  Next $3 billion | 0.64 | 0.43 | 0.64 |
|  Over $8 billion | 0.62 | 0.42 | 0.62 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertaking to waive a portion of its management fee for the Strategic Volatility Premium Fund and to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints for the Strategic Factor Allocation Fund, Strategic Volatility Premium Fund, and Tactical Tilt Overlay Fund represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Strategic Factor Allocation Fund and the Tactical Tilt Overlay Fund, each of which had asset levels above at least the first breakpoint during the prior fiscal year. The Trustees also considered the services provided to the Tactical Tilt Overlay Fund under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser's finding that the management fees payable by the Fund were not duplicative of the management fees paid at the Underlying Fund level.

With respect to the Global Managed Beta Fund, the Trustees noted that the Fund does not have management fee breakpoints. They considered the asset levels in the Fund; the Fund's recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser's undertaking to limit certain expenses of the Fund that exceed a specified level.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures

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

**77**

------

GOLDMAN SACHS ALLOCATION FUNDS

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

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

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

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

transactions on behalf of the Funds and certain Underlying Funds; (c) in the case of the Global Managed Beta Fund and Tactical Tilt Overlay Fund, research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds and certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds or Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser as securities lending agent for certain of the Tactical Tilt Overlay Fund's Underlying Funds and, for the Tactical Tilt Overly Fund and Global Managed Beta Fund, fees earned by the Investment Adviser for managing the fund in which each Fund's and certain Underlying Funds' securities lending cash collateral is invested; (f) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs' retention of certain fees as Fund Distributor; (i) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds and the Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds' and the Underlying Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds and/or the Underlying Funds (as applicable) receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds and/or the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds and the Underlying Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' and the Underlying Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

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

**78**

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

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**Goldman Sachs Trust – Allocation Funds - Tax Information (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended August 31, 2025, 6.49% and 0.85% of the dividends paid from net investment company taxable income by the Global Managed Beta and Tactical Tilt Overlay Funds qualify for the dividends received deduction available to corporations. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 852 of the Internal Revenue Code, the Global Managed Beta and Strategic Factor Allocation funds designate $162,162,440 and $94,904,831 respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2025. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From distributions paid during the fiscal year ended August 31, 2025, the total amount of income received by the Global Managed Beta Fund from sources within foreign countries and possessions of the United States was $0.1560 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Global Managed Beta Fund was 32.49%. The total amount of taxes paid by the Global Managed Beta Fund to such countries was $0.0203. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended August 31, 2025, the Global Managed Beta and Tactical Tilt Overlay Funds designate 25.90% and 1.56%, respectively, of the dividends paid from net investment company taxable income as qualifying 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; During the fiscal year ended August 31, 2025, the Global Managed Beta, Strategic Factor Allocation funds designate $161,640,298 and $63,282,742 respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the year ended August 31, 2025, 0.05% and 0.06% of the dividends paid from net investment company taxable income by the Global Managed Beta and Tactical Tilt Overlay Funds qualify as section 199A dividends. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended August 31, 2025, the Global Managed Beta, Strategic Factor Allocation, Strategic Volatility Premium, and Tactical Tilt Overlay Funds designate 4.14%, 53.16%, 64.82%, and 57.75%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends. |

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

**79**

------

![LOGO](g74951dsp082.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Principal Dwight L. Bush Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary 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

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

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.

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| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on August 26, 2022.](http://www.sec.gov/Archives/edgar/data/822977/000119312522230661/d320037dex99code.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d74951dex99cert.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.](d74951dex99906cert.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: | November 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | November 4, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust |
| Date: | November 4, 2025 |

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## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 4, 2025

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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: November 4, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

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## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended August 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: November 4, 2025 | Date: November 4, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.