# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001193125-25-264139
**Filing Date:** 2025-11
**Character Count:** 2160479
**Document Hash:** 5ea398a909cc0243546f9353199db5ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264139.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264139

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 129

**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:** 251447706

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

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

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

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

## Series and Classes Contracts Data

### Goldman Sachs Large Cap Equity Fund (Series ID: S000009315)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025453 | Institutional   | GSPIX           |
| C000025454 | Service         | GSPSX           |
| C000025455 | Class A         | GSCGX           |
| C000025457 | Class C         | GSPCX           |
| C000055743 | Class R         | GSPRX           |
| C000055744 | Investor Shares | GSPTX           |
| C000159652 | Class R6 Shares | GSPUX           |
| C000201801 | Class P Shares  | GGGPX           |

### Goldman Sachs Equity Income Fund (Series ID: S000009316)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025459 | Institutional   | GSIIX           |
| C000025460 | Service         | GSGSX           |
| C000025461 | Class A         | GSGRX           |
| C000025463 | Class C         | GSGCX           |
| C000055745 | Class R         | GRGRX           |
| C000055746 | Investor Shares | GRGTX           |
| C000159653 | Class R6 Shares | GRGUX           |
| C000201802 | Class P Shares  | GABPX           |

### Goldman Sachs Large Cap Value Fund (Series ID: S000009317)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025465 | Institutional   | GSLIX           |
| C000025466 | Service         | GSVSX           |
| C000025467 | Class A         | GSLAX           |
| C000025469 | Class C         | GSVCX           |
| C000055747 | Class R         | GSVRX           |
| C000055748 | Investor Shares | GSVTX           |
| C000159654 | Class R6 Shares | GSVUX           |
| C000201803 | Class P Shares  | GMYPX           |

### Goldman Sachs Strategic Growth Fund (Series ID: S000009318)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025471 | Institutional   | GSTIX           |
| C000025472 | Service         | GSTSX           |
| C000025473 | Class A         | GGRAX           |
| C000025475 | Class C         | GGRCX           |
| C000055749 | Class R         | GSTRX           |
| C000055750 | Investor Shares | GSTTX           |
| C000159655 | Class R6 Shares | GGRUX           |
| C000201804 | Class P Shares  | GSPPX           |

### Goldman Sachs Mid Cap Value Fund (Series ID: S000009320)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025483 | Institutional   | GSMCX           |
| C000025484 | Service         | GSMSX           |
| C000025485 | Class A         | GCMAX           |
| C000025487 | Class C         | GCMCX           |
| C000055751 | Investor Shares | GCMTX           |
| C000055752 | Class R         | GCMRX           |
| C000159657 | Class R6 Shares | GCMUX           |
| C000201806 | Class P Shares  | GMPPX           |

### Goldman Sachs Mid Cap Growth Fund (Series ID: S000009321)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025489 | Institutional   | GGOIX           |
| C000025490 | Service         | GGOSX           |
| C000025491 | Class A         | GGOAX           |
| C000025493 | Class C         | GGOCX           |
| C000055753 | Class R         | GGORX           |
| C000055754 | Investor Shares | GGOTX           |
| C000161552 | Class R6 Shares | GGOUX           |
| C000200233 | Class P Shares  | GGQPX           |

### Goldman Sachs Small/Mid Cap Growth Fund (Series ID: S000009322)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025495 | Institutional   | GSMYX           |
| C000025496 | Service         | GSMQX           |
| C000025497 | Class A         | GSMAX           |
| C000025499 | Class C         | GSMGX           |
| C000055755 | Class R         | GTMRX           |
| C000055756 | Investor Shares | GTMTX           |
| C000161553 | Class R6 Shares | GTMUX           |
| C000200234 | Class P Shares  | GSWPX           |

### Goldman Sachs Small Cap Value Fund (Series ID: S000009323)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025501 | Institutional   | GSSIX           |
| C000025502 | Service         | GSSSX           |
| C000025503 | Class A         | GSSMX           |
| C000025505 | Class C         | GSSCX           |
| C000055757 | Class R         | GSQRX           |
| C000055758 | Investor Shares | GSQTX           |
| C000159658 | Class R6 Shares | GSSUX           |
| C000201807 | Class P Shares  | GSYPX           |

### Goldman Sachs Technology Opportunities Fund (Series ID: S000009339)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025595 | Institutional   | GITIX           |
| C000025596 | Service         | GITSX           |
| C000025597 | Class A         | GITAX           |
| C000025599 | Class C         | GITCX           |
| C000092626 | Investor Shares | GISTX           |
| C000196989 | Class R6 Shares | GTORX           |
| C000200235 | Class P Shares  | GSJPX           |

### Goldman Sachs Tax-Advantaged Global Equity Portfolio (Series ID: S000018302)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050455 | Institutional   | TIGGX           |
| C000050456 | Class A         | TAGGX           |
| C000196982 | Class R6 Shares | TRGGX           |
| C000201702 | Class P Shares  | GSKPX           |

### Goldman Sachs Enhanced Dividend Global Equity Portfolio (Series ID: S000018303)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050457 | Institutional   | GIDGX           |
| C000050458 | Class A         | GADGX           |
| C000196983 | Class R6 Shares | GRGDX           |
| C000201703 | Class P Shares  | GAFPX           |

### Goldman Sachs Enhanced U.S. Equity Fund (Series ID: S000020773)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000058009 | Class A Shares       | GALLX           |
| C000058010 | Class C Shares       | GCLLX           |
| C000058011 | Institutional Shares | GILLX           |
| C000058012 | Class R Shares       | GRLLX           |
| C000058013 | Investor Shares      | GSLLX           |
| C000159659 | Class R6 Shares      | GFCUX           |
| C000201808 | Class P Shares       | GGZPX           |

### Goldman Sachs Small/Mid Cap Equity Fund (Series ID: S000044015)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000136623 | Class A         | GMVAX           |
| C000136624 | Class C         | GMVCX           |
| C000136625 | Institutional   | GSMVX           |
| C000136626 | Investor Shares | GMVIX           |
| C000136627 | Class R         | GMVRX           |
| C000161556 | Class R6 Shares | GMCUX           |
| C000201810 | Class P Shares  | GSVPX           |

### Goldman Sachs Focused Value Fund (Series ID: S000050285)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000158768 | Class A Shares       | GFVAX           |
| C000158769 | Class C Shares       | GFVCX           |
| C000158770 | Institutional Shares | GFVSX           |
| C000158771 | Investor Shares      | GFVIX           |
| C000158772 | Class R Shares       | GFVRX           |
| C000158773 | Class R6 Shares      | GFVUX           |
| C000201811 | Class P Shares       | GGYPX           |

### Goldman Sachs Small Cap Growth Fund (Series ID: S000061413)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000198881 | Class A Shares       | GSBDX           |
| C000198882 | Class C Shares       | GSBAX           |
| C000198883 | Institutional Shares | GSAJX           |
| C000198884 | Investor Shares      | GSAHX           |
| C000198886 | Class R6 Shares      | GSBEX           |
| C000205965 | Class P Shares       | GSADX           |

?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 Enhanced U.S. Equity Fund, Goldman Sachs Large Cap Equity Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Technology Opportunities Fund, Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Small/Mid Cap Equity Fund, Goldman Sachs Enhanced Dividend Global Equity Portfolio, and Goldman Sachs Tax-Advantaged Global Equity Portfolio is filed herewith.

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Class A: GADGX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $54 | 0.51% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Among the Portfolio's underlying funds, the Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs U.S. Small Cap Insights Fund outperformed their respective benchmark indices.

Top Detractors from Performance:

* Relative to the Enhanced Dividend Global Equity Composite Index, the Portfolio was hurt by its strategic asset allocation.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* As global equity markets recorded double-digit gains, the call writing strategies of two of the Portfolio's underlying funds—the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund—detracted from their performance.

* Another underlying fund, the Goldman Sachs Emerging Markets Equity Insights Fund, underperformed its benchmark index.

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g31t47.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **EDGE Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 | $10000 |
| **8/16** | $10634 | $10049 | $10697 | $10311 | $10737 |
| **8/17** | $11937 | $11280 | $12328 | $10314 | $12571 |
| **8/18** | $13004 | $12289 | $13704 | $10180 | $14054 |
| **8/19** | $12772 | $12070 | $13758 | $10944 | $13853 |
| **8/20** | $13632 | $12882 | $15757 | $11543 | $15992 |
| **8/21** | $17127 | $16185 | $20017 | $11463 | $20807 |
| **8/22** | $15481 | $14630 | $17303 | $10595 | $17428 |
| **8/23** | $17314 | $16362 | $19396 | $10577 | $19752 |
| **8/24** | $20497 | $19369 | $23483 | $11239 | $24219 |
| **8/25** | $22876 | $21618 | $26846 | $11714 | $27973 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 11.61% | 10.90% | 8.62% |
| Class A Including sale charges | 5.50% | 9.66% | 8.01% |
| EDGE Composite Index | 14.32% | 11.24% | 10.37% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 1.59% |
| 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 Enhanced Dividend Global Equity Portfolio

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $471883137 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 17% |
| Total Net Advisory Fees Paid for the Period | $614533 |

---

## 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 1-800-526-7384.

Effective December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 86.1% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 6.3% |

---

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Enhanced Dividend Global Equity Portfolio

38143H167-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Institutional Class: GIDGX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (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 | $20 | 0.19% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Among the Portfolio's underlying funds, the Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs U.S. Small Cap Insights Fund outperformed their respective benchmark indices.

Top Detractors from Performance:

* Relative to the Enhanced Dividend Global Equity Composite Index, the Portfolio was hurt by its strategic asset allocation.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* As global equity markets recorded double-digit gains, the call writing strategies of two of the Portfolio's underlying funds—the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund—detracted from their performance.

* Another underlying fund, the Goldman Sachs Emerging Markets Equity Insights Fund, underperformed its benchmark index.

Goldman Sachs Enhanced Dividend Global Equity Portfolio

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 performance benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g860414g10v31.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **EDGE Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **9/1/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/16** | $1066900 | $1069700 | $1031085 | $1073700 |
| **8/17** | $1201970 | $1232829 | $1031423 | $1257088 |
| **8/18** | $1315556 | $1370413 | $1018046 | $1405424 |
| **8/19** | $1296349 | $1375758 | $1094392 | $1385327 |
| **8/20** | $1389556 | $1575655 | $1154339 | $1599221 |
| **8/21** | $1751535 | $2001712 | $1146253 | $2080747 |
| **8/22** | $1588292 | $1730280 | $1059495 | $1742833 |
| **8/23** | $1782699 | $1939644 | $1057707 | $1975153 |
| **8/24** | $2116777 | $2348327 | $1123882 | $2421933 |
| **8/25** | $2369309 | $2684607 | $1171414 | $2797332 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 11.93% | 11.26% | 9.00% |
| EDGE Composite Index | 14.32% | 11.24% | 10.37% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 1.59% |
| 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 Enhanced Dividend Global Equity Portfolio

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $471883137 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 17% |
| Total Net Advisory Fees Paid for the Period | $614533 |

---

## 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 December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 86.1% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 6.3% |

---

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Enhanced Dividend Global Equity Portfolio

38143H175-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Class R6: GRGDX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (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** |
| R6 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Among the Portfolio's underlying funds, the Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs U.S. Small Cap Insights Fund outperformed their respective benchmark indices.

Top Detractors from Performance:

* Relative to the Enhanced Dividend Global Equity Composite Index, the Portfolio was hurt by its strategic asset allocation.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* As global equity markets recorded double-digit gains, the call writing strategies of two of the Portfolio's underlying funds—the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund—detracted from their performance.

* Another underlying fund, the Goldman Sachs Emerging Markets Equity Insights Fund, underperformed its benchmark index.

Goldman Sachs Enhanced Dividend Global Equity Portfolio

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 performance benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g860414g04x41.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **EDGE Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **12/29/17** | $10000 | $10000 | $10000 | $10000 |
| **8/18** | $10339 | $10378 | $9970 | $10353 |
| **8/19** | $10180 | $10418 | $10718 | $10205 |
| **8/20** | $10923 | $11932 | $11305 | $11781 |
| **8/21** | $13766 | $15159 | $11226 | $15328 |
| **8/22** | $12493 | $13103 | $10376 | $12839 |
| **8/23** | $14017 | $14689 | $10359 | $14550 |
| **8/24** | $16641 | $17784 | $11007 | $17841 |
| **8/25** | $18634 | $20330 | $11472 | $20606 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced December 29, 2017) | 11.98% | 11.27% | 8.44% |
| EDGE Composite Index | 14.32% | 11.24% | 9.68% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 1.81% |
| MSCI ACWI IMI Index (Net, USD, Unhedged) | 15.50% | 11.83% | 9.87% |

---

**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 Enhanced Dividend Global Equity Portfolio

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $471883137 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 17% |
| Total Net Advisory Fees Paid for the Period | $614533 |

---

## 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 December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 86.1% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 6.3% |

---

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Enhanced Dividend Global Equity Portfolio

38148U197-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced Dividend Global Equity Portfolio

# Class P: GAFPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced Dividend Global Equity Portfolio (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 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Among the Portfolio's underlying funds, the Goldman Sachs International Small Cap Insights Fund and the Goldman Sachs U.S. Small Cap Insights Fund outperformed their respective benchmark indices.

Top Detractors from Performance:

* Relative to the Enhanced Dividend Global Equity Composite Index, the Portfolio was hurt by its strategic asset allocation.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* As global equity markets recorded double-digit gains, the call writing strategies of two of the Portfolio's underlying funds—the Goldman Sachs U.S. Equity Dividend and Premium Fund and the Goldman Sachs International Equity Dividend and Premium Fund—detracted from their performance.

* Another underlying fund, the Goldman Sachs Emerging Markets Equity Insights Fund, underperformed its benchmark index.

Goldman Sachs Enhanced Dividend Global Equity Portfolio

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 performance benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g860414g58i88.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **EDGE Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 | $10000 | $10000 |
| **8/18** | $10280 | $10309 | $10073 | $10224 |
| **8/19** | $10131 | $10349 | $10828 | $10078 |
| **8/20** | $10862 | $11853 | $11421 | $11634 |
| **8/21** | $13692 | $15058 | $11341 | $15137 |
| **8/22** | $12424 | $13016 | $10483 | $12679 |
| **8/23** | $13940 | $14591 | $10465 | $14369 |
| **8/24** | $16551 | $17665 | $11120 | $17619 |
| **8/25** | $18535 | $20195 | $11590 | $20350 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 11.99% | 11.27% | 8.72% |
| EDGE Composite Index | 14.32% | 11.24% | 9.99% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 2.02% |
| MSCI ACWI IMI Index (Net, USD, Unhedged) | 15.50% | 11.83% | 10.11% |

---

**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 MSCI ACWI IMI Index (Net, USD, Unhedged).

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $471883137 |
| # of Portfolio Holdings as of Period End | 17 |
| Portfolio Turnover Rate for the Period | 17% |
| Total Net Advisory Fees Paid for the Period | $614533 |

---

## 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 December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 86.1% |
| Exchange-Traded Funds | 5.8% |
| Investment Company | 6.3% |

---

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Enhanced Dividend Global Equity Portfolio

38150B830-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Class A: TAGGX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $59 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Relative to the Tax-Advantaged Global Composite Index, the Portfolio's strategic allocation to equities contributed positively to returns. Specifically, the Portfolio benefited from its strategic underweight in European equities and its strategic overweight in U.S. equities, especially its exposure to U.S. large-cap technology stocks, as U.S. equities outperformed European equities during the annual period.

* The Goldman Sachs International Tax-Managed Equity Fund, one of the two underlying funds in which the Portfolio held its largest weightings, outperformed its benchmark index.

* The Goldman Sachs International Small Cap Insights Fund, another underlying fund, outperformed its benchmark index.

Top Detractors from Performance:

* A strategic underweight in emerging markets equities detracted from the Portfolio's relative performance, as emerging markets equities outperformed U.S. large-cap equities and non-U.S. developed markets equities during the annual period.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* The other underlying fund in which the Portfolio held its largest weightings, the Goldman Sachs U.S. Tax-Managed Equity Fund, underperformed its benchmark index.

* The Goldman Sachs Emerging Markets Equity Insights Fund, another underlying fund, underperformed its benchmark index.

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g92w26.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **TAG Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 | $10000 |
| **8/16** | $10490 | $9913 | $10697 | $10311 | $10737 |
| **8/17** | $12088 | $11423 | $12328 | $10314 | $12571 |
| **8/18** | $13636 | $12886 | $13704 | $10180 | $14054 |
| **8/19** | $12960 | $12247 | $13758 | $10944 | $13853 |
| **8/20** | $14551 | $13751 | $15757 | $11543 | $15992 |
| **8/21** | $18668 | $17641 | $20017 | $11463 | $20807 |
| **8/22** | $16317 | $15420 | $17303 | $10595 | $17428 |
| **8/23** | $18290 | $17284 | $19396 | $10577 | $19752 |
| **8/24** | $22532 | $21292 | $23483 | $11239 | $24219 |
| **8/25** | $25612 | $24203 | $26846 | $11714 | $27973 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 13.67% | 11.96% | 9.85% |
| Class A Including sale charges | 7.42% | 10.70% | 9.23% |
| TAG Composite Index | 14.32% | 11.24% | 10.37% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 1.59% |
| 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 Tax-Advantaged Global Equity Portfolio

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5137955092 |
| # of Portfolio Holdings as of Period End | 15 |
| Portfolio Turnover Rate for the Period | 28% |
| Total Net Advisory Fees Paid for the Period | $6357990 |

---

## 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 1-800-526-7384.

Effective December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 91.5% |
| Exchange-Traded Funds | 0.8% |
| Investment Company | 5.9% |

---

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Tax-Advantaged Global Equity Portfolio

38142B120-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Institutional Class: TIGGX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (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 | $20 | 0.19% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Relative to the Tax-Advantaged Global Composite Index, the Portfolio's strategic allocation to equities contributed positively to returns. Specifically, the Portfolio benefited from its strategic underweight in European equities and its strategic overweight in U.S. equities, especially its exposure to U.S. large-cap technology stocks, as U.S. equities outperformed European equities during the annual period.

* The Goldman Sachs International Tax-Managed Equity Fund, one of the two underlying funds in which the Portfolio held its largest weightings, outperformed its benchmark index.

* The Goldman Sachs International Small Cap Insights Fund, another underlying fund, outperformed its benchmark index.

Top Detractors from Performance:

* A strategic underweight in emerging markets equities detracted from the Portfolio's relative performance, as emerging markets equities outperformed U.S. large-cap equities and non-U.S. developed markets equities during the annual period.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* The other underlying fund in which the Portfolio held its largest weightings, the Goldman Sachs U.S. Tax-Managed Equity Fund, underperformed its benchmark index.

* The Goldman Sachs Emerging Markets Equity Insights Fund, another underlying fund, underperformed its benchmark index.

Goldman Sachs Tax-Advantaged Global Equity Portfolio

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](g860414g46d78.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **TAG Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **9/1/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/16** | $1052400 | $1069700 | $1031085 | $1073700 |
| **8/17** | $1218048 | $1232829 | $1031423 | $1257088 |
| **8/18** | $1380292 | $1370413 | $1018046 | $1405424 |
| **8/19** | $1316660 | $1375758 | $1094392 | $1385327 |
| **8/20** | $1483086 | $1575655 | $1154339 | $1599221 |
| **8/21** | $1910363 | $2001712 | $1146253 | $2080747 |
| **8/22** | $1675198 | $1730280 | $1059495 | $1742833 |
| **8/23** | $1884765 | $1939644 | $1057707 | $1975153 |
| **8/24** | $2330700 | $2348327 | $1123882 | $2421933 |
| **8/25** | $2658630 | $2684607 | $1171414 | $2797332 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 14.07% | 12.38% | 10.26% |
| TAG Composite Index | 14.32% | 11.24% | 10.37% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 1.59% |
| 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 Tax-Advantaged Global Equity Portfolio

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5137955092 |
| # of Portfolio Holdings as of Period End | 15 |
| Portfolio Turnover Rate for the Period | 28% |
| Total Net Advisory Fees Paid for the Period | $6357990 |

---

## 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 December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 91.5% |
| Exchange-Traded Funds | 0.8% |
| Investment Company | 5.9% |

---

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Tax-Advantaged Global Equity Portfolio

38142B112-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Class R6: TRGGX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (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** |
| R6 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Relative to the Tax-Advantaged Global Composite Index, the Portfolio's strategic allocation to equities contributed positively to returns. Specifically, the Portfolio benefited from its strategic underweight in European equities and its strategic overweight in U.S. equities, especially its exposure to U.S. large-cap technology stocks, as U.S. equities outperformed European equities during the annual period.

* The Goldman Sachs International Tax-Managed Equity Fund, one of the two underlying funds in which the Portfolio held its largest weightings, outperformed its benchmark index.

* The Goldman Sachs International Small Cap Insights Fund, another underlying fund, outperformed its benchmark index.

Top Detractors from Performance:

* A strategic underweight in emerging markets equities detracted from the Portfolio's relative performance, as emerging markets equities outperformed U.S. large-cap equities and non-U.S. developed markets equities during the annual period.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* The other underlying fund in which the Portfolio held its largest weightings, the Goldman Sachs U.S. Tax-Managed Equity Fund, underperformed its benchmark index.

* The Goldman Sachs Emerging Markets Equity Insights Fund, another underlying fund, underperformed its benchmark index.

Goldman Sachs Tax-Advantaged Global Equity Portfolio

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](g860414g74l40.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **TAG Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **12/29/17** | $10000 | $10000 | $10000 | $10000 |
| **8/18** | $10558 | $10378 | $9970 | $10353 |
| **8/19** | $10075 | $10418 | $10718 | $10205 |
| **8/20** | $11347 | $11932 | $11305 | $11781 |
| **8/21** | $14620 | $15159 | $11226 | $15328 |
| **8/22** | $12830 | $13103 | $10376 | $12839 |
| **8/23** | $14430 | $14689 | $10359 | $14550 |
| **8/24** | $17846 | $17784 | $11007 | $17841 |
| **8/25** | $20360 | $20330 | $11472 | $20606 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced December 29, 2017) | 14.09% | 12.40% | 9.70% |
| TAG Composite Index | 14.32% | 11.24% | 9.68% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 1.81% |
| MSCI ACWI IMI Index (Net, USD, Unhedged) | 15.50% | 11.83% | 9.87% |

---

**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 Tax-Advantaged Global Equity Portfolio

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5137955092 |
| # of Portfolio Holdings as of Period End | 15 |
| Portfolio Turnover Rate for the Period | 28% |
| Total Net Advisory Fees Paid for the Period | $6357990 |

---

## 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 December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 91.5% |
| Exchange-Traded Funds | 0.8% |
| Investment Company | 5.9% |

---

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Tax-Advantaged Global Equity Portfolio

38148U189-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Tax-Advantaged Global Equity Portfolio

# Class P: GSKPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Tax-Advantaged Global Equity Portfolio (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 | $19 | 0.18% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the annual period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Relative to the Tax-Advantaged Global Composite Index, the Portfolio's strategic allocation to equities contributed positively to returns. Specifically, the Portfolio benefited from its strategic underweight in European equities and its strategic overweight in U.S. equities, especially its exposure to U.S. large-cap technology stocks, as U.S. equities outperformed European equities during the annual period.

* The Goldman Sachs International Tax-Managed Equity Fund, one of the two underlying funds in which the Portfolio held its largest weightings, outperformed its benchmark index.

* The Goldman Sachs International Small Cap Insights Fund, another underlying fund, outperformed its benchmark index.

Top Detractors from Performance:

* A strategic underweight in emerging markets equities detracted from the Portfolio's relative performance, as emerging markets equities outperformed U.S. large-cap equities and non-U.S. developed markets equities during the annual period.

* Tactical allocations to U.S. and European health care equities detracted from relative performance given that the health care sector lagged many other equity market sectors. The annual 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.

* The other underlying fund in which the Portfolio held its largest weightings, the Goldman Sachs U.S. Tax-Managed Equity Fund, underperformed its benchmark index.

* The Goldman Sachs Emerging Markets Equity Insights Fund, another underlying fund, underperformed its benchmark index.

Goldman Sachs Tax-Advantaged Global Equity Portfolio

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](g860414g50t94.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **TAG Composite Index** | **Bloomberg U.S. Intermediate Treasury Index** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **4/17/18** | $10000 | $10000 | $10000 | $10000 |
| **8/18** | $10398 | $10309 | $10073 | $10224 |
| **8/19** | $9920 | $10349 | $10828 | $10078 |
| **8/20** | $11172 | $11853 | $11421 | $11634 |
| **8/21** | $14397 | $15058 | $11341 | $15137 |
| **8/22** | $12629 | $13016 | $10483 | $12679 |
| **8/23** | $14211 | $14591 | $10465 | $14369 |
| **8/24** | $17574 | $17665 | $11120 | $17619 |
| **8/25** | $20048 | $20195 | $11590 | $20350 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 14.08% | 12.40% | 9.88% |
| TAG Composite Index | 14.32% | 11.24% | 9.99% |
| Bloomberg U.S. Intermediate Treasury Index | 4.23% | 0.29% | 2.02% |
| MSCI ACWI IMI Index (Net, USD, Unhedged) | 15.50% | 11.83% | 10.11% |

---

**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 MSCI ACWI IMI Index (Net, USD, Unhedged).

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5137955092 |
| # of Portfolio Holdings as of Period End | 15 |
| Portfolio Turnover Rate for the Period | 28% |
| Total Net Advisory Fees Paid for the Period | $6357990 |

---

## 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 December 29, 2024, the Fund revised the principal risks of the underlying funds in which it invests.

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

### **Fund Allocation (%)** 

---

| | |
|:---|:---|
| Underlying Funds | 91.5% |
| Exchange-Traded Funds | 0.8% |
| Investment Company | 5.9% |

---

Goldman Sachs Tax-Advantaged Global Equity Portfolio

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

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

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. 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 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 Tax-Advantaged Global Equity Portfolio

38150B236-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced U.S. Equity Fund

# Class A: GALLX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $93 | 0.87% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the utilities, industrials and communication services sectors contributed most positively to the Fund's relative results.

* An out-of-benchmark position in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Vistra, an integrated retail electricity and power generation company, proved beneficial, as demand grew significantly across various business pipelines, including data centers, industrial build-out projects, oil and gas electrification and liquified natural gas projects.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results. Sector allocation as a whole also dampened results, albeit modestly.

* Stock selection in the consumer discretionary, information technology and health care sectors detracted as did having an underweight to consumer discretionary.

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group. Higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability.

* An underweight in Palantir Technologies, a software platforms builder for data-driven operations, detracted, as its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An underweight in electric vehicle maker Tesla hurt. Its share price rose due to stronger than consensus expected vehicle deliveries and excitement over the company's Robotaxi launch.

Goldman Sachs Enhanced U.S. Equity Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g37u47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **S&P 500<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 |
| **8/16** | $10494 | $9917 | $11255 |
| **8/17** | $12607 | $11914 | $13082 |
| **8/18** | $14980 | $14156 | $15654 |
| **8/19** | $15440 | $14591 | $16111 |
| **8/20** | $18876 | $17837 | $19645 |
| **8/21** | $24561 | $23210 | $25769 |
| **8/22** | $21746 | $20550 | $22875 |
| **8/23** | $25643 | $24233 | $26521 |
| **8/24** | $32036 | $30274 | $33719 |
| **8/25** | $36101 | $34116 | $39074 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 12.69% | 13.84% | 13.69% |
| Class A Including sale charges | 6.47% | 12.56% | 13.05% |
| 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.

Goldman Sachs Enhanced U.S. Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $455064744 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2177714 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 25, 2025, the Fund changed its name from the Goldman Sachs Enhanced Core Equity Fund to the Goldman Sachs Enhanced U.S. Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets in equity investments in small-, mid- and large-cap issuers. These changes will not materially affect how the Fund is managed, its portfolio holdings, or the Fund's investment objective.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Enhanced U.S. Equity ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.5% |
| Financials | 12.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.8% |
| Industrials | 9.5% |
| Health Care | 7.9% |
| Consumer Staples | 4.1% |
| Energy | 3.2% |
| Real Estate | 2.7% |
| Other | 4.0% |

---

Goldman Sachs Enhanced U.S. Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced U.S. Equity Fund

38145C109-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced U.S. Equity Fund

# Class C: GCLLX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $157 | 1.48% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the utilities, industrials and communication services sectors contributed most positively to the Fund's relative results.

* An out-of-benchmark position in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Vistra, an integrated retail electricity and power generation company, proved beneficial, as demand grew significantly across various business pipelines, including data centers, industrial build-out projects, oil and gas electrification and liquified natural gas projects.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results. Sector allocation as a whole also dampened results, albeit modestly.

* Stock selection in the consumer discretionary, information technology and health care sectors detracted as did having an underweight to consumer discretionary.

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group. Higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability.

* An underweight in Palantir Technologies, a software platforms builder for data-driven operations, detracted, as its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An underweight in electric vehicle maker Tesla hurt. Its share price rose due to stronger than consensus expected vehicle deliveries and excitement over the company's Robotaxi launch.

Goldman Sachs Enhanced U.S. Equity Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g98j53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **S&P 500<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 |
| **8/16** | $10413 | $10309 | $11255 |
| **8/17** | $12410 | $12286 | $13082 |
| **8/18** | $14644 | $14498 | $15654 |
| **8/19** | $14981 | $14831 | $16111 |
| **8/20** | $18161 | $17980 | $19645 |
| **8/21** | $23463 | $23228 | $25769 |
| **8/22** | $20631 | $20424 | $22875 |
| **8/23** | $24142 | $23901 | $26521 |
| **8/24** | $29946 | $29646 | $33719 |
| **8/25** | $33530 | $33195 | $39074 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 11.97% | 13.04% | 12.85% |
| Class C Including sale charges | 10.95% | 13.04% | 12.85% |
| 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.

Goldman Sachs Enhanced U.S. Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $455064744 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2177714 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 25, 2025, the Fund changed its name from the Goldman Sachs Enhanced Core Equity Fund to the Goldman Sachs Enhanced U.S. Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets in equity investments in small-, mid- and large-cap issuers. These changes will not materially affect how the Fund is managed, its portfolio holdings, or the Fund's investment objective.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Enhanced U.S. Equity ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.5% |
| Financials | 12.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.8% |
| Industrials | 9.5% |
| Health Care | 7.9% |
| Consumer Staples | 4.1% |
| Energy | 3.2% |
| Real Estate | 2.7% |
| Other | 4.0% |

---

Goldman Sachs Enhanced U.S. Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced U.S. Equity Fund

38145C208-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced U.S. Equity Fund

# Institutional Class: GILLX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity 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 | $60 | 0.56% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the utilities, industrials and communication services sectors contributed most positively to the Fund's relative results.

* An out-of-benchmark position in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Vistra, an integrated retail electricity and power generation company, proved beneficial, as demand grew significantly across various business pipelines, including data centers, industrial build-out projects, oil and gas electrification and liquified natural gas projects.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results. Sector allocation as a whole also dampened results, albeit modestly.

* Stock selection in the consumer discretionary, information technology and health care sectors detracted as did having an underweight to consumer discretionary.

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group. Higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability.

* An underweight in Palantir Technologies, a software platforms builder for data-driven operations, detracted, as its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An underweight in electric vehicle maker Tesla hurt. Its share price rose due to stronger than consensus expected vehicle deliveries and excitement over the company's Robotaxi launch.

Goldman Sachs Enhanced U.S. Equity Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g860414g94p43.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **S&P 500<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 |
| **8/16** | $1053100 | $1125500 |
| **8/17** | $1270144 | $1308169 |
| **8/18** | $1515155 | $1565355 |
| **8/19** | $1567731 | $1611063 |
| **8/20** | $1922038 | $1964530 |
| **8/21** | $2510566 | $2576874 |
| **8/22** | $2231893 | $2287491 |
| **8/23** | $2640329 | $2652117 |
| **8/24** | $3312557 | $3371902 |
| **8/25** | $3743189 | $3907360 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 13.00% | 14.25% | 14.10% |
| 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.

Goldman Sachs Enhanced U.S. Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $455064744 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2177714 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 25, 2025, the Fund changed its name from the Goldman Sachs Enhanced Core Equity Fund to the Goldman Sachs Enhanced U.S. Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets in equity investments in small-, mid- and large-cap issuers. These changes will not materially affect how the Fund is managed, its portfolio holdings, or the Fund's investment objective.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Enhanced U.S. Equity ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.5% |
| Financials | 12.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.8% |
| Industrials | 9.5% |
| Health Care | 7.9% |
| Consumer Staples | 4.1% |
| Energy | 3.2% |
| Real Estate | 2.7% |
| Other | 4.0% |

---

Goldman Sachs Enhanced U.S. Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced U.S. Equity Fund

38145C307-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced U.S. Equity Fund

# Investor Class: GSLLX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $71 | 0.67% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the utilities, industrials and communication services sectors contributed most positively to the Fund's relative results.

* An out-of-benchmark position in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Vistra, an integrated retail electricity and power generation company, proved beneficial, as demand grew significantly across various business pipelines, including data centers, industrial build-out projects, oil and gas electrification and liquified natural gas projects.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results. Sector allocation as a whole also dampened results, albeit modestly.

* Stock selection in the consumer discretionary, information technology and health care sectors detracted as did having an underweight to consumer discretionary.

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group. Higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability.

* An underweight in Palantir Technologies, a software platforms builder for data-driven operations, detracted, as its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An underweight in electric vehicle maker Tesla hurt. Its share price rose due to stronger than consensus expected vehicle deliveries and excitement over the company's Robotaxi launch.

Goldman Sachs Enhanced U.S. Equity Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g19k61.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **S&P 500<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 |
| **8/16** | $10522 | $11255 |
| **8/17** | $12672 | $13082 |
| **8/18** | $15089 | $15654 |
| **8/19** | $15602 | $16111 |
| **8/20** | $19113 | $19645 |
| **8/21** | $24921 | $25769 |
| **8/22** | $22128 | $22875 |
| **8/23** | $26142 | $26521 |
| **8/24** | $32756 | $33719 |
| **8/25** | $36991 | $39074 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 12.93% | 14.11% | 13.96% |
| 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.

Goldman Sachs Enhanced U.S. Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $455064744 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2177714 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 25, 2025, the Fund changed its name from the Goldman Sachs Enhanced Core Equity Fund to the Goldman Sachs Enhanced U.S. Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets in equity investments in small-, mid- and large-cap issuers. These changes will not materially affect how the Fund is managed, its portfolio holdings, or the Fund's investment objective.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Enhanced U.S. Equity ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.5% |
| Financials | 12.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.8% |
| Industrials | 9.5% |
| Health Care | 7.9% |
| Consumer Staples | 4.1% |
| Energy | 3.2% |
| Real Estate | 2.7% |
| Other | 4.0% |

---

Goldman Sachs Enhanced U.S. Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced U.S. Equity Fund

38145C505-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced U.S. Equity Fund

# Class R6: GFCUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity 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** |
| R6 | $59 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the utilities, industrials and communication services sectors contributed most positively to the Fund's relative results.

* An out-of-benchmark position in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Vistra, an integrated retail electricity and power generation company, proved beneficial, as demand grew significantly across various business pipelines, including data centers, industrial build-out projects, oil and gas electrification and liquified natural gas projects.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results. Sector allocation as a whole also dampened results, albeit modestly.

* Stock selection in the consumer discretionary, information technology and health care sectors detracted as did having an underweight to consumer discretionary.

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group. Higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability.

* An underweight in Palantir Technologies, a software platforms builder for data-driven operations, detracted, as its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An underweight in electric vehicle maker Tesla hurt. Its share price rose due to stronger than consensus expected vehicle deliveries and excitement over the company's Robotaxi launch.

Goldman Sachs Enhanced U.S. Equity Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g860414g36v87.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **S&P 500<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 |
| **8/16** | $10531 | $11255 |
| **8/17** | $12701 | $13082 |
| **8/18** | $15149 | $15654 |
| **8/19** | $15675 | $16111 |
| **8/20** | $19228 | $19645 |
| **8/21** | $25120 | $25769 |
| **8/22** | $22326 | $22875 |
| **8/23** | $26425 | $26521 |
| **8/24** | $33153 | $33719 |
| **8/25** | $37457 | $39074 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 12.98% | 14.26% | 14.10% |
| 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.

Goldman Sachs Enhanced U.S. Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $455064744 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2177714 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 25, 2025, the Fund changed its name from the Goldman Sachs Enhanced Core Equity Fund to the Goldman Sachs Enhanced U.S. Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets in equity investments in small-, mid- and large-cap issuers. These changes will not materially affect how the Fund is managed, its portfolio holdings, or the Fund's investment objective.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Enhanced U.S. Equity ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.5% |
| Financials | 12.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.8% |
| Industrials | 9.5% |
| Health Care | 7.9% |
| Consumer Staples | 4.1% |
| Energy | 3.2% |
| Real Estate | 2.7% |
| Other | 4.0% |

---

Goldman Sachs Enhanced U.S. Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced U.S. Equity Fund

38147X374-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced U.S. Equity Fund

# Class R: GRLLX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $110 | 1.04% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the utilities, industrials and communication services sectors contributed most positively to the Fund's relative results.

* An out-of-benchmark position in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Vistra, an integrated retail electricity and power generation company, proved beneficial, as demand grew significantly across various business pipelines, including data centers, industrial build-out projects, oil and gas electrification and liquified natural gas projects.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results. Sector allocation as a whole also dampened results, albeit modestly.

* Stock selection in the consumer discretionary, information technology and health care sectors detracted as did having an underweight to consumer discretionary.

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group. Higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability.

* An underweight in Palantir Technologies, a software platforms builder for data-driven operations, detracted, as its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An underweight in electric vehicle maker Tesla hurt. Its share price rose due to stronger than consensus expected vehicle deliveries and excitement over the company's Robotaxi launch.

Goldman Sachs Enhanced U.S. Equity Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g93s64.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **S&P 500<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 |
| **8/16** | $10462 | $11255 |
| **8/17** | $12537 | $13082 |
| **8/18** | $14856 | $15654 |
| **8/19** | $15285 | $16111 |
| **8/20** | $18624 | $19645 |
| **8/21** | $24170 | $25769 |
| **8/22** | $21347 | $22875 |
| **8/23** | $25108 | $26521 |
| **8/24** | $31315 | $33719 |
| **8/25** | $35198 | $39074 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 12.40% | 13.57% | 13.40% |
| 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.

Goldman Sachs Enhanced U.S. Equity Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $455064744 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2177714 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

Effective April 25, 2025, the Fund changed its name from the Goldman Sachs Enhanced Core Equity Fund to the Goldman Sachs Enhanced U.S. Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets in equity investments in small-, mid- and large-cap issuers. These changes will not materially affect how the Fund is managed, its portfolio holdings, or the Fund's investment objective.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Enhanced U.S. Equity ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.5% |
| Financials | 12.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.8% |
| Industrials | 9.5% |
| Health Care | 7.9% |
| Consumer Staples | 4.1% |
| Energy | 3.2% |
| Real Estate | 2.7% |
| Other | 4.0% |

---

Goldman Sachs Enhanced U.S. Equity Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced U.S. Equity Fund

38145C406-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Enhanced U.S. Equity Fund

# Class P: GGZPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Enhanced U.S. Equity 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 | $59 | 0.55% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the utilities, industrials and communication services sectors contributed most positively to the Fund's relative results.

* An out-of-benchmark position in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Vistra, an integrated retail electricity and power generation company, proved beneficial, as demand grew significantly across various business pipelines, including data centers, industrial build-out projects, oil and gas electrification and liquified natural gas projects.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results. Sector allocation as a whole also dampened results, albeit modestly.

* Stock selection in the consumer discretionary, information technology and health care sectors detracted as did having an underweight to consumer discretionary.

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group. Higher than consensus expected care costs and an unfavorable client mix dynamic pressured its profitability.

* An underweight in Palantir Technologies, a software platforms builder for data-driven operations, detracted, as its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An underweight in electric vehicle maker Tesla hurt. Its share price rose due to stronger than consensus expected vehicle deliveries and excitement over the company's Robotaxi launch.

Goldman Sachs Enhanced U.S. Equity Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g860414g80s27.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **S&P 500<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 |
| **8/18** | $10675 | $10801 |
| **8/19** | $11055 | $11116 |
| **8/20** | $13559 | $13555 |
| **8/21** | $17701 | $17781 |
| **8/22** | $15742 | $15784 |
| **8/23** | $18629 | $18300 |
| **8/24** | $23379 | $23266 |
| **8/25** | $26423 | $26961 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 13.02% | 14.27% | 14.07% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.72% |

---

**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 Enhanced U.S. Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $455064744 |
| # of Portfolio Holdings as of Period End | 115 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2177714 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 25, 2025, the Fund changed its name from the Goldman Sachs Enhanced Core Equity Fund to the Goldman Sachs Enhanced U.S. Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets in equity investments in small-, mid- and large-cap issuers. These changes will not materially affect how the Fund is managed, its portfolio holdings, or the Fund's investment objective.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Enhanced U.S. Equity ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 33.5% |
| Financials | 12.9% |
| Consumer Discretionary | 11.1% |
| Communication Services | 10.8% |
| Industrials | 9.5% |
| Health Care | 7.9% |
| Consumer Staples | 4.1% |
| Energy | 3.2% |
| Real Estate | 2.7% |
| Other | 4.0% |

---

Goldman Sachs Enhanced U.S. Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Enhanced U.S. Equity Fund

38150B780-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Class A: GSCGX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $108 | 1.00% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g12o74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 |
| **8/16** | $10581 | $9999 | $11169 |
| **8/17** | $12853 | $12146 | $12974 |
| **8/18** | $15682 | $14819 | $15545 |
| **8/19** | $16265 | $15370 | $15932 |
| **8/20** | $19897 | $18803 | $19517 |
| **8/21** | $26340 | $24891 | $25812 |
| **8/22** | $22291 | $21065 | $22466 |
| **8/23** | $25887 | $24463 | $25926 |
| **8/24** | $32048 | $30285 | $32823 |
| **8/25** | $37211 | $35164 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 16.11% | 13.33% | 14.03% |
| Class A Including sale charges | 9.73% | 12.06% | 13.39% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

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

Goldman Sachs Large Cap Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 1-800-526-7384.

Effective April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38141W638-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Class C: GSPCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $188 | 1.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g19c11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 |
| **8/16** | $10500 | $10395 | $11169 |
| **8/17** | $12662 | $12535 | $12974 |
| **8/18** | $15335 | $15182 | $15545 |
| **8/19** | $15796 | $15639 | $15932 |
| **8/20** | $19182 | $18990 | $19517 |
| **8/21** | $25207 | $24955 | $25812 |
| **8/22** | $21163 | $20952 | $22466 |
| **8/23** | $24406 | $24162 | $25926 |
| **8/24** | $29982 | $29683 | $32823 |
| **8/25** | $34561 | $34215 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 15.27% | 12.49% | 13.19% |
| Class C Including sale charges | 14.12% | 12.49% | 13.19% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

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

Goldman Sachs Large Cap Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 1-800-526-7384.

Effective April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B344-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Institutional Class: GSPIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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 | $76 | 0.70% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g860414g61y12.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 |
| **8/16** | $1062100 | $1116900 |
| **8/17** | $1295337 | $1297391 |
| **8/18** | $1586788 | $1554534 |
| **8/19** | $1652481 | $1593242 |
| **8/20** | $2028916 | $1951721 |
| **8/21** | $2695618 | $2581151 |
| **8/22** | $2289119 | $2246634 |
| **8/23** | $2667739 | $2592616 |
| **8/24** | $3312532 | $3282252 |
| **8/25** | $3858768 | $3815289 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 16.49% | 13.71% | 14.45% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

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

Goldman Sachs Large Cap Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B146-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Service Class: GSPSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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** |
| Service | $130 | 1.20% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g96q57.jpg)

---

| | | |
|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 |
| **8/16** | $10567 | $11169 |
| **8/17** | $12824 | $12974 |
| **8/18** | $15634 | $15545 |
| **8/19** | $16192 | $15932 |
| **8/20** | $19785 | $19517 |
| **8/21** | $26158 | $25812 |
| **8/22** | $22103 | $22466 |
| **8/23** | $25638 | $25926 |
| **8/24** | $31680 | $32823 |
| **8/25** | $36708 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 15.87% | 13.15% | 13.88% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

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

Goldman Sachs Large Cap Equity Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38142B138-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Investor Class: GSPTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $81 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g63t96.jpg)

---

| | | |
|:---|:---|:---|
| | **Investor** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 |
| **8/16** | $10607 | $11169 |
| **8/17** | $12916 | $12974 |
| **8/18** | $15803 | $15545 |
| **8/19** | $16429 | $15932 |
| **8/20** | $20147 | $19517 |
| **8/21** | $26736 | $25812 |
| **8/22** | $22683 | $22466 |
| **8/23** | $26410 | $25926 |
| **8/24** | $32775 | $32823 |
| **8/25** | $38150 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 16.40% | 13.61% | 14.31% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

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

Goldman Sachs Large Cap Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 1-800-526-7384.

Effective April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38144N452-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Class R6: GSPUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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** |
| R6 | $75 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g860414g08h09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 |
| **8/16** | $10621 | $11169 |
| **8/17** | $12957 | $12974 |
| **8/18** | $15876 | $15545 |
| **8/19** | $16530 | $15932 |
| **8/20** | $20295 | $19517 |
| **8/21** | $26976 | $25812 |
| **8/22** | $22911 | $22466 |
| **8/23** | $26703 | $25926 |
| **8/24** | $33162 | $32823 |
| **8/25** | $38624 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 16.47% | 13.73% | 14.46% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

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

Goldman Sachs Large Cap Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38147X390-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Class R: GSPRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $135 | 1.25% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g92j58.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 |
| **8/16** | $10552 | $11169 |
| **8/17** | $12788 | $12974 |
| **8/18** | $15567 | $15545 |
| **8/19** | $16107 | $15932 |
| **8/20** | $19644 | $19517 |
| **8/21** | $25948 | $25812 |
| **8/22** | $21905 | $22466 |
| **8/23** | $25377 | $25926 |
| **8/24** | $31336 | $32823 |
| **8/25** | $36290 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 15.81% | 13.05% | 13.75% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

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

Goldman Sachs Large Cap Equity Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 1-800-526-7384.

Effective April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38144N460-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Equity Fund

# Class P: GGGPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Equity 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 | $75 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection decisions overall contributed most positively to the Fund's relative results, especially in the industrials, communication services and consumer discretionary sectors.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in cruise line operator Royal Caribbean Cruises proved beneficial given robust demand and favorable pricing dynamics. Financial strength, coupled with the introduction of new ships, expanded strategic initiatives and an effective management team further improved market sentiment toward the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. The company's stock buyback program further bolstered investor sentiment. 

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results.

* Stock selection in the materials and health care sectors detracted. So, too, did overweights to the materials and health care sectors and an underweight to the financials sector.

* The Fund's top detractor was an overweight in water technology provider Xylem. Headwinds related to macroeconomic uncertainty, slowing government infrastructure spending and high stock valuations pressured its stock, despite the company delivering strong earnings results.

* An overweight in semiconductor company Marvell Technology detracted from results. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An underweight in multimedia and entertainment company Walt Disney Company hurt, as the timing of the Fund's position proved unfavorable. Amid concerns of an underwhelming new content pipeline and potential consumer spending weakness, we exited the position, but the exit turned out to be mistimed, thus leading the position to dampen relative results.

Goldman Sachs Large Cap Equity Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g860414g03l99.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 |
| **8/18** | $10704 | $10813 |
| **8/19** | $11146 | $11082 |
| **8/20** | $13687 | $13576 |
| **8/21** | $18191 | $17954 |
| **8/22** | $15447 | $15627 |
| **8/23** | $18005 | $18034 |
| **8/24** | $22363 | $22831 |
| **8/25** | $26048 | $26538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 16.48% | 13.73% | 13.85% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.14% |

---

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

Goldman Sachs Large Cap Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1397369429 |
| # of Portfolio Holdings as of Period End | 153 |
| Portfolio Turnover Rate for the Period | 56% |
| Total Net Advisory Fees Paid for the Period | $8816701 |

---

## 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 April 30, 2025, the Fund changed its name from the Goldman Sachs Large Cap Core Fund to the Goldman Sachs Large Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by large cap companies. These changes will not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

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

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

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Financials | 13.4% |
| Consumer Discretionary | 10.8% |
| Industrials | 10.8% |
| Health Care | 9.9% |
| Communication Services | 8.9% |
| Consumer Staples | 4.6% |
| Materials | 3.5% |
| Energy | 3.2% |
| Other | 4.1% |

---

Goldman Sachs Large Cap Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Equity Fund

38150B608-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Class A: GGOAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $129 | 1.15% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g57s90.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $10340 | $9771 | $10700 | $11144 |
| **8/17** | $11726 | $11081 | $12254 | $12934 |
| **8/18** | $13997 | $13227 | $15324 | $15553 |
| **8/19** | $15117 | $14285 | $16238 | $15757 |
| **8/20** | $19490 | $18418 | $20063 | $19135 |
| **8/21** | $26087 | $24652 | $27120 | $25457 |
| **8/22** | $19323 | $18260 | $19881 | $22076 |
| **8/23** | $20822 | $19677 | $22466 | $25335 |
| **8/24** | $23781 | $22473 | $26750 | $31957 |
| **8/25** | $29515 | $27891 | $33818 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 24.11% | 8.65% | 11.42% |
| Class A Including sale charges | 17.28% | 7.42% | 10.79% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.95% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y104-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Class C: GGOCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $212 | 1.90% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g92z76.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $10267 | $10164 | $10700 | $11144 |
| **8/17** | $11549 | $11434 | $12254 | $12934 |
| **8/18** | $13688 | $13551 | $15324 | $15553 |
| **8/19** | $14679 | $14533 | $16238 | $15757 |
| **8/20** | $18781 | $18593 | $20063 | $19135 |
| **8/21** | $24958 | $24708 | $27120 | $25457 |
| **8/22** | $18369 | $18185 | $19881 | $22076 |
| **8/23** | $19655 | $19458 | $22466 | $25335 |
| **8/24** | $22288 | $22066 | $26750 | $31957 |
| **8/25** | $27448 | $27174 | $33818 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 23.15% | 7.88% | 10.62% |
| Class C Including sale charges | 22.06% | 7.88% | 10.62% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.95% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y302-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Institutional Class: GGOIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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 | $95 | 0.85% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth 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](g860414g28m11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1037700 | $1070000 | $1114400 |
| **8/17** | $1181006 | $1225364 | $1293373 |
| **8/18** | $1414609 | $1532440 | $1555281 |
| **8/19** | $1532588 | $1623774 | $1575655 |
| **8/20** | $1983475 | $2006335 | $1913475 |
| **8/21** | $2663212 | $2711963 | $2545687 |
| **8/22** | $1979033 | $1988140 | $2207620 |
| **8/23** | $2139533 | $2246598 | $2533465 |
| **8/24** | $2452118 | $2675024 | $3195712 |
| **8/25** | $3051661 | $3381766 | $3701913 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 24.45% | 9.00% | 11.79% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.95% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y401-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Service Class: GGOSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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** |
| Service | $151 | 1.35% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g50c58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10328 | $10700 | $11144 |
| **8/17** | $11693 | $12254 | $12934 |
| **8/18** | $13940 | $15324 | $15553 |
| **8/19** | $15030 | $16238 | $15757 |
| **8/20** | $19348 | $20063 | $19135 |
| **8/21** | $25847 | $27120 | $25457 |
| **8/22** | $19111 | $19881 | $22076 |
| **8/23** | $20571 | $22466 | $25335 |
| **8/24** | $23441 | $26750 | $31957 |
| **8/25** | $29050 | $33818 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 23.93% | 8.47% | 11.25% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.95% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38142Y500-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Investor Class: GGOTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $101 | 0.90% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g05s89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10365 | $10700 | $11144 |
| **8/17** | $11786 | $12254 | $12934 |
| **8/18** | $14101 | $15324 | $15553 |
| **8/19** | $15275 | $16238 | $15757 |
| **8/20** | $19742 | $20063 | $19135 |
| **8/21** | $26492 | $27120 | $25457 |
| **8/22** | $19660 | $19881 | $22076 |
| **8/23** | $21250 | $22466 | $25335 |
| **8/24** | $24331 | $26750 | $31957 |
| **8/25** | $30273 | $33818 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 24.42% | 8.92% | 11.70% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.95% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38144N346-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Class R6: GGOUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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 | $94 | 0.84% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth 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](g860414g68e59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10382 | $10700 | $11144 |
| **8/17** | $11815 | $12254 | $12934 |
| **8/18** | $14154 | $15324 | $15553 |
| **8/19** | $15336 | $16238 | $15757 |
| **8/20** | $19851 | $20063 | $19135 |
| **8/21** | $26654 | $27120 | $25457 |
| **8/22** | $19806 | $19881 | $22076 |
| **8/23** | $21411 | $22466 | $25335 |
| **8/24** | $24545 | $26750 | $31957 |
| **8/25** | $30546 | $33818 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 24.45% | 9.00% | 11.80% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.95% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38148U601-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Class R: GGORX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $157 | 1.40% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g24b18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10312 | $10700 | $11144 |
| **8/17** | $11666 | $12254 | $12934 |
| **8/18** | $13889 | $15324 | $15553 |
| **8/19** | $14966 | $16238 | $15757 |
| **8/20** | $19255 | $20063 | $19135 |
| **8/21** | $25694 | $27120 | $25457 |
| **8/22** | $18988 | $19881 | $22076 |
| **8/23** | $20418 | $22466 | $25335 |
| **8/24** | $23266 | $26750 | $31957 |
| **8/25** | $28785 | $33818 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 23.72% | 8.37% | 11.14% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.95% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38144N353-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Growth Fund

# Class P: GGQPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Growth 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 | $94 | 0.84% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed positively to the Fund's relative results, albeit modestly.

* Stock selection in the industrials, energy and consumer discretionary sectors helped most. Also bolstering results was an underweight to consumer discretionary.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company positioned itself as a leader in the energy transition effort and benefited from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in semiconductor-based power electronic solutions company Monolithic Power Systems contributed positively. The company delivered strong financial results and positive forward-looking guidance, benefiting from strong demand across is various business segments on the back of AI tailwinds.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted most from the Fund's relative results, especially an overweight to health care and an underweight to information technology.

* Stock selection in the health care, financials and information technology sectors further dampened results.

* The Fund's top detractor was an underweight in Palantir Technologies, a software platforms builder for data-driven operations. Its share price rallied on the back of excitement around its AI initiatives and following strong earnings results.

* An out-of-benchmark position in medical device company Cooper Companies detracted. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* An underweight in Roblox, a 3D online gaming and social platform operator, hurt. Its stock soared as its customer base rapidly grew, time spent playing games increased and its target age demographic expanded. 

Goldman Sachs Mid Cap Growth 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](g860414g75q89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10550 | $10945 | $10833 |
| **8/19** | $11434 | $11597 | $10975 |
| **8/20** | $14799 | $14330 | $13328 |
| **8/21** | $19869 | $19369 | $17731 |
| **8/22** | $14767 | $14200 | $15377 |
| **8/23** | $15970 | $16046 | $17646 |
| **8/24** | $18297 | $19106 | $22259 |
| **8/25** | $22778 | $24153 | $25785 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 24.49% | 9.00% | 11.80% |
| Russell Midcap<sup>®</sup> Growth Index | 26.42% | 11.00% | 12.69% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.69% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Growth Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1018778262 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 79% |
| Total Net Advisory Fees Paid for the Period | $7691523 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 22.1% |
| Consumer Discretionary | 18.4% |
| Health Care | 18.0% |
| Information Technology | 16.5% |
| Financials | 8.3% |
| Communication Services | 6.0% |
| Utilities | 2.8% |
| Consumer Staples | 2.7% |
| Materials | 1.9% |
| Other | 3.4% |

---

Goldman Sachs Mid Cap Growth Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Growth Fund

38150B699-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Growth Fund

# Class A: GSBDX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $128 | 1.22% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted results, especially underweights to health care and energy. 

* Stock selection in health care, consumer discretionary and energy further bolstered results.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers. 

* An overweight in digital health care company iRhythm Technologies contributed positively, driven by an outpacing of consensus expectations in its first quarter 2025 earnings report, underpinned, in turn, by significant volume demand supporting revenue growth and market share gains. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the information technology, materials and industrials sectors. An underweight to materials further dampened results. 

* The Fund's top detractor was an overweight position in medical technology company TransMedics Group. Its stock faced pressure from a decline in overall U.S. transplants amid seasonality headwinds, appointment of a new Chief Financial Officer and a revised 2024 financial outlook.

* An out-of-benchmark position in RH, a luxury home furnishings retailer, detracted, as tariff concerns mounted. Such uncertainty had a pronounced effect on RH, as the company sources a majority of its products from Asia. A challenged housing market also drove its stock price down.

* An overweight in home care, hospice and senior living services provider Pennant Group dampened results on the back of concerns about potential government spending cuts, which were a headwind to the health care services industry broadly. 

Goldman Sachs Small Cap Growth Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g61f95.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **10/31/19** | $10000 | $9450 | $10000 | $10000 |
| **8/20** | $12830 | $12124 | $11498 | $11683 |
| **8/21** | $18202 | $17201 | $15592 | $15543 |
| **8/22** | $13369 | $12634 | $11654 | $13479 |
| **8/23** | $14388 | $13597 | $12444 | $15468 |
| **8/24** | $17766 | $16789 | $14643 | $19512 |
| **8/25** | $19456 | $18386 | $16177 | $22603 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class A Excluding sale charges (Commenced October 31, 2019) | 9.51% | 8.68% | 12.08% |
| Class A Including sale charges (Commenced on October 31, 2019) | 3.51% | 7.45% | 11.00% |
| Russell 2000<sup>®</sup> Growth Index | 10.48% | 7.06% | 8.59% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 14.99% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Growth Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $360881855 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2269931 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Information Technology | 23.9% |
| Health Care | 21.6% |
| Consumer Discretionary | 15.5% |
| Financials | 9.1% |
| Consumer Staples | 2.9% |
| Investment Company | 2.5% |
| Materials | 1.2% |
| Communication Services | 0.4% |

---

Goldman Sachs Small Cap Growth Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C182-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Growth Fund

# Class C: GSBAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $206 | 1.97% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted results, especially underweights to health care and energy. 

* Stock selection in health care, consumer discretionary and energy further bolstered results.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers. 

* An overweight in digital health care company iRhythm Technologies contributed positively, driven by an outpacing of consensus expectations in its first quarter 2025 earnings report, underpinned, in turn, by significant volume demand supporting revenue growth and market share gains. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the information technology, materials and industrials sectors. An underweight to materials further dampened results. 

* The Fund's top detractor was an overweight position in medical technology company TransMedics Group. Its stock faced pressure from a decline in overall U.S. transplants amid seasonality headwinds, appointment of a new Chief Financial Officer and a revised 2024 financial outlook.

* An out-of-benchmark position in RH, a luxury home furnishings retailer, detracted, as tariff concerns mounted. Such uncertainty had a pronounced effect on RH, as the company sources a majority of its products from Asia. A challenged housing market also drove its stock price down.

* An overweight in home care, hospice and senior living services provider Pennant Group dampened results on the back of concerns about potential government spending cuts, which were a headwind to the health care services industry broadly. 

Goldman Sachs Small Cap Growth Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g74y26.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **10/31/19** | $10000 | $9900 | $10000 | $10000 |
| **8/20** | $12744 | $12617 | $11498 | $11683 |
| **8/21** | $17951 | $17772 | $15592 | $15543 |
| **8/22** | $13090 | $12959 | $11654 | $13479 |
| **8/23** | $13976 | $13836 | $12444 | $15468 |
| **8/24** | $17138 | $16966 | $14643 | $19512 |
| **8/25** | $18623 | $18437 | $16177 | $22603 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class C Excluding sale charges (Commenced October 31, 2019) | 8.67% | 7.88% | 11.24% |
| Class C Including sale charges (Commenced on October 31, 2019) | 7.67% | 7.88% | 11.24% |
| Russell 2000<sup>®</sup> Growth Index | 10.48% | 7.06% | 8.59% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 14.99% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Growth Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $360881855 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2269931 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Information Technology | 23.9% |
| Health Care | 21.6% |
| Consumer Discretionary | 15.5% |
| Financials | 9.1% |
| Consumer Staples | 2.9% |
| Investment Company | 2.5% |
| Materials | 1.2% |
| Communication Services | 0.4% |

---

Goldman Sachs Small Cap Growth Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C174-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Growth Fund

# Institutional Class: GSAJX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth 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 | $95 | 0.91% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted results, especially underweights to health care and energy. 

* Stock selection in health care, consumer discretionary and energy further bolstered results.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers. 

* An overweight in digital health care company iRhythm Technologies contributed positively, driven by an outpacing of consensus expectations in its first quarter 2025 earnings report, underpinned, in turn, by significant volume demand supporting revenue growth and market share gains. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the information technology, materials and industrials sectors. An underweight to materials further dampened results. 

* The Fund's top detractor was an overweight position in medical technology company TransMedics Group. Its stock faced pressure from a decline in overall U.S. transplants amid seasonality headwinds, appointment of a new Chief Financial Officer and a revised 2024 financial outlook.

* An out-of-benchmark position in RH, a luxury home furnishings retailer, detracted, as tariff concerns mounted. Such uncertainty had a pronounced effect on RH, as the company sources a majority of its products from Asia. A challenged housing market also drove its stock price down.

* An overweight in home care, hospice and senior living services provider Pennant Group dampened results on the back of concerns about potential government spending cuts, which were a headwind to the health care services industry broadly. 

Goldman Sachs Small Cap Growth 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](g860414g96p31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **10/31/19** | $1000000 | $1000000 | $1000000 |
| **8/20** | $1286800 | $1149800 | $1168300 |
| **8/21** | $1831888 | $1559244 | $1554306 |
| **8/22** | $1351751 | $1165379 | $1347894 |
| **8/23** | $1458404 | $1244391 | $1546844 |
| **8/24** | $1808275 | $1464275 | $1951189 |
| **8/25** | $1985666 | $1617732 | $2260257 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Institutional (Commenced October 31, 2019) | 9.81% | 9.06% | 12.47% |
| Russell 2000<sup>®</sup> Growth Index | 10.48% | 7.06% | 8.59% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 14.99% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Growth Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $360881855 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2269931 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Information Technology | 23.9% |
| Health Care | 21.6% |
| Consumer Discretionary | 15.5% |
| Financials | 9.1% |
| Consumer Staples | 2.9% |
| Investment Company | 2.5% |
| Materials | 1.2% |
| Communication Services | 0.4% |

---

Goldman Sachs Small Cap Growth Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C141-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Growth Fund

# Investor Class: GSAHX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $102 | 0.97% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted results, especially underweights to health care and energy. 

* Stock selection in health care, consumer discretionary and energy further bolstered results.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers. 

* An overweight in digital health care company iRhythm Technologies contributed positively, driven by an outpacing of consensus expectations in its first quarter 2025 earnings report, underpinned, in turn, by significant volume demand supporting revenue growth and market share gains. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the information technology, materials and industrials sectors. An underweight to materials further dampened results. 

* The Fund's top detractor was an overweight position in medical technology company TransMedics Group. Its stock faced pressure from a decline in overall U.S. transplants amid seasonality headwinds, appointment of a new Chief Financial Officer and a revised 2024 financial outlook.

* An out-of-benchmark position in RH, a luxury home furnishings retailer, detracted, as tariff concerns mounted. Such uncertainty had a pronounced effect on RH, as the company sources a majority of its products from Asia. A challenged housing market also drove its stock price down.

* An overweight in home care, hospice and senior living services provider Pennant Group dampened results on the back of concerns about potential government spending cuts, which were a headwind to the health care services industry broadly. 

Goldman Sachs Small Cap Growth Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g82b40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **10/31/19** | $10000 | $10000 | $10000 |
| **8/20** | $12855 | $11498 | $11683 |
| **8/21** | $18281 | $15592 | $15543 |
| **8/22** | $13460 | $11654 | $13479 |
| **8/23** | $14526 | $12444 | $15468 |
| **8/24** | $17988 | $14643 | $19512 |
| **8/25** | $19749 | $16177 | $22603 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Investor (Commenced October 31, 2019) | 9.79% | 8.96% | 12.36% |
| Russell 2000<sup>®</sup> Growth Index | 10.48% | 7.06% | 8.59% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 14.99% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Growth Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $360881855 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2269931 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Information Technology | 23.9% |
| Health Care | 21.6% |
| Consumer Discretionary | 15.5% |
| Financials | 9.1% |
| Consumer Staples | 2.9% |
| Investment Company | 2.5% |
| Materials | 1.2% |
| Communication Services | 0.4% |

---

Goldman Sachs Small Cap Growth Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C133-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Growth Fund

# Class R6: GSBEX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth 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 | $94 | 0.90% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted results, especially underweights to health care and energy. 

* Stock selection in health care, consumer discretionary and energy further bolstered results.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers. 

* An overweight in digital health care company iRhythm Technologies contributed positively, driven by an outpacing of consensus expectations in its first quarter 2025 earnings report, underpinned, in turn, by significant volume demand supporting revenue growth and market share gains. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the information technology, materials and industrials sectors. An underweight to materials further dampened results. 

* The Fund's top detractor was an overweight position in medical technology company TransMedics Group. Its stock faced pressure from a decline in overall U.S. transplants amid seasonality headwinds, appointment of a new Chief Financial Officer and a revised 2024 financial outlook.

* An out-of-benchmark position in RH, a luxury home furnishings retailer, detracted, as tariff concerns mounted. Such uncertainty had a pronounced effect on RH, as the company sources a majority of its products from Asia. A challenged housing market also drove its stock price down.

* An overweight in home care, hospice and senior living services provider Pennant Group dampened results on the back of concerns about potential government spending cuts, which were a headwind to the health care services industry broadly. 

Goldman Sachs Small Cap Growth 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](g860414g03s65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **10/31/19** | $10000 | $10000 | $10000 |
| **8/20** | $12868 | $11498 | $11683 |
| **8/21** | $18329 | $15592 | $15543 |
| **8/22** | $13518 | $11654 | $13479 |
| **8/23** | $14596 | $12444 | $15468 |
| **8/24** | $18084 | $14643 | $19512 |
| **8/25** | $19858 | $16177 | $22603 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced October 31, 2019) | 9.81% | 9.06% | 12.47% |
| Russell 2000<sup>®</sup> Growth Index | 10.48% | 7.06% | 8.59% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 14.99% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Growth Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $360881855 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2269931 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Information Technology | 23.9% |
| Health Care | 21.6% |
| Consumer Discretionary | 15.5% |
| Financials | 9.1% |
| Consumer Staples | 2.9% |
| Investment Company | 2.5% |
| Materials | 1.2% |
| Communication Services | 0.4% |

---

Goldman Sachs Small Cap Growth Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C158-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Growth Fund

# Class P: GSADX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Growth 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 | $94 | 0.90% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted results, especially underweights to health care and energy. 

* Stock selection in health care, consumer discretionary and energy further bolstered results.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers. 

* An overweight in digital health care company iRhythm Technologies contributed positively, driven by an outpacing of consensus expectations in its first quarter 2025 earnings report, underpinned, in turn, by significant volume demand supporting revenue growth and market share gains. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the information technology, materials and industrials sectors. An underweight to materials further dampened results. 

* The Fund's top detractor was an overweight position in medical technology company TransMedics Group. Its stock faced pressure from a decline in overall U.S. transplants amid seasonality headwinds, appointment of a new Chief Financial Officer and a revised 2024 financial outlook.

* An out-of-benchmark position in RH, a luxury home furnishings retailer, detracted, as tariff concerns mounted. Such uncertainty had a pronounced effect on RH, as the company sources a majority of its products from Asia. A challenged housing market also drove its stock price down.

* An overweight in home care, hospice and senior living services provider Pennant Group dampened results on the back of concerns about potential government spending cuts, which were a headwind to the health care services industry broadly. 

Goldman Sachs Small Cap Growth 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](g860414g62h88.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **10/31/19** | $10000 | $10000 | $10000 |
| **8/20** | $12868 | $11498 | $11683 |
| **8/21** | $18320 | $15592 | $15543 |
| **8/22** | $13507 | $11654 | $13479 |
| **8/23** | $14587 | $12444 | $15468 |
| **8/24** | $18074 | $14643 | $19512 |
| **8/25** | $19847 | $16177 | $22603 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced October 31, 2019) | 9.81% | 9.05% | 12.46% |
| Russell 2000<sup>®</sup> Growth Index | 10.48% | 7.06% | 8.59% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 14.99% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Growth Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $360881855 |
| # of Portfolio Holdings as of Period End | 110 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $2269931 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 24.1% |
| Information Technology | 23.9% |
| Health Care | 21.6% |
| Consumer Discretionary | 15.5% |
| Financials | 9.1% |
| Consumer Staples | 2.9% |
| Investment Company | 2.5% |
| Materials | 1.2% |
| Communication Services | 0.4% |

---

Goldman Sachs Small Cap Growth Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Growth Fund

38145C125-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Class A: GSMAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $125 | 1.25% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g56n68.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $9943 | $9396 | $10465 | $11144 |
| **8/17** | $11313 | $10691 | $12094 | $12934 |
| **8/18** | $14166 | $13387 | $15744 | $15553 |
| **8/19** | $14780 | $13967 | $15162 | $15757 |
| **8/20** | $19687 | $18604 | $18496 | $19135 |
| **8/21** | $27374 | $25869 | $25181 | $25457 |
| **8/22** | $19260 | $18201 | $18714 | $22076 |
| **8/23** | $20366 | $19246 | $20129 | $25335 |
| **8/24** | $23810 | $22500 | $23303 | $31957 |
| **8/25** | $23624 | $22325 | $25946 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | -0.78% | 3.71% | 8.97% |
| Class A Including sale charges | -6.24% | 2.55% | 8.35% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 10.00% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H779-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Class C: GSMGX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $198 | 2.00% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g14r20.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $9866 | $9767 | $10465 | $11144 |
| **8/17** | $11147 | $11035 | $12094 | $12934 |
| **8/18** | $13855 | $13717 | $15744 | $15553 |
| **8/19** | $14340 | $14197 | $15162 | $15757 |
| **8/20** | $18971 | $18781 | $18496 | $19135 |
| **8/21** | $26179 | $25918 | $25181 | $25457 |
| **8/22** | $18278 | $18096 | $18714 | $22076 |
| **8/23** | $19178 | $18986 | $20129 | $25335 |
| **8/24** | $22260 | $22037 | $23303 | $31957 |
| **8/25** | $21917 | $21698 | $25946 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | -1.54% | 2.93% | 8.16% |
| Class C Including sale charges | -2.52% | 2.93% | 8.16% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 10.00% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H753-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Institutional Class: GSMYX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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 | $93 | 0.93% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth 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](g860414g92d98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $997900 | $1046500 | $1114400 |
| **8/17** | $1139702 | $1209440 | $1293373 |
| **8/18** | $1432491 | $1574449 | $1555281 |
| **8/19** | $1498672 | $1516194 | $1575655 |
| **8/20** | $2002975 | $1849606 | $1913475 |
| **8/21** | $2794351 | $2518053 | $2545687 |
| **8/22** | $1972253 | $1871417 | $2207620 |
| **8/23** | $2092560 | $2012896 | $2533465 |
| **8/24** | $2453317 | $2330330 | $3195712 |
| **8/25** | $2443014 | $2594589 | $3701913 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | -0.42% | 4.05% | 9.34% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 10.00% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H746-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Service Class: GSMQX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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** |
| Service | $142 | 1.43% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g22y84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $9932 | $10465 | $11144 |
| **8/17** | $11282 | $12094 | $12934 |
| **8/18** | $14116 | $15744 | $15553 |
| **8/19** | $14699 | $15162 | $15757 |
| **8/20** | $19545 | $18496 | $19135 |
| **8/21** | $27124 | $25181 | $25457 |
| **8/22** | $19047 | $18714 | $22076 |
| **8/23** | $20104 | $20129 | $25335 |
| **8/24** | $23463 | $23303 | $31957 |
| **8/25** | $23245 | $25946 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | -0.93% | 3.52% | 8.79% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 10.00% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38143H738-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Investor Class: GTMTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $100 | 1.00% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g20e75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $9969 | $10465 | $11144 |
| **8/17** | $11371 | $12094 | $12934 |
| **8/18** | $14278 | $15744 | $15553 |
| **8/19** | $14931 | $15162 | $15757 |
| **8/20** | $19940 | $18496 | $19135 |
| **8/21** | $27790 | $25181 | $25457 |
| **8/22** | $19600 | $18714 | $22076 |
| **8/23** | $20774 | $20129 | $25335 |
| **8/24** | $24350 | $23303 | $31957 |
| **8/25** | $24218 | $25946 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | -0.54% | 3.96% | 9.24% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 10.00% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38144N320-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Class R6: GTMUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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 | $92 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth 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](g860414g16k20.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $9979 | $10465 | $11144 |
| **8/17** | $11402 | $12094 | $12934 |
| **8/18** | $14330 | $15744 | $15553 |
| **8/19** | $14999 | $15162 | $15757 |
| **8/20** | $20050 | $18496 | $19135 |
| **8/21** | $27971 | $25181 | $25457 |
| **8/22** | $19745 | $18714 | $22076 |
| **8/23** | $20947 | $20129 | $25335 |
| **8/24** | $24563 | $23303 | $31957 |
| **8/25** | $24460 | $25946 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | -0.42% | 4.05% | 9.35% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 10.00% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38148U700-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Class R: GTMRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $149 | 1.50% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g34t79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $9917 | $10465 | $11144 |
| **8/17** | $11253 | $12094 | $12934 |
| **8/18** | $14057 | $15744 | $15553 |
| **8/19** | $14629 | $15162 | $15757 |
| **8/20** | $19439 | $18496 | $19135 |
| **8/21** | $26966 | $25181 | $25457 |
| **8/22** | $18925 | $18714 | $22076 |
| **8/23** | $19962 | $20129 | $25335 |
| **8/24** | $23270 | $23303 | $31957 |
| **8/25** | $23035 | $25946 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | -1.01% | 3.45% | 8.69% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 10.00% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38144N338-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Growth Fund

# Class P: GSWPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Growth 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 | $92 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole boosted Fund results, albeit modestly. Underweights to communication services and energy helped most.

* Stock selection in communication services further bolstered results.

* An overweight in Astera Labs proved beneficial. The company, which manufactures semiconductor-based connectivity solutions for cloud and AI infrastructure, benefited from robust hyperscaler demand for its Aries product line and realized significant gross margin expansion due to strong pricing and a favorable mix of high margin retimers.

* An overweight in high-speed connectivity solutions provider Credo Technology Group Holding added to results. The company benefited from the easing of U.S./China trade tensions and from reiterated capital expenditure guides within the semiconductor industry, record-breaking sales and improved profit margins.

* An out-of-benchmark position in cruise line operator Viking Holdings boosted results. Its stock price rose driven by robust earnings growth on the back of improved pricing power and a rebound in its river cruise business segment. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the industrials, consumer discretionary and information technology sectors.

* Overweights to the consumer discretionary and information technology sectors also dampened results.

* The Fund's top detractor was an out-of-benchmark position in Monday.com, an Israeli software-as-a-service firm. Its stock price fell due to a weaker than consensus expected revenue outlook, a significant decline in its free cash flow margin and AI disruption concerns.

* An overweight in Novanta, a technology supplier for medical and life science industries, detracted. Its stock price fell, driven by National Institutes of Health cuts, capital spending hesitancy, tariff uncertainty and the pulling of its full-year revenue and earnings per share guidance.

* An overweight in Onto Innovation, a provider of process and process control equipment and software for the semiconductor manufacturing industry, hurt. Its shares sold off due to soft revenue and earnings pressures, with tariffs negatively affecting the company's expenses. It was also impacted by increased competition, as peers enjoyed incremental market share gains.

Goldman Sachs Small/Mid Cap Growth 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](g860414g81e35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2500<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10860 | $11180 | $10833 |
| **8/19** | $11367 | $10766 | $10975 |
| **8/20** | $15194 | $13134 | $13328 |
| **8/21** | $21198 | $17880 | $17731 |
| **8/22** | $14964 | $13289 | $15377 |
| **8/23** | $15875 | $14293 | $17646 |
| **8/24** | $18623 | $16547 | $22259 |
| **8/25** | $18537 | $18424 | $25785 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | -0.46% | 4.05% | 8.72% |
| Russell 2500<sup>®</sup> Growth Index | 11.34% | 7.00% | 8.63% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.69% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Growth Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1451128295 |
| # of Portfolio Holdings as of Period End | 90 |
| Portfolio Turnover Rate for the Period | 105% |
| Total Net Advisory Fees Paid for the Period | $13812918 |

---

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

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

---

| | |
|:---|:---|
| Information Technology | 23.3% |
| Industrials | 23.0% |
| Health Care | 22.4% |
| Consumer Discretionary | 18.1% |
| Financials | 9.6% |
| Consumer Staples | 2.7% |
| Materials | 0.8% |
| Other | 0.1% |

---

Goldman Sachs Small/Mid Cap Growth Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Growth Fund

38150B327-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Class A: GGRAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $111 | 0.99% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g65a26.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $10650 | $10064 | $11054 | $11169 |
| **8/17** | $12758 | $12056 | $13355 | $12974 |
| **8/18** | $16022 | $15141 | $16992 | $15545 |
| **8/19** | $16481 | $15574 | $17718 | $15932 |
| **8/20** | $23752 | $22445 | $25574 | $19517 |
| **8/21** | $30666 | $28979 | $32870 | $25812 |
| **8/22** | $22871 | $21613 | $26605 | $22466 |
| **8/23** | $27943 | $26406 | $32442 | $25926 |
| **8/24** | $35080 | $33151 | $42418 | $32823 |
| **8/25** | $43594 | $41196 | $51996 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 24.27% | 12.91% | 15.85% |
| Class A Including sale charges | 17.39% | 11.64% | 15.20% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 17.91% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38142Y609-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Class C: GGRCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $179 | 1.60% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g35l48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $10572 | $10466 | $11054 | $11169 |
| **8/17** | $12569 | $12443 | $13355 | $12974 |
| **8/18** | $15662 | $15506 | $16992 | $15545 |
| **8/19** | $15987 | $15827 | $17718 | $15932 |
| **8/20** | $22864 | $22635 | $25574 | $19517 |
| **8/21** | $29316 | $29023 | $32870 | $25812 |
| **8/22** | $21703 | $21486 | $26605 | $22466 |
| **8/23** | $26325 | $26062 | $32442 | $25926 |
| **8/24** | $32791 | $32463 | $42418 | $32823 |
| **8/25** | $40513 | $40108 | $51996 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 23.55% | 12.11% | 15.00% |
| Class C Including sale charges | 22.49% | 12.11% | 15.00% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 17.91% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38142Y807-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Institutional Class: GSTIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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 | $84 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth 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](g860414g42m51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1069100 | $1105400 | $1116900 |
| **8/17** | $1286020 | $1335544 | $1297391 |
| **8/18** | $1621800 | $1699213 | $1554534 |
| **8/19** | $1675482 | $1771769 | $1593242 |
| **8/20** | $2421239 | $2557372 | $1951721 |
| **8/21** | $3139136 | $3286990 | $2581151 |
| **8/22** | $2349330 | $2660490 | $2246634 |
| **8/23** | $2878868 | $3244201 | $2592616 |
| **8/24** | $3623344 | $4241793 | $3282252 |
| **8/25** | $4515773 | $5199590 | $3815289 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 24.63% | 13.27% | 16.26% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 17.91% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38142Y880-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Service Class: GSTSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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** |
| Service | $130 | 1.16% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g26o14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10641 | $11054 | $11169 |
| **8/17** | $12733 | $13355 | $12974 |
| **8/18** | $15977 | $16992 | $15545 |
| **8/19** | $16423 | $17718 | $15932 |
| **8/20** | $23620 | $25574 | $19517 |
| **8/21** | $30491 | $32870 | $25812 |
| **8/22** | $22688 | $26605 | $22466 |
| **8/23** | $27664 | $32442 | $25926 |
| **8/24** | $34665 | $42418 | $32823 |
| **8/25** | $43020 | $51996 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 24.10% | 12.73% | 15.70% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 17.91% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38142Y872-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Investor Class: GSTTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $88 | 0.78% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g63w67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10671 | $11054 | $11169 |
| **8/17** | $12821 | $13355 | $12974 |
| **8/18** | $16142 | $16992 | $15545 |
| **8/19** | $16649 | $17718 | $15932 |
| **8/20** | $24046 | $25574 | $19517 |
| **8/21** | $31120 | $32870 | $25812 |
| **8/22** | $23284 | $26605 | $22466 |
| **8/23** | $28523 | $32442 | $25926 |
| **8/24** | $35882 | $42418 | $32823 |
| **8/25** | $44691 | $51996 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 24.55% | 13.19% | 16.13% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 17.91% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38144N387-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Class R6: GGRUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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** |
| R6 | $83 | 0.74% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth 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](g860414g36q83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10685 | $11054 | $11169 |
| **8/17** | $12857 | $13355 | $12974 |
| **8/18** | $16219 | $16992 | $15545 |
| **8/19** | $16760 | $17718 | $15932 |
| **8/20** | $24241 | $25574 | $19517 |
| **8/21** | $31409 | $32870 | $25812 |
| **8/22** | $23529 | $26605 | $22466 |
| **8/23** | $28818 | $32442 | $25926 |
| **8/24** | $36293 | $42418 | $32823 |
| **8/25** | $45225 | $51996 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 24.61% | 13.27% | 16.27% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 17.91% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38147X358-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Class R: GSTRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $133 | 1.19% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g14l27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10620 | $11054 | $11169 |
| **8/17** | $12697 | $13355 | $12974 |
| **8/18** | $15908 | $16992 | $15545 |
| **8/19** | $16333 | $17718 | $15932 |
| **8/20** | $23466 | $25574 | $19517 |
| **8/21** | $30210 | $32870 | $25812 |
| **8/22** | $22485 | $26605 | $22466 |
| **8/23** | $27414 | $32442 | $25926 |
| **8/24** | $34303 | $42418 | $32823 |
| **8/25** | $42522 | $51996 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 23.96% | 12.62% | 15.56% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 17.91% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38144N395-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Strategic Growth Fund

# Class P: GSPPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Strategic Growth 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 | $83 | 0.74% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the communication services, health care and industrials sectors.

* An overweight to the communication services sector further bolstered results.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in Snowflake, a cloud-based data platform, contributed positively. A resurgence in AI enthusiasm benefited the company, as its cloud-based data warehousing abilities allowed for a long runway for growth, as companies increasingly seek cloud-based solutions. Also, improved efficiency, increased AI-powered migrations and expanding margins bolstered its performance.

Top Detractors from Performance:

* Sector allocation decisions as a whole detracted from the Fund's relative results, particularly overweights to the materials and energy sectors.

* Stock selection in the consumer discretionary sector further dampened results.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in information technology products giant Apple detracted, as investors worried about the potential impact of tariffs on its global supply chain. Further, the company's AI strategy faced scrutiny, with investors perceiving its initial rollout as underwhelming and potentially lagging key competitors.

* An overweight in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors.

Goldman Sachs Strategic Growth 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](g860414g46w19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 1000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $11013 | $11143 | $10813 |
| **8/19** | $11372 | $11619 | $11082 |
| **8/20** | $16455 | $16771 | $13576 |
| **8/21** | $21328 | $21555 | $17954 |
| **8/22** | $15970 | $17447 | $15627 |
| **8/23** | $19568 | $21275 | $18034 |
| **8/24** | $24615 | $27817 | $22831 |
| **8/25** | $30692 | $34098 | $26538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 24.69% | 13.27% | 16.41% |
| Russell 1000<sup>®</sup> Growth Index | 22.58% | 15.24% | 18.08% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.14% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Strategic Growth Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $198096551 |
| # of Portfolio Holdings as of Period End | 54 |
| Portfolio Turnover Rate for the Period | 38% |
| Total Net Advisory Fees Paid for the Period | $1365869 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Growth Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 51.0% |
| Communication Services | 12.7% |
| Consumer Discretionary | 10.4% |
| Health Care | 7.8% |
| Industrials | 6.3% |
| Financials | 6.2% |
| Consumer Staples | 2.3% |
| Materials | 1.7% |
| Energy | 1.2% |
| Other | 0.1% |

---

Goldman Sachs Strategic Growth Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Strategic Growth Fund

38150B285-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Technology Opportunities Fund

# Class A: GITAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $127 | 1.13% |

---

## How did the Fund perform and what affected its performance?
The information technology sector was among the top drivers of U.S. equity market gains during the Period though volatility was high. The end of 2024 saw the first signs of resilient economic data, and 100 basis points in interest rate cuts by the Federal Reserve between September and December caused a strong year-end rally. This was followed by unprecedented volatility to start 2025. High expectations for artificial intelligence (AI)-related capital expenditure coming into the new year was quickly met with a pullback within the technology sector on the back of the launch of DeepSeek, a Chinese AI company. Coupled with the U.S. Administration's Liberation Day in April, concerns rose around tariffs and their impact on markets broadly. By the end of the Period, the technology sector rallied, as AI investment across the technology ecosystem expanded.

Top Contributors to Performance:

* Sector/industry allocation and stock selection overall boosted the Fund's relative results.

* Stock selection in the communication services and information technology sectors helped most. An overweight to information technology further bolstered results.

* Positioning in the technology hardware, storage & peripherals; interactive media & services; and communications equipment industries helped most.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in information technology products giant Apple contributed positively. Apple performed well driven by strong underlying fundamentals and investor excitement about the roll-out of Apple Intelligence and increased investment in developing U.S. capabilities.

* An out-of-benchmark position in Snowflake, a cloud-based data platform, boosted results. A resurgence in AI enthusiasm benefited the company most.

Top Detractors from Performance:

* Stock selection in the financials and consumer discretionary sectors detracted as did overweights to the financials and real estate sectors.

* Positioning in the software; specialized REITs; and semiconductors & semiconductor equipment industries hurt most.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in software company Adobe detracted. Adobe faced concerns about its ability to effectively monetize its own AI-enhanced offerings and maintain its existing market share.

* An out-of-benchmark position in Accenture, a technology-focused consulting and advisory firm, hurt. Slower than expected earnings growth and concerns about its project pipeline for AI consulting pressured its stock price.

Goldman Sachs Technology Opportunities Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g49r47.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **NASDAQ Composite Total Return Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $11375 | $10749 | $11053 | $11169 |
| **8/17** | $14693 | $13885 | $13786 | $12974 |
| **8/18** | $19169 | $18114 | $17571 | $15545 |
| **8/19** | $20075 | $18971 | $17444 | $15932 |
| **8/20** | $30358 | $28688 | $26050 | $19517 |
| **8/21** | $39177 | $37022 | $33992 | $25812 |
| **8/22** | $27580 | $26064 | $26517 | $22466 |
| **8/23** | $33659 | $31808 | $31781 | $25926 |
| **8/24** | $43585 | $41188 | $40409 | $32823 |
| **8/25** | $54399 | $51407 | $49279 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 24.81% | 12.37% | 18.44% |
| Class A Including sale charges | 17.96% | 11.11% | 17.77% |
| NASDAQ Composite Total Return Index | 21.95% | 13.59% | 17.28% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Technology Opportunities Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $902788912 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 60% |
| Total Net Advisory Fees Paid for the Period | $7201632 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Technology Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about December 5, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 68.8% |
| Communication Services | 15.4% |
| Consumer Discretionary | 7.7% |
| Financials | 5.4% |
| Real Estate | 2.3% |
| Other | 0.3% |

---

Goldman Sachs Technology Opportunities Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Nasdaq<sup>®</sup>, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Technology Opportunities Fund

38142Y823-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Technology Opportunities Fund

# Class C: GITCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $198 | 1.77% |

---

## How did the Fund perform and what affected its performance?
The information technology sector was among the top drivers of U.S. equity market gains during the Period though volatility was high. The end of 2024 saw the first signs of resilient economic data, and 100 basis points in interest rate cuts by the Federal Reserve between September and December caused a strong year-end rally. This was followed by unprecedented volatility to start 2025. High expectations for artificial intelligence (AI)-related capital expenditure coming into the new year was quickly met with a pullback within the technology sector on the back of the launch of DeepSeek, a Chinese AI company. Coupled with the U.S. Administration's Liberation Day in April, concerns rose around tariffs and their impact on markets broadly. By the end of the Period, the technology sector rallied, as AI investment across the technology ecosystem expanded.

Top Contributors to Performance:

* Sector/industry allocation and stock selection overall boosted the Fund's relative results.

* Stock selection in the communication services and information technology sectors helped most. An overweight to information technology further bolstered results.

* Positioning in the technology hardware, storage & peripherals; interactive media & services; and communications equipment industries helped most.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in information technology products giant Apple contributed positively. Apple performed well driven by strong underlying fundamentals and investor excitement about the roll-out of Apple Intelligence and increased investment in developing U.S. capabilities.

* An out-of-benchmark position in Snowflake, a cloud-based data platform, boosted results. A resurgence in AI enthusiasm benefited the company most.

Top Detractors from Performance:

* Stock selection in the financials and consumer discretionary sectors detracted as did overweights to the financials and real estate sectors.

* Positioning in the software; specialized REITs; and semiconductors & semiconductor equipment industries hurt most.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in software company Adobe detracted. Adobe faced concerns about its ability to effectively monetize its own AI-enhanced offerings and maintain its existing market share.

* An out-of-benchmark position in Accenture, a technology-focused consulting and advisory firm, hurt. Slower than expected earnings growth and concerns about its project pipeline for AI consulting pressured its stock price.

Goldman Sachs Technology Opportunities Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g78j67.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **NASDAQ Composite Total Return Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $11291 | $11178 | $11053 | $11169 |
| **8/17** | $14473 | $14328 | $13786 | $12974 |
| **8/18** | $18741 | $18553 | $17571 | $15545 |
| **8/19** | $19485 | $19290 | $17444 | $15932 |
| **8/20** | $29247 | $28954 | $26050 | $19517 |
| **8/21** | $37474 | $37099 | $33992 | $25812 |
| **8/22** | $26183 | $25921 | $26517 | $22466 |
| **8/23** | $31705 | $31388 | $31781 | $25926 |
| **8/24** | $40757 | $40349 | $40409 | $32823 |
| **8/25** | $50559 | $50053 | $49279 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 24.05% | 11.56% | 17.57% |
| Class C Including sale charges | 22.97% | 11.56% | 17.57% |
| NASDAQ Composite Total Return Index | 21.95% | 13.59% | 17.28% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Technology Opportunities Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $902788912 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 60% |
| Total Net Advisory Fees Paid for the Period | $7201632 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Technology Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about December 5, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 68.8% |
| Communication Services | 15.4% |
| Consumer Discretionary | 7.7% |
| Financials | 5.4% |
| Real Estate | 2.3% |
| Other | 0.3% |

---

Goldman Sachs Technology Opportunities Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Nasdaq<sup>®</sup>, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Technology Opportunities Fund

38142Y849-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Technology Opportunities Fund

# Institutional Class: GITIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities 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 | $100 | 0.89% |

---

## How did the Fund perform and what affected its performance?
The information technology sector was among the top drivers of U.S. equity market gains during the Period though volatility was high. The end of 2024 saw the first signs of resilient economic data, and 100 basis points in interest rate cuts by the Federal Reserve between September and December caused a strong year-end rally. This was followed by unprecedented volatility to start 2025. High expectations for artificial intelligence (AI)-related capital expenditure coming into the new year was quickly met with a pullback within the technology sector on the back of the launch of DeepSeek, a Chinese AI company. Coupled with the U.S. Administration's Liberation Day in April, concerns rose around tariffs and their impact on markets broadly. By the end of the Period, the technology sector rallied, as AI investment across the technology ecosystem expanded.

Top Contributors to Performance:

* Sector/industry allocation and stock selection overall boosted the Fund's relative results.

* Stock selection in the communication services and information technology sectors helped most. An overweight to information technology further bolstered results.

* Positioning in the technology hardware, storage & peripherals; interactive media & services; and communications equipment industries helped most.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in information technology products giant Apple contributed positively. Apple performed well driven by strong underlying fundamentals and investor excitement about the roll-out of Apple Intelligence and increased investment in developing U.S. capabilities.

* An out-of-benchmark position in Snowflake, a cloud-based data platform, boosted results. A resurgence in AI enthusiasm benefited the company most.

Top Detractors from Performance:

* Stock selection in the financials and consumer discretionary sectors detracted as did overweights to the financials and real estate sectors.

* Positioning in the software; specialized REITs; and semiconductors & semiconductor equipment industries hurt most.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in software company Adobe detracted. Adobe faced concerns about its ability to effectively monetize its own AI-enhanced offerings and maintain its existing market share.

* An out-of-benchmark position in Accenture, a technology-focused consulting and advisory firm, hurt. Slower than expected earnings growth and concerns about its project pipeline for AI consulting pressured its stock price.

Goldman Sachs Technology Opportunities 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](g860414g52h95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **NASDAQ Composite Total Return Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1142600 | $1105300 | $1116900 |
| **8/17** | $1481495 | $1378641 | $1297391 |
| **8/18** | $1940018 | $1757078 | $1554534 |
| **8/19** | $2039347 | $1744427 | $1593242 |
| **8/20** | $3092873 | $2604952 | $1951721 |
| **8/21** | $4002797 | $3399202 | $2581151 |
| **8/22** | $2826775 | $2651718 | $2246634 |
| **8/23** | $3459125 | $3178084 | $2592616 |
| **8/24** | $4492019 | $4040933 | $3282252 |
| **8/25** | $5618169 | $4927918 | $3815289 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 25.07% | 12.67% | 18.82% |
| NASDAQ Composite Total Return Index | 21.95% | 13.59% | 17.28% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Technology Opportunities Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $902788912 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 60% |
| Total Net Advisory Fees Paid for the Period | $7201632 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Technology Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about December 5, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 68.8% |
| Communication Services | 15.4% |
| Consumer Discretionary | 7.7% |
| Financials | 5.4% |
| Real Estate | 2.3% |
| Other | 0.3% |

---

Goldman Sachs Technology Opportunities 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.

Nasdaq<sup>®</sup>, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Technology Opportunities Fund

38142Y856-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Technology Opportunities Fund

# Service Class: GITSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities 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** |
| Service | $146 | 1.30% |

---

## How did the Fund perform and what affected its performance?
The information technology sector was among the top drivers of U.S. equity market gains during the Period though volatility was high. The end of 2024 saw the first signs of resilient economic data, and 100 basis points in interest rate cuts by the Federal Reserve between September and December caused a strong year-end rally. This was followed by unprecedented volatility to start 2025. High expectations for artificial intelligence (AI)-related capital expenditure coming into the new year was quickly met with a pullback within the technology sector on the back of the launch of DeepSeek, a Chinese AI company. Coupled with the U.S. Administration's Liberation Day in April, concerns rose around tariffs and their impact on markets broadly. By the end of the Period, the technology sector rallied, as AI investment across the technology ecosystem expanded.

Top Contributors to Performance:

* Sector/industry allocation and stock selection overall boosted the Fund's relative results.

* Stock selection in the communication services and information technology sectors helped most. An overweight to information technology further bolstered results.

* Positioning in the technology hardware, storage & peripherals; interactive media & services; and communications equipment industries helped most.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in information technology products giant Apple contributed positively. Apple performed well driven by strong underlying fundamentals and investor excitement about the roll-out of Apple Intelligence and increased investment in developing U.S. capabilities.

* An out-of-benchmark position in Snowflake, a cloud-based data platform, boosted results. A resurgence in AI enthusiasm benefited the company most.

Top Detractors from Performance:

* Stock selection in the financials and consumer discretionary sectors detracted as did overweights to the financials and real estate sectors.

* Positioning in the software; specialized REITs; and semiconductors & semiconductor equipment industries hurt most.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in software company Adobe detracted. Adobe faced concerns about its ability to effectively monetize its own AI-enhanced offerings and maintain its existing market share.

* An out-of-benchmark position in Accenture, a technology-focused consulting and advisory firm, hurt. Slower than expected earnings growth and concerns about its project pipeline for AI consulting pressured its stock price.

Goldman Sachs Technology Opportunities Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g44d68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **NASDAQ Composite Total Return Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $11365 | $11053 | $11169 |
| **8/17** | $14664 | $13786 | $12974 |
| **8/18** | $19105 | $17571 | $15545 |
| **8/19** | $19987 | $17444 | $15932 |
| **8/20** | $30157 | $26050 | $19517 |
| **8/21** | $38836 | $33992 | $25812 |
| **8/22** | $27278 | $26517 | $22466 |
| **8/23** | $33214 | $31781 | $25926 |
| **8/24** | $42929 | $40409 | $32823 |
| **8/25** | $53473 | $49279 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 24.56% | 12.13% | 18.24% |
| NASDAQ Composite Total Return Index | 21.95% | 13.59% | 17.28% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Technology Opportunities Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $902788912 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 60% |
| Total Net Advisory Fees Paid for the Period | $7201632 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Technology Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about December 5, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 68.8% |
| Communication Services | 15.4% |
| Consumer Discretionary | 7.7% |
| Financials | 5.4% |
| Real Estate | 2.3% |
| Other | 0.3% |

---

Goldman Sachs Technology Opportunities Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Nasdaq<sup>®</sup>, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Technology Opportunities Fund

38142Y864-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Technology Opportunities Fund

# Investor Class: GISTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $104 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The information technology sector was among the top drivers of U.S. equity market gains during the Period though volatility was high. The end of 2024 saw the first signs of resilient economic data, and 100 basis points in interest rate cuts by the Federal Reserve between September and December caused a strong year-end rally. This was followed by unprecedented volatility to start 2025. High expectations for artificial intelligence (AI)-related capital expenditure coming into the new year was quickly met with a pullback within the technology sector on the back of the launch of DeepSeek, a Chinese AI company. Coupled with the U.S. Administration's Liberation Day in April, concerns rose around tariffs and their impact on markets broadly. By the end of the Period, the technology sector rallied, as AI investment across the technology ecosystem expanded.

Top Contributors to Performance:

* Sector/industry allocation and stock selection overall boosted the Fund's relative results.

* Stock selection in the communication services and information technology sectors helped most. An overweight to information technology further bolstered results.

* Positioning in the technology hardware, storage & peripherals; interactive media & services; and communications equipment industries helped most.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in information technology products giant Apple contributed positively. Apple performed well driven by strong underlying fundamentals and investor excitement about the roll-out of Apple Intelligence and increased investment in developing U.S. capabilities.

* An out-of-benchmark position in Snowflake, a cloud-based data platform, boosted results. A resurgence in AI enthusiasm benefited the company most.

Top Detractors from Performance:

* Stock selection in the financials and consumer discretionary sectors detracted as did overweights to the financials and real estate sectors.

* Positioning in the software; specialized REITs; and semiconductors & semiconductor equipment industries hurt most.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in software company Adobe detracted. Adobe faced concerns about its ability to effectively monetize its own AI-enhanced offerings and maintain its existing market share.

* An out-of-benchmark position in Accenture, a technology-focused consulting and advisory firm, hurt. Slower than expected earnings growth and concerns about its project pipeline for AI consulting pressured its stock price.

Goldman Sachs Technology Opportunities Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g54d22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **NASDAQ Composite Total Return Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $11404 | $11053 | $11169 |
| **8/17** | $14764 | $13786 | $12974 |
| **8/18** | $19305 | $17571 | $15545 |
| **8/19** | $20272 | $17444 | $15932 |
| **8/20** | $30726 | $26050 | $19517 |
| **8/21** | $39766 | $33992 | $25812 |
| **8/22** | $28067 | $26517 | $22466 |
| **8/23** | $34323 | $31781 | $25926 |
| **8/24** | $44575 | $40409 | $32823 |
| **8/25** | $55728 | $49279 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 25.02% | 12.64% | 18.73% |
| NASDAQ Composite Total Return Index | 21.95% | 13.59% | 17.28% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Technology Opportunities Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $902788912 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 60% |
| Total Net Advisory Fees Paid for the Period | $7201632 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Technology Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about December 5, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 68.8% |
| Communication Services | 15.4% |
| Consumer Discretionary | 7.7% |
| Financials | 5.4% |
| Real Estate | 2.3% |
| Other | 0.3% |

---

Goldman Sachs Technology Opportunities Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

Nasdaq<sup>®</sup>, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Technology Opportunities Fund

38145C489-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Technology Opportunities Fund

# Class R6: GTORX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities 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** |
| R6 | $99 | 0.88% |

---

## How did the Fund perform and what affected its performance?
The information technology sector was among the top drivers of U.S. equity market gains during the Period though volatility was high. The end of 2024 saw the first signs of resilient economic data, and 100 basis points in interest rate cuts by the Federal Reserve between September and December caused a strong year-end rally. This was followed by unprecedented volatility to start 2025. High expectations for artificial intelligence (AI)-related capital expenditure coming into the new year was quickly met with a pullback within the technology sector on the back of the launch of DeepSeek, a Chinese AI company. Coupled with the U.S. Administration's Liberation Day in April, concerns rose around tariffs and their impact on markets broadly. By the end of the Period, the technology sector rallied, as AI investment across the technology ecosystem expanded.

Top Contributors to Performance:

* Sector/industry allocation and stock selection overall boosted the Fund's relative results.

* Stock selection in the communication services and information technology sectors helped most. An overweight to information technology further bolstered results.

* Positioning in the technology hardware, storage & peripherals; interactive media & services; and communications equipment industries helped most.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in information technology products giant Apple contributed positively. Apple performed well driven by strong underlying fundamentals and investor excitement about the roll-out of Apple Intelligence and increased investment in developing U.S. capabilities.

* An out-of-benchmark position in Snowflake, a cloud-based data platform, boosted results. A resurgence in AI enthusiasm benefited the company most.

Top Detractors from Performance:

* Stock selection in the financials and consumer discretionary sectors detracted as did overweights to the financials and real estate sectors.

* Positioning in the software; specialized REITs; and semiconductors & semiconductor equipment industries hurt most.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in software company Adobe detracted. Adobe faced concerns about its ability to effectively monetize its own AI-enhanced offerings and maintain its existing market share.

* An out-of-benchmark position in Accenture, a technology-focused consulting and advisory firm, hurt. Slower than expected earnings growth and concerns about its project pipeline for AI consulting pressured its stock price.

Goldman Sachs Technology Opportunities 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](g860414g75k16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **NASDAQ Composite Total Return Index** | **Russell 1000<sup>®</sup> Index** |
| **12/29/17** | $10000 | $10000 | $10000 |
| **8/18** | $12273 | $11831 | $11007 |
| **8/19** | $12905 | $11746 | $11281 |
| **8/20** | $19574 | $17540 | $13819 |
| **8/21** | $25337 | $22888 | $18276 |
| **8/22** | $17893 | $17855 | $15907 |
| **8/23** | $21898 | $21399 | $18357 |
| **8/24** | $28436 | $27209 | $23240 |
| **8/25** | $35574 | $33181 | $27014 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced December 29, 2017) | 25.10% | 12.68% | 17.97% |
| NASDAQ Composite Total Return Index | 21.95% | 13.59% | 16.90% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 13.81% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at:**am.gs.com**to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000<sup>®</sup> Index.

Goldman Sachs Technology Opportunities Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $902788912 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 60% |
| Total Net Advisory Fees Paid for the Period | $7201632 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Technology Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about December 5, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 68.8% |
| Communication Services | 15.4% |
| Consumer Discretionary | 7.7% |
| Financials | 5.4% |
| Real Estate | 2.3% |
| Other | 0.3% |

---

Goldman Sachs Technology Opportunities 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.

Nasdaq<sup>®</sup>, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Technology Opportunities Fund

38148U148-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Technology Opportunities Fund

# Class P: GSJPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Technology Opportunities 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 | $99 | 0.88% |

---

## How did the Fund perform and what affected its performance?
The information technology sector was among the top drivers of U.S. equity market gains during the Period though volatility was high. The end of 2024 saw the first signs of resilient economic data, and 100 basis points in interest rate cuts by the Federal Reserve between September and December caused a strong year-end rally. This was followed by unprecedented volatility to start 2025. High expectations for artificial intelligence (AI)-related capital expenditure coming into the new year was quickly met with a pullback within the technology sector on the back of the launch of DeepSeek, a Chinese AI company. Coupled with the U.S. Administration's Liberation Day in April, concerns rose around tariffs and their impact on markets broadly. By the end of the Period, the technology sector rallied, as AI investment across the technology ecosystem expanded.

Top Contributors to Performance:

* Sector/industry allocation and stock selection overall boosted the Fund's relative results.

* Stock selection in the communication services and information technology sectors helped most. An overweight to information technology further bolstered results.

* Positioning in the technology hardware, storage & peripherals; interactive media & services; and communications equipment industries helped most.

* An overweight in mobile advertising technology company AppLovin was the Fund's top relative contributor, largely on the back of earnings results driven by strong execution, operational efficiency and effective positioning relative to peers.

* An overweight in information technology products giant Apple contributed positively. Apple performed well driven by strong underlying fundamentals and investor excitement about the roll-out of Apple Intelligence and increased investment in developing U.S. capabilities.

* An out-of-benchmark position in Snowflake, a cloud-based data platform, boosted results. A resurgence in AI enthusiasm benefited the company most.

Top Detractors from Performance:

* Stock selection in the financials and consumer discretionary sectors detracted as did overweights to the financials and real estate sectors.

* Positioning in the software; specialized REITs; and semiconductors & semiconductor equipment industries hurt most.

* The Fund's top detractor was an overweight in semiconductor company Marvell Technology. Investors grew concerned with the company's decelerating data center growth, strategic partnerships, order lumpiness and increasingly competitive landscape.

* An overweight in software company Adobe detracted. Adobe faced concerns about its ability to effectively monetize its own AI-enhanced offerings and maintain its existing market share.

* An out-of-benchmark position in Accenture, a technology-focused consulting and advisory firm, hurt. Slower than expected earnings growth and concerns about its project pipeline for AI consulting pressured its stock price.

Goldman Sachs Technology Opportunities 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](g860414g17g43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **NASDAQ Composite Total Return Index** | **Russell 1000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $11064 | $11185 | $10813 |
| **8/19** | $11629 | $11104 | $11082 |
| **8/20** | $17639 | $16582 | $13576 |
| **8/21** | $22832 | $21638 | $17954 |
| **8/22** | $16124 | $16880 | $15627 |
| **8/23** | $19728 | $20231 | $18034 |
| **8/24** | $25629 | $25723 | $22831 |
| **8/25** | $32062 | $31370 | $26538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 25.10% | 12.69% | 17.10% |
| NASDAQ Composite Total Return Index | 21.95% | 13.59% | 16.75% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.14% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Technology Opportunities Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $902788912 |
| # of Portfolio Holdings as of Period End | 36 |
| Portfolio Turnover Rate for the Period | 60% |
| Total Net Advisory Fees Paid for the Period | $7201632 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Technology Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about December 5, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Information Technology | 68.8% |
| Communication Services | 15.4% |
| Consumer Discretionary | 7.7% |
| Financials | 5.4% |
| Real Estate | 2.3% |
| Other | 0.3% |

---

Goldman Sachs Technology Opportunities 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.

Nasdaq<sup>®</sup>, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Goldman Sachs. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Technology Opportunities Fund

38150B228-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Class A: GSGRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $104 | 0.99% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g06b47.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $10903 | $10303 | $11292 | $11169 |
| **8/17** | $11986 | $11326 | $12600 | $12974 |
| **8/18** | $13290 | $12559 | $14171 | $15545 |
| **8/19** | $13892 | $13128 | $14259 | $15932 |
| **8/20** | $14321 | $13533 | $14378 | $19517 |
| **8/21** | $18077 | $17083 | $19618 | $25812 |
| **8/22** | $17392 | $16436 | $18396 | $22466 |
| **8/23** | $18531 | $17512 | $19976 | $25926 |
| **8/24** | $22640 | $21395 | $24201 | $32823 |
| **8/25** | $24827 | $23461 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 9.66% | 11.62% | 9.51% |
| Class A Including sale charges | 3.62% | 10.37% | 8.89% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W588-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Class C: GSGCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $182 | 1.74% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g04u34.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $10823 | $10715 | $11292 | $11169 |
| **8/17** | $11808 | $11690 | $12600 | $12974 |
| **8/18** | $12996 | $12866 | $14171 | $15545 |
| **8/19** | $13492 | $13357 | $14259 | $15932 |
| **8/20** | $13807 | $13669 | $14378 | $19517 |
| **8/21** | $17294 | $17121 | $19618 | $25812 |
| **8/22** | $16514 | $16349 | $18396 | $22466 |
| **8/23** | $17464 | $17289 | $19976 | $25926 |
| **8/24** | $21173 | $20961 | $24201 | $32823 |
| **8/25** | $23047 | $22816 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 8.85% | 10.78% | 8.70% |
| Class C Including sale charges | 7.76% | 10.78% | 8.70% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38142B310-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Institutional Class: GSIIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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 | $72 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Institutional Class

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

### Fund Performance
![Growth of 10K Chart](g860414g49v04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1094800 | $1129200 | $1116900 |
| **8/17** | $1208440 | $1259961 | $1297391 |
| **8/18** | $1344994 | $1417079 | $1554534 |
| **8/19** | $1411437 | $1425864 | $1593242 |
| **8/20** | $1459708 | $1437842 | $1951721 |
| **8/21** | $1848428 | $1961791 | $2581151 |
| **8/22** | $1783918 | $1839572 | $2246634 |
| **8/23** | $1906295 | $1997591 | $2592616 |
| **8/24** | $2335973 | $2420081 | $3282252 |
| **8/25** | $2569104 | $2645875 | $3815289 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 9.98% | 11.96% | 9.89% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W414-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Service Class: GSGSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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** |
| Service | $125 | 1.19% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g01f76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10891 | $11292 | $11169 |
| **8/17** | $11963 | $12600 | $12974 |
| **8/18** | $13251 | $14171 | $15545 |
| **8/19** | $13834 | $14259 | $15932 |
| **8/20** | $14235 | $14378 | $19517 |
| **8/21** | $17938 | $19618 | $25812 |
| **8/22** | $17224 | $18396 | $22466 |
| **8/23** | $18314 | $19976 | $25926 |
| **8/24** | $22331 | $24201 | $32823 |
| **8/25** | $24439 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 9.44% | 11.41% | 9.34% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38141W422-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Investor Class: GRGTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $78 | 0.74% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g30y56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10930 | $11292 | $11169 |
| **8/17** | $12046 | $12600 | $12974 |
| **8/18** | $13389 | $14171 | $15545 |
| **8/19** | $14034 | $14259 | $15932 |
| **8/20** | $14503 | $14378 | $19517 |
| **8/21** | $18352 | $19618 | $25812 |
| **8/22** | $17701 | $18396 | $22466 |
| **8/23** | $18901 | $19976 | $25926 |
| **8/24** | $23148 | $24201 | $32823 |
| **8/25** | $25447 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 9.93% | 11.90% | 9.78% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38144N437-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Class R6: GRGUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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 | $71 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Class R6

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

### Fund Performance
![Growth of 10K Chart](g860414g99v83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10943 | $11292 | $11169 |
| **8/17** | $12080 | $12600 | $12974 |
| **8/18** | $13450 | $14171 | $15545 |
| **8/19** | $14116 | $14259 | $15932 |
| **8/20** | $14600 | $14378 | $19517 |
| **8/21** | $18489 | $19618 | $25812 |
| **8/22** | $17846 | $18396 | $22466 |
| **8/23** | $19072 | $19976 | $25926 |
| **8/24** | $23372 | $24201 | $32823 |
| **8/25** | $25712 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 10.01% | 11.98% | 9.90% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38147X457-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Class R: GRGRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $130 | 1.24% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g95l93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10873 | $11292 | $11169 |
| **8/17** | $11926 | $12600 | $12974 |
| **8/18** | $13188 | $14171 | $15545 |
| **8/19** | $13754 | $14259 | $15932 |
| **8/20** | $14142 | $14378 | $19517 |
| **8/21** | $17806 | $19618 | $25812 |
| **8/22** | $17090 | $18396 | $22466 |
| **8/23** | $18155 | $19976 | $25926 |
| **8/24** | $22129 | $24201 | $32823 |
| **8/25** | $24203 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 9.37% | 11.34% | 9.23% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38144N445-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equity Income Fund

# Class P: GABPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equity Income 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 | $71 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection and sector allocation decisions overall contributed positively to the Fund's relative results.

* Helping most was stock selection in the financials, information technology and real estate sectors. Further bolstering results was an overweight to information technology and an underweight in real estate.

* An overweight in GE Aerospace, an aerospace and defense company, added value due to its financial results, with strength in both its commercial engine and defense business segments. The company reported revenue increases driven by defense deliveries, services and equipment, and improved pricing power. 

* An out-of-benchmark position in Oracle, a supplier of software for enterprise information management, proved beneficial on the back of its strong earnings results, with rising cloud revenue growth and an ongoing positive outlook. Improving investor sentiment for cloud infrastructure and AI also benefited the enterprise software company's stock.

* An overweight in Fastenal, a wholesale distributor of industrial and construction supplies, contributed positively. The company improved its e-commerce strategy, in turn accelerating its rate of market share capture in its distribution market. The company's navigation of tariff-related headwinds further separated Fastenal from its peers. 

Top Detractors from Performance:

* Stock selection in the consumer discretionary, energy and consumer staples sectors detracted most. An underweight to consumer discretionary further dampened results. 

* The Fund's top detractor was an overweight in pharmaceuticals company Merck & Co., as the company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An out-of-benchmark position in pharmaceuticals company Eli Lilly & Co. hurt. Inventory stocking issues, delayed product launches and lower than consensus expected product efficacy disappointed investors. 

Goldman Sachs Equity Income Fund

Class P

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

### Fund Performance
![Growth of 10K Chart](g860414g03p68.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10484 | $10472 | $10813 |
| **8/19** | $11000 | $10537 | $11082 |
| **8/20** | $11378 | $10625 | $13576 |
| **8/21** | $14410 | $14497 | $17954 |
| **8/22** | $13909 | $13594 | $15627 |
| **8/23** | $14865 | $14762 | $18034 |
| **8/24** | $18217 | $17884 | $22831 |
| **8/25** | $20036 | $19553 | $26538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 9.99% | 11.98% | 9.87% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 9.51% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.14% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Equity Income Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $416738206 |
| # of Portfolio Holdings as of Period End | 79 |
| Portfolio Turnover Rate for the Period | 35% |
| Total Net Advisory Fees Paid for the Period | $2632586 |

---

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

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

---

| | |
|:---|:---|
| Financials | 20.8% |
| Industrials | 13.9% |
| Health Care | 11.9% |
| Information Technology | 9.7% |
| Communication Services | 8.7% |
| Consumer Staples | 8.6% |
| Energy | 7.5% |
| Utilities | 6.0% |
| Consumer Discretionary | 4.5% |
| Other | 8.0% |

---

Goldman Sachs Equity Income Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equity Income Fund

38150B798-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Focused Value Fund

# Class A: GFVAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Focused Value 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $101 | 0.97% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund's relative results.

* Stock selection in the industrials, financials and communication services sectors bolstered results.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, especially in the health care, information technology and materials sectors.

* The Fund's top detractor was an overweight in life sciences and diagnostics company Danaher. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in health insurance and health care services provider UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An out-of-benchmark position in pharmaceuticals company AstraZeneca hurt. Its share price faced pressure after a few employees of the company fell under investigation regarding their role in the company's importing practices. 

Goldman Sachs Focused Value Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g68f12.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $10695 | $10107 | $11292 | $11169 |
| **8/17** | $12130 | $11463 | $12600 | $12974 |
| **8/18** | $13178 | $12454 | $14171 | $15545 |
| **8/19** | $13455 | $12715 | $14259 | $15932 |
| **8/20** | $14346 | $13557 | $14378 | $19517 |
| **8/21** | $19285 | $18224 | $19618 | $25812 |
| **8/22** | $18072 | $17078 | $18396 | $22466 |
| **8/23** | $20398 | $19276 | $19976 | $25926 |
| **8/24** | $25024 | $23648 | $24201 | $32823 |
| **8/25** | $27059 | $25570 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 8.13% | 13.52% | 10.46% |
| Class A Including sale charges | 2.19% | 12.26% | 9.83% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Focused Value Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $59123400 |
| # of Portfolio Holdings as of Period End | 34 |
| Portfolio Turnover Rate for the Period | 109% |
| Total Net Advisory Fees Paid for the Period | $378255 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Value Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.4% |
| Health Care | 11.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 6.5% |
| Communication Services | 6.5% |
| Utilities | 6.3% |
| Materials | 5.3% |
| Other | 8.5% |

---

Goldman Sachs Focused Value Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Focused Value Fund

38147X689-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Focused Value Fund

# Class C: GFVCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Focused Value 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $162 | 1.56% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund's relative results.

* Stock selection in the industrials, financials and communication services sectors bolstered results.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, especially in the health care, information technology and materials sectors.

* The Fund's top detractor was an overweight in life sciences and diagnostics company Danaher. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in health insurance and health care services provider UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An out-of-benchmark position in pharmaceuticals company AstraZeneca hurt. Its share price faced pressure after a few employees of the company fell under investigation regarding their role in the company's importing practices. 

Goldman Sachs Focused Value Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g94z66.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $10607 | $10501 | $11292 | $11169 |
| **8/17** | $11948 | $11828 | $12600 | $12974 |
| **8/18** | $12888 | $12759 | $14171 | $15545 |
| **8/19** | $13052 | $12921 | $14259 | $15932 |
| **8/20** | $13817 | $13678 | $14378 | $19517 |
| **8/21** | $18423 | $18239 | $19618 | $25812 |
| **8/22** | $17146 | $16975 | $18396 | $22466 |
| **8/23** | $19188 | $18996 | $19976 | $25926 |
| **8/24** | $23381 | $23147 | $24201 | $32823 |
| **8/25** | $25118 | $24867 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 7.43% | 12.69% | 9.64% |
| Class C Including sale charges | 6.36% | 12.69% | 9.64% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Focused Value Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $59123400 |
| # of Portfolio Holdings as of Period End | 34 |
| Portfolio Turnover Rate for the Period | 109% |
| Total Net Advisory Fees Paid for the Period | $378255 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Value Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.4% |
| Health Care | 11.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 6.5% |
| Communication Services | 6.5% |
| Utilities | 6.3% |
| Materials | 5.3% |
| Other | 8.5% |

---

Goldman Sachs Focused Value Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Focused Value Fund

38147X671-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Focused Value Fund

# Institutional Class: GFVSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Focused Value 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 | $72 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund's relative results.

* Stock selection in the industrials, financials and communication services sectors bolstered results.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, especially in the health care, information technology and materials sectors.

* The Fund's top detractor was an overweight in life sciences and diagnostics company Danaher. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in health insurance and health care services provider UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An out-of-benchmark position in pharmaceuticals company AstraZeneca hurt. Its share price faced pressure after a few employees of the company fell under investigation regarding their role in the company's importing practices. 

Goldman Sachs Focused Value 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](g860414g35j91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1073500 | $1129200 | $1116900 |
| **8/17** | $1221536 | $1259961 | $1297391 |
| **8/18** | $1332207 | $1417079 | $1554534 |
| **8/19** | $1365112 | $1425864 | $1593242 |
| **8/20** | $1460943 | $1437842 | $1951721 |
| **8/21** | $1969351 | $1961791 | $2581151 |
| **8/22** | $1851584 | $1839572 | $2246634 |
| **8/23** | $2094697 | $1997591 | $2592616 |
| **8/24** | $2579829 | $2420081 | $3282252 |
| **8/25** | $2794729 | $2645875 | $3815289 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 8.33% | 13.84% | 10.81% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Focused Value Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $59123400 |
| # of Portfolio Holdings as of Period End | 34 |
| Portfolio Turnover Rate for the Period | 109% |
| Total Net Advisory Fees Paid for the Period | $378255 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Value Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.4% |
| Health Care | 11.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 6.5% |
| Communication Services | 6.5% |
| Utilities | 6.3% |
| Materials | 5.3% |
| Other | 8.5% |

---

Goldman Sachs Focused Value Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Focused Value Fund

38147X630-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Focused Value Fund

# Investor Class: GFVIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Focused Value 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $79 | 0.76% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund's relative results.

* Stock selection in the industrials, financials and communication services sectors bolstered results.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, especially in the health care, information technology and materials sectors.

* The Fund's top detractor was an overweight in life sciences and diagnostics company Danaher. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in health insurance and health care services provider UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An out-of-benchmark position in pharmaceuticals company AstraZeneca hurt. Its share price faced pressure after a few employees of the company fell under investigation regarding their role in the company's importing practices. 

Goldman Sachs Focused Value Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g06k89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10729 | $11292 | $11169 |
| **8/17** | $12194 | $12600 | $12974 |
| **8/18** | $13292 | $14171 | $15545 |
| **8/19** | $13593 | $14259 | $15932 |
| **8/20** | $14536 | $14378 | $19517 |
| **8/21** | $19581 | $19618 | $25812 |
| **8/22** | $18395 | $18396 | $22466 |
| **8/23** | $20806 | $19976 | $25926 |
| **8/24** | $25594 | $24201 | $32823 |
| **8/25** | $27721 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 8.31% | 13.77% | 10.72% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Focused Value Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $59123400 |
| # of Portfolio Holdings as of Period End | 34 |
| Portfolio Turnover Rate for the Period | 109% |
| Total Net Advisory Fees Paid for the Period | $378255 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Value Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.4% |
| Health Care | 11.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 6.5% |
| Communication Services | 6.5% |
| Utilities | 6.3% |
| Materials | 5.3% |
| Other | 8.5% |

---

Goldman Sachs Focused Value Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Focused Value Fund

38147X663-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Focused Value Fund

# Class R6: GFVUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Focused Value 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** |
| R6 | $71 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund's relative results.

* Stock selection in the industrials, financials and communication services sectors bolstered results.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, especially in the health care, information technology and materials sectors.

* The Fund's top detractor was an overweight in life sciences and diagnostics company Danaher. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in health insurance and health care services provider UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An out-of-benchmark position in pharmaceuticals company AstraZeneca hurt. Its share price faced pressure after a few employees of the company fell under investigation regarding their role in the company's importing practices. 

Goldman Sachs Focused Value 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](g860414g62l30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10736 | $11292 | $11169 |
| **8/17** | $12229 | $12600 | $12974 |
| **8/18** | $13337 | $14171 | $15545 |
| **8/19** | $13673 | $14259 | $15932 |
| **8/20** | $14622 | $14378 | $19517 |
| **8/21** | $19710 | $19618 | $25812 |
| **8/22** | $18547 | $18396 | $22466 |
| **8/23** | $20989 | $19976 | $25926 |
| **8/24** | $25834 | $24201 | $32823 |
| **8/25** | $28009 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 8.42% | 13.87% | 10.84% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Focused Value Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $59123400 |
| # of Portfolio Holdings as of Period End | 34 |
| Portfolio Turnover Rate for the Period | 109% |
| Total Net Advisory Fees Paid for the Period | $378255 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Value Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.4% |
| Health Care | 11.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 6.5% |
| Communication Services | 6.5% |
| Utilities | 6.3% |
| Materials | 5.3% |
| Other | 8.5% |

---

Goldman Sachs Focused Value Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Focused Value Fund

38147X648-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Focused Value Fund

# Class R: GFVRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Focused Value 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $125 | 1.20% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund's relative results.

* Stock selection in the industrials, financials and communication services sectors bolstered results.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, especially in the health care, information technology and materials sectors.

* The Fund's top detractor was an overweight in life sciences and diagnostics company Danaher. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in health insurance and health care services provider UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An out-of-benchmark position in pharmaceuticals company AstraZeneca hurt. Its share price faced pressure after a few employees of the company fell under investigation regarding their role in the company's importing practices. 

Goldman Sachs Focused Value Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g83n48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10662 | $11292 | $11169 |
| **8/17** | $12057 | $12600 | $12974 |
| **8/18** | $13063 | $14171 | $15545 |
| **8/19** | $13313 | $14259 | $15932 |
| **8/20** | $14150 | $14378 | $19517 |
| **8/21** | $18967 | $19618 | $25812 |
| **8/22** | $17740 | $18396 | $22466 |
| **8/23** | $19959 | $19976 | $25926 |
| **8/24** | $24438 | $24201 | $32823 |
| **8/25** | $26361 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 7.87% | 13.24% | 10.17% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Focused Value Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $59123400 |
| # of Portfolio Holdings as of Period End | 34 |
| Portfolio Turnover Rate for the Period | 109% |
| Total Net Advisory Fees Paid for the Period | $378255 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Value Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.4% |
| Health Care | 11.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 6.5% |
| Communication Services | 6.5% |
| Utilities | 6.3% |
| Materials | 5.3% |
| Other | 8.5% |

---

Goldman Sachs Focused Value Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Focused Value Fund

38147X655-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Focused Value Fund

# Class P: GGYPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Focused Value 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 | $71 | 0.68% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively, albeit modestly, to the Fund's relative results.

* Stock selection in the industrials, financials and communication services sectors bolstered results.

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in telecommunications services company AT&T contributed positively due to its management's focus on its core operations, which led, in turn, to solid earnings results supported by strong underlying subscriber metrics, adaptability with AI and effective execution. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, especially in the health care, information technology and materials sectors.

* The Fund's top detractor was an overweight in life sciences and diagnostics company Danaher. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in health insurance and health care services provider UnitedHealth Group detracted, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An out-of-benchmark position in pharmaceuticals company AstraZeneca hurt. Its share price faced pressure after a few employees of the company fell under investigation regarding their role in the company's importing practices. 

Goldman Sachs Focused Value 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](g860414g29l79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10579 | $10472 | $10813 |
| **8/19** | $10837 | $10537 | $11082 |
| **8/20** | $11600 | $10625 | $13576 |
| **8/21** | $15632 | $14497 | $17954 |
| **8/22** | $14701 | $13594 | $15627 |
| **8/23** | $16637 | $14762 | $18034 |
| **8/24** | $20486 | $17884 | $22831 |
| **8/25** | $22197 | $19553 | $26538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 8.35% | 13.85% | 11.41% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 9.51% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.14% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Focused Value Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $59123400 |
| # of Portfolio Holdings as of Period End | 34 |
| Portfolio Turnover Rate for the Period | 109% |
| Total Net Advisory Fees Paid for the Period | $378255 |

---

## Material Fund Changes
This is a summary of certain changes and planned changes to the Fund for the Period. For more complete information, you may review the Fund's prospectus, as supplemented to date, which is available at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization of the Fund (the "Reorganization") into the Goldman Sachs Value Opportunities ETF (the "ETF"), a newly created series of Goldman Sachs ETF Trust. The ETF will have identical investment objective and fundamental investment policies and substantially similar investment strategies as those of the Fund. The Reorganization is anticipated to occur on or about November 14, 2025.

Effective July 1, 2025, the Fund's net expense ratio for certain share classes decreased as a result of distribution (12b-1), service, and shareholder administration fee waivers.

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

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

---

| | |
|:---|:---|
| Financials | 24.3% |
| Industrials | 13.4% |
| Health Care | 11.6% |
| Information Technology | 8.9% |
| Consumer Discretionary | 8.5% |
| Consumer Staples | 6.5% |
| Communication Services | 6.5% |
| Utilities | 6.3% |
| Materials | 5.3% |
| Other | 8.5% |

---

Goldman Sachs Focused Value Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Focused Value Fund

38150B772-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Class A: GSLAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $103 | 1.00% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g16l96.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $10775 | $10182 | $11292 | $11169 |
| **8/17** | $11749 | $11103 | $12600 | $12974 |
| **8/18** | $12841 | $12134 | $14171 | $15545 |
| **8/19** | $12889 | $12180 | $14259 | $15932 |
| **8/20** | $13145 | $12422 | $14378 | $19517 |
| **8/21** | $17435 | $16476 | $19618 | $25812 |
| **8/22** | $16523 | $15614 | $18396 | $22466 |
| **8/23** | $17990 | $17001 | $19976 | $25926 |
| **8/24** | $22436 | $21202 | $24201 | $32823 |
| **8/25** | $23921 | $22605 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 6.62% | 12.72% | 9.11% |
| Class A Including sale charges | 0.74% | 11.45% | 8.49% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y815-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Class C: GSVCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $180 | 1.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g17d99.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $10703 | $10596 | $11292 | $11169 |
| **8/17** | $11579 | $11463 | $12600 | $12974 |
| **8/18** | $12558 | $12432 | $14171 | $15545 |
| **8/19** | $12523 | $12398 | $14259 | $15932 |
| **8/20** | $12674 | $12548 | $14378 | $19517 |
| **8/21** | $16678 | $16511 | $19618 | $25812 |
| **8/22** | $15699 | $15542 | $18396 | $22466 |
| **8/23** | $16960 | $16790 | $19976 | $25926 |
| **8/24** | $20993 | $20783 | $24201 | $32823 |
| **8/25** | $22211 | $21988 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 5.80% | 11.87% | 8.30% |
| Class C Including sale charges | 4.74% | 11.87% | 8.30% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y781-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Institutional Class: GSLIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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 | $72 | 0.70% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value 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](g860414g03u84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1081900 | $1129200 | $1116900 |
| **8/17** | $1183707 | $1259961 | $1297391 |
| **8/18** | $1297934 | $1417079 | $1554534 |
| **8/19** | $1306890 | $1425864 | $1593242 |
| **8/20** | $1336557 | $1437842 | $1951721 |
| **8/21** | $1778690 | $1961791 | $2581151 |
| **8/22** | $1691890 | $1839572 | $2246634 |
| **8/23** | $1846867 | $1997591 | $2592616 |
| **8/24** | $2310061 | $2420081 | $3282252 |
| **8/25** | $2471303 | $2645875 | $3815289 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 6.98% | 13.07% | 9.46% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y773-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Service Class: GSVSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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** |
| Service | $124 | 1.20% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g83g57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10769 | $11292 | $11169 |
| **8/17** | $11717 | $12600 | $12974 |
| **8/18** | $12789 | $14171 | $15545 |
| **8/19** | $12814 | $14259 | $15932 |
| **8/20** | $13045 | $14378 | $19517 |
| **8/21** | $17266 | $19618 | $25812 |
| **8/22** | $16346 | $18396 | $22466 |
| **8/23** | $17762 | $19976 | $25926 |
| **8/24** | $22092 | $24201 | $32823 |
| **8/25** | $23517 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 6.45% | 12.50% | 8.92% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38142Y765-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Investor Class: GSVTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $78 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g32s04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10807 | $11292 | $11169 |
| **8/17** | $11808 | $12600 | $12974 |
| **8/18** | $12942 | $14171 | $15545 |
| **8/19** | $13025 | $14259 | $15932 |
| **8/20** | $13314 | $14378 | $19517 |
| **8/21** | $17698 | $19618 | $25812 |
| **8/22** | $16823 | $18396 | $22466 |
| **8/23** | $18364 | $19976 | $25926 |
| **8/24** | $22944 | $24201 | $32823 |
| **8/25** | $24521 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 6.87% | 12.98% | 9.38% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38144N411-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Class R6: GSVUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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 | $71 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value 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](g860414g98x02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10824 | $11292 | $11169 |
| **8/17** | $11866 | $12600 | $12974 |
| **8/18** | $13014 | $14171 | $15545 |
| **8/19** | $13109 | $14259 | $15932 |
| **8/20** | $13410 | $14378 | $19517 |
| **8/21** | $17842 | $19618 | $25812 |
| **8/22** | $16975 | $18396 | $22466 |
| **8/23** | $18532 | $19976 | $25926 |
| **8/24** | $23183 | $24201 | $32823 |
| **8/25** | $24802 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 6.98% | 13.08% | 9.50% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38147X440-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Class R: GSVRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $129 | 1.25% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g19g12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10753 | $11292 | $11169 |
| **8/17** | $11692 | $12600 | $12974 |
| **8/18** | $12750 | $14171 | $15545 |
| **8/19** | $12765 | $14259 | $15932 |
| **8/20** | $12983 | $14378 | $19517 |
| **8/21** | $17180 | $19618 | $25812 |
| **8/22** | $16242 | $18396 | $22466 |
| **8/23** | $17638 | $19976 | $25926 |
| **8/24** | $21939 | $24201 | $32823 |
| **8/25** | $23341 | $26459 | $38153 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.39% | 12.44% | 8.84% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 10.21% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.31% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38144N429-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Large Cap Value Fund

# Class P: GMYPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Large Cap Value 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 | $71 | 0.69% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection in the industrials, financials and communication services sectors bolstered the Fund's results. 

* An overweight in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in aerospace and defense company The Boeing Company contributed positively. Strong demand pipelines, improving supply chains and production rates, and stabilization of the company's defense portfolio led its stock to rally. 

* An overweight in financial services firm Morgan Stanley proved beneficial, as deregulation of leverage requirements and AI enablement served as major tailwinds for the company. Morgan Stanley benefited as several of its key business segments demonstrated solid execution and new areas of focus, such as alternative asset allocation and international client markets, served as areas of rapid expansion. 

Top Detractors from Performance:

* Stock selection and sector allocation decisions overall detracted from the Fund's relative results. 

* Hurting most was stock selection in the health care, information technology and consumer discretionary sectors. An overweight to health care and an underweight in information technology further dampened results. 

* The Fund's top detractor was an overweight in health insurance and health care services provider UnitedHealth Group, as higher than consensus expected care costs and an unfavorable client mix dynamic pressured profitability.

* An overweight in life sciences and diagnostics company Danaher detracted. Its share price fell largely on the back of disappointing earnings results in which its management revised organic revenue growth targets lower and delivered an underwhelming outlook overall due to global demand headwinds and softening demand for tools and services within the company's biotechnology business segment. 

* An overweight in pharmaceuticals company Merck & Co. hurt. The company delivered disappointing 2025 guidance, primarily driven by a pause in its Gardasil vaccine shipments to China and weaker than consensus expected Winrevair drug performance. 

Goldman Sachs Large Cap Value 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](g860414g37u35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 1000<sup>®</sup> Value Index** | **Russell 1000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10538 | $10472 | $10813 |
| **8/19** | $10616 | $10537 | $11082 |
| **8/20** | $10860 | $10625 | $13576 |
| **8/21** | $14449 | $14497 | $17954 |
| **8/22** | $13739 | $13594 | $15627 |
| **8/23** | $15008 | $14762 | $18034 |
| **8/24** | $18775 | $17884 | $22831 |
| **8/25** | $20074 | $19553 | $26538 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 6.92% | 13.07% | 9.90% |
| Russell 1000<sup>®</sup> Value Index | 9.33% | 12.97% | 9.51% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 14.14% |

---

**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 Russell 1000<sup>®</sup> Index.

Goldman Sachs Large Cap Value Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $435438611 |
| # of Portfolio Holdings as of Period End | 68 |
| Portfolio Turnover Rate for the Period | 74% |
| Total Net Advisory Fees Paid for the Period | $2906279 |

---

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

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

---

| | |
|:---|:---|
| Financials | 23.6% |
| Industrials | 14.5% |
| Health Care | 11.7% |
| Information Technology | 8.7% |
| Consumer Discretionary | 8.1% |
| Consumer Staples | 6.8% |
| Communication Services | 6.6% |
| Energy | 5.4% |
| Materials | 5.2% |
| Other | 9.1% |

---

Goldman Sachs Large Cap Value Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Large Cap Value Fund

38150B533-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Class A: GCMAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $124 | 1.19% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g51c32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $10301 | $9734 | $11288 | $11144 |
| **8/17** | $11296 | $10675 | $12509 | $12934 |
| **8/18** | $12502 | $11815 | $14094 | $15553 |
| **8/19** | $12926 | $12215 | $13653 | $15757 |
| **8/20** | $12873 | $12165 | $13476 | $19135 |
| **8/21** | $18508 | $17490 | $19472 | $25457 |
| **8/22** | $17683 | $16710 | $17953 | $22076 |
| **8/23** | $18561 | $17540 | $18968 | $25335 |
| **8/24** | $21780 | $20582 | $22797 | $31957 |
| **8/25** | $23716 | $22412 | $24676 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 8.89% | 12.99% | 9.01% |
| Class A Including sale charges | 2.91% | 11.72% | 8.40% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 9.44% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38142V720-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Class C: GCMCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $202 | 1.94% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g57q25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $10221 | $10119 | $11288 | $11144 |
| **8/17** | $11127 | $11015 | $12509 | $12934 |
| **8/18** | $12224 | $12101 | $14094 | $15553 |
| **8/19** | $12539 | $12414 | $13653 | $15757 |
| **8/20** | $12396 | $12272 | $13476 | $19135 |
| **8/21** | $17689 | $17512 | $19472 | $25457 |
| **8/22** | $16769 | $16602 | $17953 | $22076 |
| **8/23** | $17480 | $17306 | $18968 | $25335 |
| **8/24** | $20347 | $20144 | $22797 | $31957 |
| **8/25** | $21993 | $21773 | $24676 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 8.09% | 12.15% | 8.20% |
| Class C Including sale charges | 7.01% | 12.15% | 8.20% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 9.44% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38142V696-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Institutional Class: GSMCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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 | $88 | 0.84% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value 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](g860414g90t67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1034000 | $1128800 | $1114400 |
| **8/17** | $1138641 | $1250936 | $1293373 |
| **8/18** | $1265372 | $1409430 | $1555281 |
| **8/19** | $1313203 | $1365315 | $1575655 |
| **8/20** | $1312809 | $1347566 | $1913475 |
| **8/21** | $1893989 | $1947232 | $2545687 |
| **8/22** | $1815957 | $1795348 | $2207620 |
| **8/23** | $1913837 | $1896785 | $2533465 |
| **8/24** | $2253351 | $2279746 | $3195712 |
| **8/25** | $2462012 | $2467597 | $3701913 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 9.26% | 13.39% | 9.42% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 9.44% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38141W398-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Service Class: GSMSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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** |
| Service | $140 | 1.34% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g84u93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10288 | $11288 | $11144 |
| **8/17** | $11272 | $12509 | $12934 |
| **8/18** | $12464 | $14094 | $15553 |
| **8/19** | $12869 | $13653 | $15757 |
| **8/20** | $12802 | $13476 | $19135 |
| **8/21** | $18380 | $19472 | $25457 |
| **8/22** | $17535 | $17953 | $22076 |
| **8/23** | $18387 | $18968 | $25335 |
| **8/24** | $21537 | $22797 | $31957 |
| **8/25** | $23415 | $24676 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 8.72% | 12.83% | 8.87% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 9.44% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38141W380-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Investor Class: GCMTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $98 | 0.94% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g01l97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10324 | $11288 | $11144 |
| **8/17** | $11350 | $12509 | $12934 |
| **8/18** | $12596 | $14094 | $15553 |
| **8/19** | $13054 | $13653 | $15757 |
| **8/20** | $13033 | $13476 | $19135 |
| **8/21** | $18782 | $19472 | $25457 |
| **8/22** | $17991 | $17953 | $22076 |
| **8/23** | $18934 | $18968 | $25335 |
| **8/24** | $22268 | $22797 | $31957 |
| **8/25** | $24310 | $24676 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 9.17% | 13.27% | 9.28% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 9.44% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38144N361-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Class R6: GCMUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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 | $87 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value 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](g860414g46w25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10342 | $11288 | $11144 |
| **8/17** | $11390 | $12509 | $12934 |
| **8/18** | $12654 | $14094 | $15553 |
| **8/19** | $13133 | $13653 | $15757 |
| **8/20** | $13127 | $13476 | $19135 |
| **8/21** | $18946 | $19472 | $25457 |
| **8/22** | $18171 | $17953 | $22076 |
| **8/23** | $19149 | $18968 | $25335 |
| **8/24** | $22546 | $22797 | $31957 |
| **8/25** | $24640 | $24676 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 9.29% | 13.41% | 9.43% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 9.44% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38147X432-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Class R: GCMRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $150 | 1.44% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g99f99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $10273 | $11288 | $11144 |
| **8/17** | $11239 | $12509 | $12934 |
| **8/18** | $12411 | $14094 | $15553 |
| **8/19** | $12796 | $13653 | $15757 |
| **8/20** | $12712 | $13476 | $19135 |
| **8/21** | $18231 | $19472 | $25457 |
| **8/22** | $17378 | $17953 | $22076 |
| **8/23** | $18198 | $18968 | $25335 |
| **8/24** | $21297 | $22797 | $31957 |
| **8/25** | $23133 | $24676 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 8.62% | 12.71% | 8.74% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 9.44% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38144N379-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Mid Cap Value Fund

# Class P: GMPPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Mid Cap Value 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 | $87 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results, especially in the industrials, consumer discretionary and consumer staples sectors.

* An out-of-benchmark position in GE Vernova, a power, wind and electrification energy company, added value, as the company poised itself as a leader in the energy transition effort and benefitted from AI tailwinds. Heightened demand for power services and equipment, coupled with legislative initiatives to increase domestic power production, helped the company.

* An overweight in airline company United Airlines Holdings contributed positively. The company benefited from scaling initiatives implemented by its management, which paved a pathway to revenue traction, improved sentiment and drove its stock higher.

* A position in homebuilder D.R. Horton boosted results. Its shares rose during the period the Fund held the position on the back of its strong financial performance and execution despite a challenging housing market.

Top Detractors from Performance:

* Sector allocation as a whole detracted, albeit modestly.

* An overweight to materials hurt as did stock selection in the materials, energy and real estate sectors.

* The Fund's top detractor was an overweight in medical device company Cooper Companies. Supply constraints, softening end demand and competitive advantage concerns pressured its stock.

* A position in bitcoin treasury company Strategy detracted. Weak financial results and investor concerns around dilution from repeated capital raises as well as its stock price's reliance on cryptocurrency pressured its stock during the period the Fund held the position.

* An overweight in chemicals and special materials company Celanese hurt. Its stock fell after a quarterly earnings report missed consensus expectations due to weakness in the company's automotive and industrial segments and remained suppressed due to broad industry headwinds.

Goldman Sachs Mid Cap Value 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](g860414g04g80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell Midcap<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10393 | $10610 | $10833 |
| **8/19** | $10788 | $10278 | $10975 |
| **8/20** | $10786 | $10144 | $13328 |
| **8/21** | $15564 | $14659 | $17731 |
| **8/22** | $14927 | $13515 | $15377 |
| **8/23** | $15730 | $14279 | $17646 |
| **8/24** | $18521 | $17162 | $22259 |
| **8/25** | $20240 | $18576 | $25785 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 9.28% | 13.41% | 10.02% |
| Russell Midcap<sup>®</sup> Value Index | 8.24% | 12.85% | 8.75% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.69% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Mid Cap Value Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1107196544 |
| # of Portfolio Holdings as of Period End | 103 |
| Portfolio Turnover Rate for the Period | 73% |
| Total Net Advisory Fees Paid for the Period | $8329846 |

---

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

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

---

| | |
|:---|:---|
| Industrials | 18.7% |
| Financials | 16.4% |
| Utilities | 9.1% |
| Consumer Discretionary | 8.7% |
| Energy | 8.6% |
| Real Estate | 8.0% |
| Materials | 7.7% |
| Consumer Staples | 6.8% |
| Information Technology | 6.4% |
| Other | 9.6% |

---

Goldman Sachs Mid Cap Value Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Mid Cap Value Fund

38150B475-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Class A: GSSMX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $130 | 1.26% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value Fund

Class A

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

### Fund Performance
![Growth of 10K Chart](g860414g58k73.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 |
| **8/16** | $11126 | $10514 | $11380 | $11144 |
| **8/17** | $12412 | $11729 | $12913 | $12934 |
| **8/18** | $14665 | $13858 | $15502 | $15553 |
| **8/19** | $13028 | $12312 | $13194 | $15757 |
| **8/20** | $11733 | $11088 | $12384 | $19135 |
| **8/21** | $17573 | $16607 | $19751 | $25457 |
| **8/22** | $15933 | $15057 | $17740 | $22076 |
| **8/23** | $16365 | $15465 | $18125 | $25335 |
| **8/24** | $18967 | $17924 | $21614 | $31957 |
| **8/25** | $20268 | $19154 | $22874 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 6.86% | 11.55% | 7.31% |
| Class A Including sale charges | 0.98% | 10.29% | 6.71% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 8.62% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38141W612-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Class C: GSSCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $207 | 2.01% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value Fund

Class C

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

### Fund Performance
![Growth of 10K Chart](g860414g16x64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 |
| **8/16** | $11043 | $10933 | $11380 | $11144 |
| **8/17** | $12227 | $12105 | $12913 | $12934 |
| **8/18** | $14337 | $14194 | $15502 | $15553 |
| **8/19** | $12641 | $12515 | $13194 | $15757 |
| **8/20** | $11297 | $11184 | $12384 | $19135 |
| **8/21** | $16798 | $16630 | $19751 | $25457 |
| **8/22** | $15118 | $14967 | $17740 | $22076 |
| **8/23** | $15415 | $15260 | $18125 | $25335 |
| **8/24** | $17728 | $17551 | $21614 | $31957 |
| **8/25** | $18803 | $18615 | $22874 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 6.06% | 10.72% | 6.51% |
| Class C Including sale charges | 5.00% | 10.72% | 6.51% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 8.62% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142B336-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Institutional Class: GSSIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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 | $103 | 0.99% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value 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](g860414g51s08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 |
| **8/16** | $1116900 | $1138000 | $1114400 |
| **8/17** | $1250928 | $1291289 | $1293373 |
| **8/18** | $1483851 | $1550192 | $1555281 |
| **8/19** | $1323447 | $1319368 | $1575655 |
| **8/20** | $1195999 | $1238359 | $1913475 |
| **8/21** | $1797466 | $1975059 | $2545687 |
| **8/22** | $1635335 | $1773998 | $2207620 |
| **8/23** | $1683741 | $1812494 | $2533465 |
| **8/24** | $1956844 | $2161399 | $3195712 |
| **8/25** | $2096366 | $2287408 | $3701913 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 7.13% | 11.87% | 7.68% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 8.62% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142V209-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Service Class: GSSSX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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** |
| Service | $154 | 1.49% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value Fund

Service Class

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

### Fund Performance
![Growth of 10K Chart](g860414g35x82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Service** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $11114 | $11380 | $11144 |
| **8/17** | $12385 | $12913 | $12934 |
| **8/18** | $14617 | $15502 | $15553 |
| **8/19** | $12971 | $13194 | $15757 |
| **8/20** | $11665 | $12384 | $19135 |
| **8/21** | $17443 | $19751 | $25457 |
| **8/22** | $15789 | $17740 | $22076 |
| **8/23** | $16178 | $18125 | $25335 |
| **8/24** | $18706 | $21614 | $31957 |
| **8/25** | $19943 | $22874 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Service | 6.61% | 11.32% | 7.14% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 8.62% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Service Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Service Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38142V308-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Service Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Investor Class: GSQTX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $105 | 1.01% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value Fund

Investor Class

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

### Fund Performance
![Growth of 10K Chart](g860414g39y80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $11153 | $11380 | $11144 |
| **8/17** | $12474 | $12913 | $12934 |
| **8/18** | $14774 | $15502 | $15553 |
| **8/19** | $13157 | $13194 | $15757 |
| **8/20** | $11877 | $12384 | $19135 |
| **8/21** | $17832 | $19751 | $25457 |
| **8/22** | $16215 | $17740 | $22076 |
| **8/23** | $16692 | $18125 | $25335 |
| **8/24** | $19396 | $21614 | $31957 |
| **8/25** | $20779 | $22874 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 7.13% | 11.83% | 7.58% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 8.62% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38144N296-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Class R6: GSSUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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 | $100 | 0.97% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value 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](g860414g66l22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $11171 | $11380 | $11144 |
| **8/17** | $12515 | $12913 | $12934 |
| **8/18** | $14846 | $15502 | $15553 |
| **8/19** | $13241 | $13194 | $15757 |
| **8/20** | $11970 | $12384 | $19135 |
| **8/21** | $17993 | $19751 | $25457 |
| **8/22** | $16370 | $17740 | $22076 |
| **8/23** | $16859 | $18125 | $25335 |
| **8/24** | $19592 | $21614 | $31957 |
| **8/25** | $20995 | $22874 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 7.16% | 11.88% | 7.69% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 8.62% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38147X424-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Class R: GSQRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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 1-800-526-7384.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $156 | 1.51% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value Fund

Class R

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

### Fund Performance
![Growth of 10K Chart](g860414g54q28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 |
| **8/16** | $11099 | $11380 | $11144 |
| **8/17** | $12351 | $12913 | $12934 |
| **8/18** | $14556 | $15502 | $15553 |
| **8/19** | $12901 | $13194 | $15757 |
| **8/20** | $11587 | $12384 | $19135 |
| **8/21** | $17310 | $19751 | $25457 |
| **8/22** | $15661 | $17740 | $22076 |
| **8/23** | $16043 | $18125 | $25335 |
| **8/24** | $18549 | $21614 | $31957 |
| **8/25** | $19765 | $22874 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 6.56% | 11.26% | 7.04% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 8.62% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38144N312-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Value Fund

# Class P: GSYPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Value 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 | $100 | 0.97% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Stock selection overall contributed most positively to the Fund's relative results. Sector allocation as a whole also added value.

* More specifically, stock selection in the industrials, financials and consumer staples sectors bolstered Fund results as did overweights to industrials and financials and an underweight in consumer staples.

* ESCO Technologies, a provider of highly-engineered filtration and fluid control products, was the Fund's top relative contributor. Its shares rose driven mainly by strong revenue growth across its Navy, commercial aerospace and utilities end markets.

* An overweight in TTM Technologies, which manufactures and sells mission systems, radio frequency components and printed circuit boards, contributed positively. Its shares gained on robust performance across its aerospace and defense and data center computing businesses, bolstered by increased global defense spending and the adoption of AI-driven technologies.

* An overweight in roofing materials distributor Beacon Roofing Supply added value. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

Top Detractors from Performance:

* Stock selection in the information technology, materials and consumer discretionary sectors detracted most. An overweight in consumer discretionary also dampened results.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in NeoGenomics, a cancer genetics testing company, hurt. Its shares came under pressure amid an unexpected retirement announcement from its Chief Executive Officer, which contributed to investor uncertainty. Also, the company reported mixed earnings results.

Goldman Sachs Small Cap Value 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](g860414g05i78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 |
| **8/18** | $10671 | $11092 | $10833 |
| **8/19** | $9519 | $9440 | $10975 |
| **8/20** | $8607 | $8861 | $13328 |
| **8/21** | $12934 | $14132 | $17731 |
| **8/22** | $11769 | $12693 | $15377 |
| **8/23** | $12118 | $12969 | $17646 |
| **8/24** | $14083 | $15465 | $22259 |
| **8/25** | $15092 | $16367 | $25785 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 7.17% | 11.88% | 5.73% |
| Russell 2000<sup>®</sup> Value Index | 5.83% | 13.05% | 6.90% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.69% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Value Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $948190139 |
| # of Portfolio Holdings as of Period End | 186 |
| Portfolio Turnover Rate for the Period | 82% |
| Total Net Advisory Fees Paid for the Period | $9462933 |

---

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

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

---

| | |
|:---|:---|
| Financials | 30.9% |
| Industrials | 13.6% |
| Consumer Discretionary | 13.4% |
| Real Estate | 9.8% |
| Information Technology | 8.5% |
| Energy | 6.6% |
| Materials | 5.7% |
| Health Care | 5.6% |
| Utilities | 3.7% |
| Other | 2.7% |

---

Goldman Sachs Small Cap Value Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Value Fund

38150B343-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Equity Fund

# Class A: GMVAX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $118 | 1.17% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole added value to the Fund's relative results, albeit modestly.

* Underweights to real estate and energy bolstered Fund results as did stock selection in the utilities, real estate and energy sectors.

* An overweight in roofing materials distributor Beacon Roofing Supply was the Fund's top relative contributor. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

* An overweight in electric utility TXNM Energy proved beneficial given that the company agreed to be acquired by Blackstone Infrastructure for a significant premium.

* An overweight in Mr. Cooper Group, a non-bank mortgage servicer and originator, contributed positively driven by an announcement that residential loan services company, Rocket Companies, was acquiring Mr. Cooper Group in an all-stock transaction for $9.4 billion.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the financials, information technology and consumer discretionary sectors.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An overweight in Guidewire Software, which provides a cloud-based software platform for property and casualty insurance, detracted. The Fund purchased the stock shortly after its strong rally—following the company's strong earnings report, and the stock proceeded to pull back.

* KBR is a science, technology and engineering company that provides solutions to government and commercial customers in various sectors, including defense, space, energy and infrastructure. An overweight in KBR hurt, as its shares sold off due to concerns about potential federal spending cuts by the U.S. Administration's Department of Government Efficiency and about numerous analyst downgrades.

Goldman Sachs Small/Mid Cap Equity Fund

Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 20, 2025, the Fund's benchmark changed from the Russell 2500<sup>®</sup> Value Index to the Russell 2500<sup>®</sup> Index to accommodate the change in the Fund's investment policy. The Investment Adviser believes that the Russell 2500<sup>®</sup> Index is an appropriate index against which to measure performance in light of the Fund's investment strategy.

### Fund Performance
![Growth of 10K Chart](g860414g03j75.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class A Excluding sale charges** | **Class A Including sale charges** | **Russell 2500<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9450 | $10000 | $10000 | $10000 |
| **8/16** | $10751 | $10160 | $10879 | $11279 | $11144 |
| **8/17** | $11966 | $11308 | $12317 | $12533 | $12934 |
| **8/18** | $13697 | $12944 | $15191 | $14717 | $15553 |
| **8/19** | $12955 | $12242 | $14106 | $13250 | $15757 |
| **8/20** | $12492 | $11805 | $15064 | $12592 | $19135 |
| **8/21** | $18816 | $17781 | $21974 | $19204 | $25457 |
| **8/22** | $17140 | $16197 | $18559 | $17603 | $22076 |
| **8/23** | $17830 | $16850 | $19791 | $18614 | $25335 |
| **8/24** | $20913 | $19763 | $23229 | $21990 | $31957 |
| **8/25** | $21227 | $20059 | $25561 | $24063 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class A Excluding sale charges | 1.50% | 11.18% | 7.81% |
| Class A Including sale charges | -4.06% | 9.93% | 7.20% |
| Russell 2500<sup>®</sup> Index | 10.04% | 11.15% | 9.83% |
| Russell 2500<sup>®</sup> Value Index | 9.43% | 13.82% | 0.92% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Equity Fund

Class A

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $142638453 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 100% |
| Total Net Advisory Fees Paid for the Period | $1166755 |

---

## 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 1-800-526-7384.

Effective June 20, 2025, the Fund changed its name from the Goldman Sachs Small/Mid Cap Value Fund to the Goldman Sachs Small/Mid Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by small- and mid-cap companies.

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

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

---

| | |
|:---|:---|
| Industrials | 24.7% |
| Financials | 21.0% |
| Consumer Discretionary | 14.5% |
| Information Technology | 12.7% |
| Health Care | 8.5% |
| Materials | 5.1% |
| Real Estate | 3.9% |
| Energy | 3.8% |
| Consumer Staples | 2.1% |
| Other | 3.4% |

---

Goldman Sachs Small/Mid Cap Equity Fund

Class A

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X101-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class A

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Equity Fund

# Class C: GMVCX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $193 | 1.92% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole added value to the Fund's relative results, albeit modestly.

* Underweights to real estate and energy bolstered Fund results as did stock selection in the utilities, real estate and energy sectors.

* An overweight in roofing materials distributor Beacon Roofing Supply was the Fund's top relative contributor. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

* An overweight in electric utility TXNM Energy proved beneficial given that the company agreed to be acquired by Blackstone Infrastructure for a significant premium.

* An overweight in Mr. Cooper Group, a non-bank mortgage servicer and originator, contributed positively driven by an announcement that residential loan services company, Rocket Companies, was acquiring Mr. Cooper Group in an all-stock transaction for $9.4 billion.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the financials, information technology and consumer discretionary sectors.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An overweight in Guidewire Software, which provides a cloud-based software platform for property and casualty insurance, detracted. The Fund purchased the stock shortly after its strong rally—following the company's strong earnings report, and the stock proceeded to pull back.

* KBR is a science, technology and engineering company that provides solutions to government and commercial customers in various sectors, including defense, space, energy and infrastructure. An overweight in KBR hurt, as its shares sold off due to concerns about potential federal spending cuts by the U.S. Administration's Department of Government Efficiency and about numerous analyst downgrades.

Goldman Sachs Small/Mid Cap Equity Fund

Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 20, 2025, the Fund's benchmark changed from the Russell 2500<sup>®</sup> Value Index to the Russell 2500<sup>®</sup> Index to accommodate the change in the Fund's investment policy. The Investment Adviser believes that the Russell 2500<sup>®</sup> Index is an appropriate index against which to measure performance in light of the Fund's investment strategy.

### Fund Performance
![Growth of 10K Chart](g860414g76b66.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class C Excluding sale charges** | **Class C Including sale charges** | **Russell 2500<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $9900 | $10000 | $10000 | $10000 |
| **8/16** | $10673 | $10566 | $10879 | $11279 | $11144 |
| **8/17** | $11792 | $11674 | $12317 | $12533 | $12934 |
| **8/18** | $13399 | $13265 | $15191 | $14717 | $15553 |
| **8/19** | $12585 | $12460 | $14106 | $13250 | $15757 |
| **8/20** | $12035 | $11915 | $15064 | $12592 | $19135 |
| **8/21** | $17988 | $17808 | $21974 | $19204 | $25457 |
| **8/22** | $16268 | $16106 | $18559 | $17603 | $22076 |
| **8/23** | $16797 | $16629 | $19791 | $18614 | $25335 |
| **8/24** | $19562 | $19366 | $23229 | $21990 | $31957 |
| **8/25** | $19699 | $19502 | $25561 | $24063 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class C Excluding sale charges | 0.70% | 10.35% | 7.01% |
| Class C Including sale charges | -0.31% | 10.35% | 7.01% |
| Russell 2500<sup>®</sup> Index | 10.04% | 11.15% | 9.83% |
| Russell 2500<sup>®</sup> Value Index | 9.43% | 13.82% | 0.92% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Equity Fund

Class C

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $142638453 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 100% |
| Total Net Advisory Fees Paid for the Period | $1166755 |

---

## 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 1-800-526-7384.

Effective June 20, 2025, the Fund changed its name from the Goldman Sachs Small/Mid Cap Value Fund to the Goldman Sachs Small/Mid Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by small- and mid-cap companies.

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

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

---

| | |
|:---|:---|
| Industrials | 24.7% |
| Financials | 21.0% |
| Consumer Discretionary | 14.5% |
| Information Technology | 12.7% |
| Health Care | 8.5% |
| Materials | 5.1% |
| Real Estate | 3.9% |
| Energy | 3.8% |
| Consumer Staples | 2.1% |
| Other | 3.4% |

---

Goldman Sachs Small/Mid Cap Equity Fund

Class C

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X200-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class C

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Equity Fund

# Institutional Class: GSMVX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity 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 | $85 | 0.84% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole added value to the Fund's relative results, albeit modestly.

* Underweights to real estate and energy bolstered Fund results as did stock selection in the utilities, real estate and energy sectors.

* An overweight in roofing materials distributor Beacon Roofing Supply was the Fund's top relative contributor. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

* An overweight in electric utility TXNM Energy proved beneficial given that the company agreed to be acquired by Blackstone Infrastructure for a significant premium.

* An overweight in Mr. Cooper Group, a non-bank mortgage servicer and originator, contributed positively driven by an announcement that residential loan services company, Rocket Companies, was acquiring Mr. Cooper Group in an all-stock transaction for $9.4 billion.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the financials, information technology and consumer discretionary sectors.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An overweight in Guidewire Software, which provides a cloud-based software platform for property and casualty insurance, detracted. The Fund purchased the stock shortly after its strong rally—following the company's strong earnings report, and the stock proceeded to pull back.

* KBR is a science, technology and engineering company that provides solutions to government and commercial customers in various sectors, including defense, space, energy and infrastructure. An overweight in KBR hurt, as its shares sold off due to concerns about potential federal spending cuts by the U.S. Administration's Department of Government Efficiency and about numerous analyst downgrades.

Goldman Sachs Small/Mid Cap Equity Fund

Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 20, 2025, the Fund's benchmark changed from the Russell 2500<sup>®</sup> Value Index to the Russell 2500<sup>®</sup> Index to accommodate the change in the Fund's investment policy. The Investment Adviser believes that the Russell 2500<sup>®</sup> Index is an appropriate index against which to measure performance in light of the Fund's investment strategy.

### Fund Performance
![Growth of 10K Chart](g860414g89o36.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional** | **Russell 2500<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **8/16** | $1079800 | $1087900 | $1127882 | $1114400 |
| **8/17** | $1206245 | $1231720 | $1253286 | $1293373 |
| **8/18** | $1386337 | $1519081 | $1471712 | $1555281 |
| **8/19** | $1317020 | $1410618 | $1324995 | $1575655 |
| **8/20** | $1273953 | $1506399 | $1259228 | $1913475 |
| **8/21** | $1925708 | $2197385 | $1920439 | $2545687 |
| **8/22** | $1760867 | $1855911 | $1760295 | $2207620 |
| **8/23** | $1837113 | $1979144 | $1861399 | $2533465 |
| **8/24** | $2162649 | $2322921 | $2198970 | $3195712 |
| **8/25** | $2202875 | $2556142 | $2406260 | $3701913 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Institutional | 1.86% | 11.57% | 8.21% |
| Russell 2500<sup>®</sup> Index | 10.04% | 11.15% | 9.83% |
| Russell 2500<sup>®</sup> Value Index | 9.43% | 13.82% | 0.92% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Equity Fund

Institutional Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $142638453 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 100% |
| Total Net Advisory Fees Paid for the Period | $1166755 |

---

## 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 June 20, 2025, the Fund changed its name from the Goldman Sachs Small/Mid Cap Value Fund to the Goldman Sachs Small/Mid Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by small- and mid-cap companies.

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

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

---

| | |
|:---|:---|
| Industrials | 24.7% |
| Financials | 21.0% |
| Consumer Discretionary | 14.5% |
| Information Technology | 12.7% |
| Health Care | 8.5% |
| Materials | 5.1% |
| Real Estate | 3.9% |
| Energy | 3.8% |
| Consumer Staples | 2.1% |
| Other | 3.4% |

---

Goldman Sachs Small/Mid Cap Equity Fund

Institutional Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X309-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Equity Fund

# Investor Class: GMVIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $93 | 0.92% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole added value to the Fund's relative results, albeit modestly.

* Underweights to real estate and energy bolstered Fund results as did stock selection in the utilities, real estate and energy sectors.

* An overweight in roofing materials distributor Beacon Roofing Supply was the Fund's top relative contributor. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

* An overweight in electric utility TXNM Energy proved beneficial given that the company agreed to be acquired by Blackstone Infrastructure for a significant premium.

* An overweight in Mr. Cooper Group, a non-bank mortgage servicer and originator, contributed positively driven by an announcement that residential loan services company, Rocket Companies, was acquiring Mr. Cooper Group in an all-stock transaction for $9.4 billion.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the financials, information technology and consumer discretionary sectors.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An overweight in Guidewire Software, which provides a cloud-based software platform for property and casualty insurance, detracted. The Fund purchased the stock shortly after its strong rally—following the company's strong earnings report, and the stock proceeded to pull back.

* KBR is a science, technology and engineering company that provides solutions to government and commercial customers in various sectors, including defense, space, energy and infrastructure. An overweight in KBR hurt, as its shares sold off due to concerns about potential federal spending cuts by the U.S. Administration's Department of Government Efficiency and about numerous analyst downgrades.

Goldman Sachs Small/Mid Cap Equity Fund

Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 20, 2025, the Fund's benchmark changed from the Russell 2500<sup>®</sup> Value Index to the Russell 2500<sup>®</sup> Index to accommodate the change in the Fund's investment policy. The Investment Adviser believes that the Russell 2500<sup>®</sup> Index is an appropriate index against which to measure performance in light of the Fund's investment strategy.

### Fund Performance
![Growth of 10K Chart](g860414g67d07.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor** | **Russell 2500<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 | $10000 |
| **8/16** | $10784 | $10879 | $11279 | $11144 |
| **8/17** | $12026 | $12317 | $12533 | $12934 |
| **8/18** | $13809 | $15191 | $14717 | $15553 |
| **8/19** | $13092 | $14106 | $13250 | $15757 |
| **8/20** | $12656 | $15064 | $12592 | $19135 |
| **8/21** | $19108 | $21974 | $19204 | $25457 |
| **8/22** | $17449 | $18559 | $17603 | $22076 |
| **8/23** | $18196 | $19791 | $18614 | $25335 |
| **8/24** | $21406 | $23229 | $21990 | $31957 |
| **8/25** | $21774 | $25561 | $24063 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Investor | 1.72% | 11.46% | 8.08% |
| Russell 2500<sup>®</sup> Index | 10.04% | 11.15% | 9.83% |
| Russell 2500<sup>®</sup> Value Index | 9.43% | 13.82% | 0.92% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Equity Fund

Investor Class

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $142638453 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 100% |
| Total Net Advisory Fees Paid for the Period | $1166755 |

---

## 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 1-800-526-7384.

Effective June 20, 2025, the Fund changed its name from the Goldman Sachs Small/Mid Cap Value Fund to the Goldman Sachs Small/Mid Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by small- and mid-cap companies.

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

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

---

| | |
|:---|:---|
| Industrials | 24.7% |
| Financials | 21.0% |
| Consumer Discretionary | 14.5% |
| Information Technology | 12.7% |
| Health Care | 8.5% |
| Materials | 5.1% |
| Real Estate | 3.9% |
| Energy | 3.8% |
| Consumer Staples | 2.1% |
| Other | 3.4% |

---

Goldman Sachs Small/Mid Cap Equity Fund

Investor Class

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X408-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Investor Class

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Equity Fund

# Class R6: GMCUX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity 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** |
| R6 | $84 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole added value to the Fund's relative results, albeit modestly.

* Underweights to real estate and energy bolstered Fund results as did stock selection in the utilities, real estate and energy sectors.

* An overweight in roofing materials distributor Beacon Roofing Supply was the Fund's top relative contributor. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

* An overweight in electric utility TXNM Energy proved beneficial given that the company agreed to be acquired by Blackstone Infrastructure for a significant premium.

* An overweight in Mr. Cooper Group, a non-bank mortgage servicer and originator, contributed positively driven by an announcement that residential loan services company, Rocket Companies, was acquiring Mr. Cooper Group in an all-stock transaction for $9.4 billion.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the financials, information technology and consumer discretionary sectors.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An overweight in Guidewire Software, which provides a cloud-based software platform for property and casualty insurance, detracted. The Fund purchased the stock shortly after its strong rally—following the company's strong earnings report, and the stock proceeded to pull back.

* KBR is a science, technology and engineering company that provides solutions to government and commercial customers in various sectors, including defense, space, energy and infrastructure. An overweight in KBR hurt, as its shares sold off due to concerns about potential federal spending cuts by the U.S. Administration's Department of Government Efficiency and about numerous analyst downgrades.

Goldman Sachs Small/Mid Cap Equity Fund

Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 20, 2025, the Fund's benchmark changed from the Russell 2500<sup>®</sup> Value Index to the Russell 2500<sup>®</sup> Index to accommodate the change in the Fund's investment policy. The Investment Adviser believes that the Russell 2500<sup>®</sup> Index is an appropriate index against which to measure performance in light of the Fund's investment strategy.

### Fund Performance
![Growth of 10K Chart](g860414g51v19.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R6** | **Russell 2500<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 | $10000 |
| **8/16** | $10800 | $10879 | $11279 | $11144 |
| **8/17** | $12074 | $12317 | $12533 | $12934 |
| **8/18** | $13878 | $15191 | $14717 | $15553 |
| **8/19** | $13176 | $14106 | $13250 | $15757 |
| **8/20** | $12757 | $15064 | $12592 | $19135 |
| **8/21** | $19278 | $21974 | $19204 | $25457 |
| **8/22** | $17628 | $18559 | $17603 | $22076 |
| **8/23** | $18406 | $19791 | $18614 | $25335 |
| **8/24** | $21662 | $23229 | $21990 | $31957 |
| **8/25** | $22056 | $25561 | $24063 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 1.82% | 11.57% | 8.22% |
| Russell 2500<sup>®</sup> Index | 10.04% | 11.15% | 9.83% |
| Russell 2500<sup>®</sup> Value Index | 9.43% | 13.82% | 0.92% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Equity Fund

Class R6

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $142638453 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 100% |
| Total Net Advisory Fees Paid for the Period | $1166755 |

---

## 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 June 20, 2025, the Fund changed its name from the Goldman Sachs Small/Mid Cap Value Fund to the Goldman Sachs Small/Mid Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by small- and mid-cap companies.

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

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

---

| | |
|:---|:---|
| Industrials | 24.7% |
| Financials | 21.0% |
| Consumer Discretionary | 14.5% |
| Information Technology | 12.7% |
| Health Care | 8.5% |
| Materials | 5.1% |
| Real Estate | 3.9% |
| Energy | 3.8% |
| Consumer Staples | 2.1% |
| Other | 3.4% |

---

Goldman Sachs Small/Mid Cap Equity Fund

Class R6

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X416-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R6

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Equity Fund

# Class R: GMVRX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity 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 1-800-526-7384.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R | $143 | 1.42% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole added value to the Fund's relative results, albeit modestly.

* Underweights to real estate and energy bolstered Fund results as did stock selection in the utilities, real estate and energy sectors.

* An overweight in roofing materials distributor Beacon Roofing Supply was the Fund's top relative contributor. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

* An overweight in electric utility TXNM Energy proved beneficial given that the company agreed to be acquired by Blackstone Infrastructure for a significant premium.

* An overweight in Mr. Cooper Group, a non-bank mortgage servicer and originator, contributed positively driven by an announcement that residential loan services company, Rocket Companies, was acquiring Mr. Cooper Group in an all-stock transaction for $9.4 billion.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the financials, information technology and consumer discretionary sectors.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An overweight in Guidewire Software, which provides a cloud-based software platform for property and casualty insurance, detracted. The Fund purchased the stock shortly after its strong rally—following the company's strong earnings report, and the stock proceeded to pull back.

* KBR is a science, technology and engineering company that provides solutions to government and commercial customers in various sectors, including defense, space, energy and infrastructure. An overweight in KBR hurt, as its shares sold off due to concerns about potential federal spending cuts by the U.S. Administration's Department of Government Efficiency and about numerous analyst downgrades.

Goldman Sachs Small/Mid Cap Equity Fund

Class R

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 20, 2025, the Fund's benchmark changed from the Russell 2500<sup>®</sup> Value Index to the Russell 2500<sup>®</sup> Index to accommodate the change in the Fund's investment policy. The Investment Adviser believes that the Russell 2500<sup>®</sup> Index is an appropriate index against which to measure performance in light of the Fund's investment strategy.

### Fund Performance
![Growth of 10K Chart](g860414g79u04.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **Russell 2500<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **9/1/15** | $10000 | $10000 | $10000 | $10000 |
| **8/16** | $10726 | $10879 | $11279 | $11144 |
| **8/17** | $11912 | $12317 | $12533 | $12934 |
| **8/18** | $13604 | $15191 | $14717 | $15553 |
| **8/19** | $12835 | $14106 | $13250 | $15757 |
| **8/20** | $12340 | $15064 | $12592 | $19135 |
| **8/21** | $18531 | $21974 | $19204 | $25457 |
| **8/22** | $16850 | $18559 | $17603 | $22076 |
| **8/23** | $17482 | $19791 | $18614 | $25335 |
| **8/24** | $20448 | $23229 | $21990 | $31957 |
| **8/25** | $20708 | $25561 | $24063 | $37019 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Class R | 1.27% | 10.90% | 7.54% |
| Russell 2500<sup>®</sup> Index | 10.04% | 11.15% | 9.83% |
| Russell 2500<sup>®</sup> Value Index | 9.43% | 13.82% | 0.92% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.97% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Equity Fund

Class R

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $142638453 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 100% |
| Total Net Advisory Fees Paid for the Period | $1166755 |

---

## 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 1-800-526-7384.

Effective June 20, 2025, the Fund changed its name from the Goldman Sachs Small/Mid Cap Value Fund to the Goldman Sachs Small/Mid Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by small- and mid-cap companies.

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

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

---

| | |
|:---|:---|
| Industrials | 24.7% |
| Financials | 21.0% |
| Consumer Discretionary | 14.5% |
| Information Technology | 12.7% |
| Health Care | 8.5% |
| Materials | 5.1% |
| Real Estate | 3.9% |
| Energy | 3.8% |
| Consumer Staples | 2.1% |
| Other | 3.4% |

---

Goldman Sachs Small/Mid Cap Equity Fund

Class R

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38147X507-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class R

![Image](g860414g14u05.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small/Mid Cap Equity Fund

# Class P: GSVPX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small/Mid Cap Equity 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 | $84 | 0.83% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the annual period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Sector allocation decisions as a whole added value to the Fund's relative results, albeit modestly.

* Underweights to real estate and energy bolstered Fund results as did stock selection in the utilities, real estate and energy sectors.

* An overweight in roofing materials distributor Beacon Roofing Supply was the Fund's top relative contributor. Its stock surged after the company initially declined an unsolicited merger proposal, citing a significant undervaluation of its long-term potential. The takeover attempt concluded with the company and QXO entering into a definitive merger agreement, further driving Beacon Roofing Supply's share price higher.

* An overweight in electric utility TXNM Energy proved beneficial given that the company agreed to be acquired by Blackstone Infrastructure for a significant premium.

* An overweight in Mr. Cooper Group, a non-bank mortgage servicer and originator, contributed positively driven by an announcement that residential loan services company, Rocket Companies, was acquiring Mr. Cooper Group in an all-stock transaction for $9.4 billion.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results, particularly in the financials, information technology and consumer discretionary sectors.

* The Fund's top detractor was an overweight in information technology services firm ASGN. Its shares fell driven in part by its defense bookings lagging its peers. Also, information technology spending pressures were a headwind on the commercial side of the firm's business.

* An overweight in Guidewire Software, which provides a cloud-based software platform for property and casualty insurance, detracted. The Fund purchased the stock shortly after its strong rally—following the company's strong earnings report, and the stock proceeded to pull back.

* KBR is a science, technology and engineering company that provides solutions to government and commercial customers in various sectors, including defense, space, energy and infrastructure. An overweight in KBR hurt, as its shares sold off due to concerns about potential federal spending cuts by the U.S. Administration's Department of Government Efficiency and about numerous analyst downgrades.

Goldman Sachs Small/Mid Cap Equity Fund

Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 20, 2025, the Fund's benchmark changed from the Russell 2500<sup>®</sup> Value Index to the Russell 2500<sup>®</sup> Index to accommodate the change in the Fund's investment policy. The Investment Adviser believes that the Russell 2500<sup>®</sup> Index is an appropriate index against which to measure performance in light of the Fund's investment strategy.

### Fund Performance
![Growth of 10K Chart](g860414g67m25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class P** | **Russell 2500<sup>®</sup> Index** | **Russell 2500<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **4/17/18** | $10000 | $10000 | $10000 | $10000 |
| **8/18** | $10370 | $10967 | $10788 | $10833 |
| **8/19** | $9846 | $10184 | $9713 | $10975 |
| **8/20** | $9533 | $10875 | $9231 | $13328 |
| **8/21** | $14399 | $15864 | $14078 | $17731 |
| **8/22** | $13174 | $13399 | $12904 | $15377 |
| **8/23** | $13745 | $14288 | $13645 | $17646 |
| **8/24** | $16187 | $16770 | $16119 | $22259 |
| **8/25** | $16481 | $18454 | $17639 | $25785 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 17, 2018) | 1.82% | 11.57% | 7.00% |
| Russell 2500<sup>®</sup> Index | 10.04% | 11.15% | 8.65% |
| Russell 2500<sup>®</sup> Value Index | 9.43% | 13.82% | 7.99% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.69% |

---

**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 Russell 3000<sup>®</sup> Index.

Goldman Sachs Small/Mid Cap Equity Fund

Class P

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $142638453 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 100% |
| Total Net Advisory Fees Paid for the Period | $1166755 |

---

## 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 June 20, 2025, the Fund changed its name from the Goldman Sachs Small/Mid Cap Value Fund to the Goldman Sachs Small/Mid Cap Equity Fund. The Fund also changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in equity securities issued by small- and mid-cap companies.

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

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

---

| | |
|:---|:---|
| Industrials | 24.7% |
| Financials | 21.0% |
| Consumer Discretionary | 14.5% |
| Information Technology | 12.7% |
| Health Care | 8.5% |
| Materials | 5.1% |
| Real Estate | 3.9% |
| Energy | 3.8% |
| Consumer Staples | 2.1% |
| Other | 3.4% |

---

Goldman Sachs Small/Mid Cap Equity Fund

Class P

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

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

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

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small/Mid Cap Equity Fund

38150B319-AR-0825&nbsp;&nbsp;&nbsp;&nbsp; Class P

------

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](g860414dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs Fundamental Equity Growth Funds Goldman Sachs Enhanced U.S. Equity Fund\* Goldman Sachs Large Cap Equity Fund\*\* Goldman Sachs Mid Cap Growth Fund Goldman Sachs Small Cap Growth Fund Goldman Sachs Small/Mid Cap Growth Fund Goldman Sachs Strategic Growth Fund Goldman Sachs Technology Opportunities Fund \* Effective after the close of business on April 25, 2025, the Goldman Sachs Enhanced Core Equity Fund was renamed to the Goldman Sachs Enhanced U.S. Equity Fund. \*\* Effective on April 30, 2025, the Goldman Sachs Large Cap Core Fund was renamed to the Goldman Sachs Large Cap Equity Fund.

------

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

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

## Goldman Sachs Fundamental Equity Growth Funds

---

| | |
|:---|:---|
| **Table of Contents** | Page |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced U.S. Equity Fund](#feg860414_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Equity Fund](#feg860414_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#feg860414_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Fund](#feg860414_4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Growth Fund](#feg860414_5) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Growth Fund](#feg860414_6) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Technology Opportunities Fund](#feg860414_7) | 17 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#feg860414_8) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#feg860414_9) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#feg860414_10) | 24 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced U.S. Equity Fund](#feg860414_11) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Equity Fund](#feg860414_12) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Growth Fund](#feg860414_13) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Growth Fund](#feg860414_14) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Growth Fund](#feg860414_15) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Strategic Growth Fund](#feg860414_16) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Technology Opportunities Fund](#feg860414_17) | 73 |
|  **[Notes to Financial Statements](#feg860414_18)** | 80 |
|  **[Report of Independent Registered Public Accounting Firm](#feg860414_19)** | 104 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#feg860414_20)** | 105 |

---

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

------

GOLDMAN SACHS ENHANCED U.S. EQUITY 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Aerospace & Defense – 1.2% | Aerospace & Defense – 1.2% | Aerospace & Defense – 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11587 | L3Harris Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216783 |
| 9592 | Woodward, Inc. | 2367497 |
|  |  | 5584280 |
| Automobile Components – 0.6% | Automobile Components – 0.6% | Automobile Components – 0.6% |
| 34785 | Aptiv PLC (Jersey)\* | 2766451 |
| Automobiles – 1.3% | Automobiles – 1.3% | Automobiles – 1.3% |
| 17940 | Tesla, Inc.\* | 5989628 |
| Banks – 3.3% | Banks – 3.3% | Banks – 3.3% |
| 108957 | Bank of America Corp. | 5528478 |
| 23703 | JPMorgan Chase & Co. | 7144558 |
| 18257 | Wintrust Financial Corp. | 2506504 |
|  |  | 15179540 |
| Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% |
| 22565 | Coca-Cola Europacific Partners |  |
|  | PLC (United Kingdom) | 2005126 |
| 20994 | Molson Coors Beverage Co., Class B | 1059987 |
|  |  | 3065113 |
| Biotechnology – 2.1% | Biotechnology – 2.1% | Biotechnology – 2.1% |
| 27804 | AbbVie, Inc. | 5849962 |
| 12621 | BioNTech SE ADR (Germany)\* | 1262100 |
| 18075 | Neurocrine Biosciences, Inc.\* | 2523270 |
|  |  | 9635332 |
| Broadline Retail – 4.5% | Broadline Retail – 4.5% | Broadline Retail – 4.5% |
| 89856 | Amazon.com, Inc.\* | 20577024 |
| Building Products – 0.6% | Building Products – 0.6% | Building Products – 0.6% |
| 9519 | Advanced Drainage Systems, Inc. | 1370450 |
| 9734 | Builders FirstSource, Inc.\* | 1349911 |
|  |  | 2720361 |
| Capital Markets – 1.9% | Capital Markets – 1.9% | Capital Markets – 1.9% |
| 27760 | Charles Schwab Corp. (The) | 2660518 |
| 2675 | MSCI, Inc. | 1518651 |
| 18484 | Nasdaq, Inc. | 1751174 |
| 15976 | Raymond James Financial, Inc. | 2706974 |
|  |  | 8637317 |
| Chemicals – 1.5% | Chemicals – 1.5% | Chemicals – 1.5% |
| 16904 | RPM International, Inc. | 2118240 |
| 8269 | Sherwin-Williams Co. (The) | 3025048 |
| 17850 | Westlake Corp. | 1567587 |
|  |  | 6710875 |
| Communications Equipment – 0.7% | Communications Equipment – 0.7% | Communications Equipment – 0.7% |
| 6619 | Motorola Solutions, Inc. | 3127213 |
| Consumer Finance – 1.1% | Consumer Finance – 1.1% | Consumer Finance – 1.1% |
| 4778 | American Express Co. | 1582856 |
| 15682 | Capital One Financial Corp. | 3563264 |
|  |  | 5146120 |
| Consumer Staples Distribution & Retail – 2.5% | Consumer Staples Distribution & Retail – 2.5% | Consumer Staples Distribution & Retail – 2.5% |
| 5915 | Costco Wholesale Corp. | 5579738 |
| 60006 | Walmart, Inc. | 5819382 |
|  |  | 11399120 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Telecommunication Services – 0.7% | Diversified Telecommunication Services – 0.7% | Diversified Telecommunication Services – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109744 | AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214402 |
| Electric Utilities – 1.0% | Electric Utilities – 1.0% | Electric Utilities – 1.0% |
| 145788 | PG&E Corp. | 2227641 |
| 64496 | PPL Corp. | 2352169 |
|  |  | 4579810 |
| Electrical Equipment – 2.2% | Electrical Equipment – 2.2% | Electrical Equipment – 2.2% |
| 15360 | AMETEK, Inc. | 2838528 |
| 6076 | GE Vernova, Inc. | 3724406 |
| 9530 | Rockwell Automation, Inc. | 3272888 |
|  |  | 9835822 |
| Electronic Equipment, Instruments & Components – 0.3% | Electronic Equipment, Instruments & Components – 0.3% | Electronic Equipment, Instruments & Components – 0.3% |
| 5913 | Jabil, Inc. | 1211160 |
| Entertainment – 2.2% | Entertainment – 2.2% | Entertainment – 2.2% |
| 17258 | Live Nation Entertainment, Inc.\* | 2873284 |
| 5760 | Netflix, Inc.\* | 6959520 |
|  |  | 9832804 |
| Financial Services – 4.7% | Financial Services – 4.7% | Financial Services – 4.7% |
| 10396 | Berkshire Hathaway, Inc., Class B\* | 5228980 |
| 6862 | Corpay, Inc.\* | 2234748 |
| 41853 | Equitable Holdings, Inc. | 2229091 |
| 16503 | Fiserv, Inc.\* | 2280385 |
| 12453 | Mastercard, Inc., Class A | 7413146 |
| 6198 | Visa, Inc., Class A | 2180332 |
|  |  | 21566682 |
| Gas Utilities – 0.2% | Gas Utilities – 0.2% | Gas Utilities – 0.2% |
| 31391 | UGI Corp. | 1087384 |
| Ground Transportation – 0.5% | Ground Transportation – 0.5% | Ground Transportation – 0.5% |
| 14441 | Old Dominion Freight Line, Inc. | 2180158 |
| Health Care Equipment & Supplies – 2.1% | Health Care Equipment & Supplies – 2.1% | Health Care Equipment & Supplies – 2.1% |
| 32844 | Abbott Laboratories | 4357085 |
| 12629 | Align Technology, Inc.\* | 1792813 |
| 32526 | Boston Scientific Corp.\* | 3431493 |
|  |  | 9581391 |
| Health Care Providers & Services – 0.5% | Health Care Providers & Services – 0.5% | Health Care Providers & Services – 0.5% |
| 7125 | Cencora, Inc. | 2077721 |
| Health Care REITs – 0.6% | Health Care REITs – 0.6% | Health Care REITs – 0.6% |
| 36441 | Ventas, Inc. REIT | 2480903 |
| Hotels, Restaurants & Leisure – 1.3% | Hotels, Restaurants & Leisure – 1.3% | Hotels, Restaurants & Leisure – 1.3% |
| 4769 | Domino's Pizza, Inc. | 2185633 |
| 20599 | Starbucks Corp. | 1816626 |
| 11586 | Texas Roadhouse, Inc. | 1999164 |
|  |  | 6001423 |
| Household Durables – 0.7% | Household Durables – 0.7% | Household Durables – 0.7% |
| 18913 | D.R. Horton, Inc. | 3205375 |
| Household Products – 0.5% | Household Products – 0.5% | Household Products – 0.5% |
| 13767 | Procter & Gamble Co. (The) | 2161970 |
| Independent Power and Renewable Electricity Producers – 0.7% | Independent Power and Renewable Electricity Producers – 0.7% | Independent Power and Renewable Electricity Producers – 0.7% |
| 16261 | Vistra Corp. | 3075118 |
| Industrial Conglomerates – 0.7% | Industrial Conglomerates – 0.7% | Industrial Conglomerates – 0.7% |
| 14250 | Honeywell International, Inc. | 3127875 |

---

&nbsp;&nbsp;&nbsp;&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 ENHANCED U.S. EQUITY 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrial REITs – 0.2% | Industrial REITs – 0.2% | Industrial REITs – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55447 | Americold Realty Trust, Inc. REIT | 800655 |
| Insurance – 1.8% | Insurance – 1.8% | Insurance – 1.8% |
| 12895 | Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623488 |
| 13813 | Marsh & McLennan Cos., Inc. | 2842854 |
| 10179 | Travelers Cos., Inc. (The) | 2763700 |
|  |  | 8230042 |
| Interactive Media & Services – 7.1% | Interactive Media & Services – 7.1% | Interactive Media & Services – 7.1% |
| 48709 | Alphabet, Inc., Class A | 10370633 |
| 27882 | Alphabet, Inc., Class C | 5953644 |
| 21900 | Meta Platforms, Inc., Class A | 16177530 |
|  |  | 32501807 |
| IT Services – 0.6% | IT Services – 0.6% | IT Services – 0.6% |
| 10375 | Snowflake, Inc.\* | 2476097 |
| Life Sciences Tools & Services – 1.5% | Life Sciences Tools & Services – 1.5% | Life Sciences Tools & Services – 1.5% |
| 21277 | Agilent Technologies, Inc. | 2673668 |
| 1878 | Mettler-Toledo International, Inc.\* | 2443353 |
| 7654 | West Pharmaceutical Services, Inc. | 1890155 |
|  |  | 7007176 |
| Machinery – 2.4% | Machinery – 2.4% | Machinery – 2.4% |
| 7283 | Caterpillar, Inc. | 3051868 |
| 11015 | IDEX Corp. | 1811968 |
| 18436 | Ingersoll Rand, Inc. | 1464371 |
| 13997 | ITT, Inc. | 2382989 |
| 31941 | Stanley Black & Decker, Inc. | 2372897 |
|  |  | 11084093 |
| Media – 0.8% | Media – 0.8% | Media – 0.8% |
| 22169 | New York Times Co. (The), |  |
|  | Class A | 1326593 |
| 29070 | Omnicom Group, Inc. | 2277053 |
|  |  | 3603646 |
| Multi-Utilities – 0.5% | Multi-Utilities – 0.5% | Multi-Utilities – 0.5% |
| 32179 | CMS Energy Corp. | 2303051 |
| Oil, Gas & Consumable Fuels – 3.2% | Oil, Gas & Consumable Fuels – 3.2% | Oil, Gas & Consumable Fuels – 3.2% |
| 23447 | Chevron Corp. | 3765588 |
| 20389 | ConocoPhillips | 2017899 |
| 51899 | Exxon Mobil Corp. | 5931537 |
| 21810 | Phillips 66 | 2913380 |
|  |  | 14628404 |
| Passenger Airlines – 0.7% | Passenger Airlines – 0.7% | Passenger Airlines – 0.7% |
| 31812 | United Airlines Holdings, Inc.\* | 3340260 |
| Personal Care Products – 0.5% | Personal Care Products – 0.5% | Personal Care Products – 0.5% |
| 104926 | Kenvue, Inc. | 2173017 |
| Pharmaceuticals – 1.7% | Pharmaceuticals – 1.7% | Pharmaceuticals – 1.7% |
| 26932 | AstraZeneca PLC ADR (United |  |
|  | Kingdom) | 2151867 |
| 6423 | Eli Lilly & Co. | 4705361 |
| 5248 | Johnson & Johnson | 929788 |
|  |  | 7787016 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Professional Services – 0.5% | Professional Services – 0.5% | Professional Services – 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20897 | Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271922 |
| Residential REITs – 1.5% | Residential REITs – 1.5% | Residential REITs – 1.5% |
| 11236 | AvalonBay Communities, Inc. REIT | 2200571 |
| 18688 | Camden Property Trust REIT | 2092682 |
| 38566 | Equity LifeStyle Properties, Inc.<br> REIT | 2325144 |
|  |  | 6618397 |
| Semiconductors & Semiconductor Equipment – 13.6% | Semiconductors & Semiconductor Equipment – 13.6% | Semiconductors & Semiconductor Equipment – 13.6% |
| 39379 | Broadcom, Inc. | 11710921 |
| 4051 | KLA Corp. | 3532472 |
| 22850 | Lam Research Corp. | 2288427 |
| 26473 | Marvell Technology, Inc. | 1664225 |
| 20179 | Micron Technology, Inc. | 2401503 |
| 215676 | NVIDIA Corp. | 37566446 |
| 10979 | Taiwan Semiconductor |  |
|  | Manufacturing Co. Ltd. ADR<br> (Taiwan) | 2534722 |
|  |  | 61698716 |
| Software – 12.2% | Software – 12.2% | Software – 12.2% |
| 4479 | AppLovin Corp., Class A\* | 2143605 |
| 9217 | Atlassian Corp., Class A\* | 1638598 |
| 19237 | Datadog, Inc., Class A\* | 2629313 |
| 40180 | Dynatrace, Inc.\* | 2033108 |
| 3909 | Intuit, Inc. | 2607303 |
| 68645 | Microsoft Corp. | 34781735 |
| 7361 | Monday.com Ltd.\* | 1420673 |
| 4769 | Oracle Corp. | 1078414 |
| 3611 | Palantir Technologies, Inc., Class A\* | 565880 |
| 16692 | Salesforce, Inc. | 4277325 |
| 4107 | Tyler Technologies, Inc.\* | 2311748 |
|  |  | 55487702 |
| Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% |
| 70212 | VICI Properties, Inc. REIT | 2371761 |
| Specialty Retail – 2.6% | Specialty Retail – 2.6% | Specialty Retail – 2.6% |
| 12002 | Home Depot, Inc. (The) | 4882053 |
| 13710 | Lowe's Cos., Inc. | 3538003 |
| 25930 | TJX Cos., Inc. (The) | 3542297 |
|  |  | 11962353 |
| Technology Hardware, Storage & Peripherals – 6.3% | Technology Hardware, Storage & Peripherals – 6.3% | Technology Hardware, Storage & Peripherals – 6.3% |
| 117237 | Apple, Inc. | 27215397 |
| 11790 | Dell Technologies, Inc., Class C | 1440149 |
|  |  | 28655546 |
| Trading Companies & Distributors – 0.7% | Trading Companies & Distributors – 0.7% | Trading Companies & Distributors – 0.7% |
| 65621 | Fastenal Co. | 3258739 |
| TOTAL COMMON STOCKS<br>(Cost $301,505,417) | TOTAL COMMON STOCKS<br>(Cost $301,505,417) | 454018772 |

---

&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 ENHANCED U.S. EQUITY FUND

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Exchange-Traded Fund – 0.0% | Exchange-Traded Fund – 0.0% | Exchange-Traded Fund – 0.0% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 SPDR S&P 500 ETF Trust |
| (Cost $164,634) | (Cost $164,634) | 168358 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421734 | 4.154% | 421734 |
| (Cost $421,734) | (Cost $421,734) | (Cost $421,734) |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $302,091,785) | TOTAL INVESTMENTS – 99.9%<br>(Cost $302,091,785) | $454608864 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.1%** | 455880 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455064744 |

---

---

| | |
|:---|:---|
| 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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Non-income producing security. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

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

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS LARGE CAP EQUITY 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Aerospace & Defense – 1.9% | Aerospace & Defense – 1.9% | Aerospace & Defense – 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69536 | General Electric Co. | $19136307 |
| 12002 | L3Harris Technologies, Inc. | 3331995 |
| 1473 | TransDigm Group, Inc. | 2060550 |
| 8784 | Woodward, Inc. | 2168067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26696919 |
| Automobile Components – 0.2% | Automobile Components – 0.2% | Automobile Components – 0.2% |
| 38580 | Aptiv PLC (Jersey)\* | 3068267 |
| Automobiles – 0.9% | Automobiles – 0.9% | Automobiles – 0.9% |
| 36791 | Tesla, Inc.\* | 12283411 |
| Banks – 3.5% | Banks – 3.5% | Banks – 3.5% |
| 350976 | Bank of America Corp. | 17808522 |
| 16537 | Citizens Financial Group, Inc. | 864555 |
| 95093 | JPMorgan Chase & Co. | 28662932 |
| 11114 | SouthState Corp. | 1134295 |
|  |  | 48470304 |
| Beverages – 1.5% | Beverages – 1.5% | Beverages – 1.5% |
| 182529 | Coca-Cola Co. (The) | 12592676 |
| 101594 | Coca-Cola Europacific Partners PLC (United Kingdom) | 9027643 |
|  |  | 21620319 |
| Biotechnology – 2.2% | Biotechnology – 2.2% | Biotechnology – 2.2% |
| 64076 | AbbVie, Inc. | 13481590 |
| 10991 | Alnylam Pharmaceuticals, Inc.\* | 4907591 |
| 3359 | Argenx SE ADR (Netherlands)\* | 2392280 |
| 19754 | BioNTech SE ADR (Germany)\* | 1975400 |
| 24735 | Insmed, Inc.\* | 3366434 |
| 19203 | Neurocrine Biosciences, Inc.\* | 2680739 |
| 151827 | Roivant Sciences Ltd.\* | 1811296 |
|  |  | 30615330 |
| Broadline Retail – 3.8% | Broadline Retail – 3.8% | Broadline Retail – 3.8% |
| 234853 | Amazon.com, Inc.\* | 53781337 |
| Building Products – 0.5% | Building Products – 0.5% | Building Products – 0.5% |
| 15121 | Builders FirstSource, Inc.\* | 2096980 |
| 12099 | Trane Technologies PLC | 5028345 |
|  |  | 7125325 |
| Capital Markets – 2.1% | Capital Markets – 2.1% | Capital Markets – 2.1% |
| 4388 | Blackrock, Inc. | 4945890 |
| 53038 | Blackstone, Inc. | 9090713 |
| 47878 | Charles Schwab Corp. (The) | 4588628 |
| 2352 | Coinbase Global, Inc., Class A\* | 716278 |
| 4534 | MSCI, Inc. | 2574042 |
| 27168 | Nasdaq, Inc. | 2573896 |
| 7824 | S&P Global, Inc. | 4290995 |
|  |  | 28780442 |
| Chemicals – 2.2% | Chemicals – 2.2% | Chemicals – 2.2% |
| 45835 | Air Products and Chemicals, Inc. | 13480532 |
| 44474 | Sherwin-Williams Co. (The) | 16269923 |
| 18012 | Westlake Corp. | 1581814 |
|  |  | 31332269 |
| Commercial Services & Supplies – 0.3% | Commercial Services & Supplies – 0.3% | Commercial Services & Supplies – 0.3% |
| 22736 | Waste Connections, Inc. | 4201840 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communications Equipment – 0.8% | Communications Equipment – 0.8% | Communications Equipment – 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45395 | Arista Networks, Inc.\* | $6198687 |
| 9564 | Motorola Solutions, Inc. | 4518608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10717295 |
| Construction Materials – 1.0% | Construction Materials – 1.0% | Construction Materials – 1.0% |
| 21621 | Martin Marietta Materials, Inc. | 13327184 |
| Consumer Finance – 1.6% | Consumer Finance – 1.6% | Consumer Finance – 1.6% |
| 25245 | American Express Co. | 8363164 |
| 62457 | Capital One Financial Corp. | 14191479 |
|  |  | 22554643 |
| Consumer Staples Distribution & Retail – 2.1% | Consumer Staples Distribution & Retail – 2.1% | Consumer Staples Distribution & Retail – 2.1% |
| 12602 | Costco Wholesale Corp. | 11887719 |
| 178200 | Walmart, Inc. | 17281836 |
|  |  | 29169555 |
| Containers & Packaging – 0.2% | Containers & Packaging – 0.2% | Containers & Packaging – 0.2% |
| 64116 | International Paper Co. | 3185283 |
| Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% | Diversified Telecommunication Services – 0.4% |
| 180295 | AT&T, Inc. | 5280841 |
| Electric Utilities – 1.5% | Electric Utilities – 1.5% | Electric Utilities – 1.5% |
| 107986 | NextEra Energy, Inc. | 7780391 |
| 113169 | PG&E Corp. | 1729223 |
| 153483 | PPL Corp. | 5597525 |
| 86357 | Xcel Energy, Inc. | 6251383 |
|  |  | 21358522 |
| Electrical Equipment – 3.5% | Electrical Equipment – 3.5% | Electrical Equipment – 3.5% |
| 12578 | AMETEK, Inc. | 2324414 |
| 43677 | Eaton Corp. PLC | 15249388 |
| 21517 | GE Vernova, Inc. | 13189276 |
| 51400 | Rockwell Automation, Inc. | 17652302 |
|  |  | 48415380 |
| Electronic Equipment, Instruments & Components – 0.4% | Electronic Equipment, Instruments & Components – 0.4% | Electronic Equipment, Instruments & Components – 0.4% |
| 47728 | Amphenol Corp., Class A | 5195670 |
| Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% | Energy Equipment & Services – 0.1% |
| 37211 | Baker Hughes Co. | 1689379 |
| Entertainment – 1.8% | Entertainment – 1.8% | Entertainment – 1.8% |
| 19946 | Live Nation Entertainment, Inc.\* | 3320809 |
| 8208 | Netflix, Inc.\* | 9917316 |
| 16809 | Spotify Technology SA\* | 11461721 |
|  |  | 24699846 |
| Financial Services – 5.0% | Financial Services – 5.0% | Financial Services – 5.0% |
| 48685 | Berkshire Hathaway, Inc., Class B\* | 24487581 |
| 5218 | Corpay, Inc.\* | 1699346 |
| 89083 | Equitable Holdings, Inc. | 4744561 |
| 65737 | Fiserv, Inc.\* | 9083539 |
| 43069 | Mastercard, Inc., Class A | 25638545 |
| 11880 | Visa, Inc., Class A | 4179147 |
|  |  | 69832719 |
| Ground Transportation – 1.3% | Ground Transportation – 1.3% | Ground Transportation – 1.3% |
| 10257 | Norfolk Southern Corp. | 2871755 |
| 48867 | Old Dominion Freight Line, Inc. | 7377451 |
| 53837 | Uber Technologies, Inc.\* | 5047219 |

---

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

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Ground Transportation – (continued) | Ground Transportation – (continued) | Ground Transportation – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13415 | Union Pacific Corp. | 2999191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18295616 |
| Health Care Equipment & Supplies – 4.2% | Health Care Equipment & Supplies – 4.2% | Health Care Equipment & Supplies – 4.2% |
| 124291 | Abbott Laboratories | 16488444 |
| 46517 | Align Technology, Inc.\* | 6603553 |
| 148913 | Boston Scientific Corp.\* | 15710322 |
| 19263 | Cooper Cos., Inc. (The)\* | 1298230 |
| 29122 | Insulet Corp.\* | 9897985 |
| 19729 | Intuitive Surgical, Inc.\* | 9337637 |
|  |  | 59336171 |
| Health Care Providers & Services – 0.3% | Health Care Providers & Services – 0.3% | Health Care Providers & Services – 0.3% |
| 12896 | Cencora, Inc. | 3760603 |
| Health Care REITs – 0.2% | Health Care REITs – 0.2% | Health Care REITs – 0.2% |
| 21859 | Welltower, Inc. REIT | 3678432 |
| Health Care Technology – 0.2% | Health Care Technology – 0.2% | Health Care Technology – 0.2% |
| 9552 | Veeva Systems, Inc., Class A\* | 2571398 |
| Hotels, Restaurants & Leisure – 2.8% | Hotels, Restaurants & Leisure – 2.8% | Hotels, Restaurants & Leisure – 2.8% |
| 63461 | Chipotle Mexican Grill, Inc.\* | 2674247 |
| 13657 | DoorDash, Inc., Class A\* | 3349379 |
| 63555 | DraftKings, Inc., Class A\* | 3049369 |
| 31325 | Hilton Worldwide Holdings, Inc. | 8647579 |
| 14926 | McDonald's Corp. | 4679898 |
| 34868 | Royal Caribbean Cruises Ltd. | 12664755 |
| 35208 | Starbucks Corp. | 3104994 |
| 6601 | Wingstop, Inc. | 2165920 |
|  |  | 40336141 |
| Household Durables – 0.9% | Household Durables – 0.9% | Household Durables – 0.9% |
| 72949 | D.R. Horton, Inc. | 12363397 |
| Household Products – 0.8% | Household Products – 0.8% | Household Products – 0.8% |
| 75295 | Procter & Gamble Co. (The) | 11824327 |
| Independent Power and Renewable Electricity Producers – 0.2% | Independent Power and Renewable Electricity Producers – 0.2% | Independent Power and Renewable Electricity Producers – 0.2% |
| 15421 | Vistra Corp. | 2916265 |
| Industrial Conglomerates – 1.7% | Industrial Conglomerates – 1.7% | Industrial Conglomerates – 1.7% |
| 80012 | 3M Co. | 12444267 |
| 51320 | Honeywell International, Inc. | 11264740 |
|  |  | 23709007 |
| Industrial REITs – 0.7% | Industrial REITs – 0.7% | Industrial REITs – 0.7% |
| 83221 | Prologis, Inc. REIT | 9468885 |
| Insurance – 1.3% | Insurance – 1.3% | Insurance – 1.3% |
| 18729 | Allstate Corp. (The) | 3810415 |
| 20276 | Arch Capital Group Ltd. | 1855862 |
| 17578 | Globe Life, Inc. | 2460041 |
| 23627 | Marsh & McLennan Cos., Inc. | 4862673 |
| 13187 | Travelers Cos., Inc. (The) | 3580402 |
| 19116 | Unum Group | 1335444 |
|  |  | 17904837 |
| Interactive Media & Services – 6.4% | Interactive Media & Services – 6.4% | Interactive Media & Services – 6.4% |
| 118695 | Alphabet, Inc., Class A | 25271353 |
| 100497 | Alphabet, Inc., Class C | 21459124 |
| 57964 | Meta Platforms, Inc., Class A | 42818007 |
|  |  | 89548484 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| IT Services – 0.4% | IT Services – 0.4% | IT Services – 0.4% |
| 7519 | International Business Machines Corp. | $1830801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15880 | Snowflake, Inc.\* | 3789921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5620722 |
| Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% | Life Sciences Tools & Services – 1.0% |
| 8828 | Danaher Corp. | 1816979 |
| 11999 | Thermo Fisher Scientific, Inc. | 5912147 |
| 23358 | West Pharmaceutical Services, Inc. | 5768258 |
|  |  | 13497384 |
| Machinery – 0.8% | Machinery – 0.8% | Machinery – 0.8% |
| 27427 | Caterpillar, Inc. | 11493010 |
| Metals & Mining – 0.1% | Metals & Mining – 0.1% | Metals & Mining – 0.1% |
| 12761 | Steel Dynamics, Inc. | 1670670 |
| Multi-Utilities – 0.5% | Multi-Utilities – 0.5% | Multi-Utilities – 0.5% |
| 43029 | CMS Energy Corp. | 3079585 |
| 106651 | NiSource, Inc. | 4508138 |
|  |  | 7587723 |
| Oil, Gas & Consumable Fuels – 3.1% | Oil, Gas & Consumable Fuels – 3.1% | Oil, Gas & Consumable Fuels – 3.1% |
| 103070 | Chevron Corp. | 16553042 |
| 98613 | ConocoPhillips | 9759729 |
| 19092 | DT Midstream, Inc. | 1989004 |
| 59980 | Expand Energy Corp. | 5804864 |
| 51975 | Exxon Mobil Corp. | 5940223 |
| 34379 | Kinetik Holdings, Inc. | 1438074 |
| 12869 | Phillips 66 | 1719041 |
|  |  | 43203977 |
| Passenger Airlines – 0.5% | Passenger Airlines – 0.5% | Passenger Airlines – 0.5% |
| 64167 | United Airlines Holdings, Inc.\* | 6737535 |
| Personal Care Products – 0.1% | Personal Care Products – 0.1% | Personal Care Products – 0.1% |
| 12975 | elf Beauty, Inc.\* | 1621875 |
| Pharmaceuticals – 2.0% | Pharmaceuticals – 2.0% | Pharmaceuticals – 2.0% |
| 35910 | AstraZeneca PLC ADR (United Kingdom) | 2869209 |
| 34430 | Eli Lilly & Co. | 25222729 |
|  |  | 28091938 |
| Professional Services – 0.3% | Professional Services – 0.3% | Professional Services – 0.3% |
| 17873 | Booz Allen Hamilton Holding Corp. | 1943152 |
| 6898 | Verisk Analytics, Inc. | 1849492 |
|  |  | 3792644 |
| Residential REITs – 0.4% | Residential REITs – 0.4% | Residential REITs – 0.4% |
| 68268 | American Homes 4 Rent, Class A REIT | 2445360 |
| 12332 | AvalonBay Communities, Inc. REIT | 2415222 |
|  |  | 4860582 |
| Semiconductors & Semiconductor Equipment – 11.6% | Semiconductors & Semiconductor Equipment – 11.6% | Semiconductors & Semiconductor Equipment – 11.6% |
| 94610 | Broadcom, Inc. | 28136068 |
| 9616 | KLA Corp. | 8385152 |
| 41473 | Lam Research Corp. | 4153521 |
| 107773 | Marvell Technology, Inc. | 6775150 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS LARGE CAP EQUITY 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;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39730 | Micron Technology, Inc. | $| 4728267 |
| 579625 | NVIDIA Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100959082 |
| 28096 | Taiwan Semiconductor |  |  |
|  | Manufacturing Co. Ltd. ADR (Taiwan) |  | 6486524 |
| 12188 | Texas Instruments, Inc. |  | 2467826 |
|  |  |  | 162091590 |
| Software – 11.6% | Software – 11.6% | Software – 11.6% | Software – 11.6% |
| 31798 | AppLovin Corp., Class A\* |  | 15218205 |
| 18173 | Atlassian Corp., Class A\* |  | 3230796 |
| 15192 | Cadence Design Systems, Inc.\* |  | 5323732 |
| 3231 | Crowdstrike Holdings, Inc., Class A\* |  | 1368975 |
| 48529 | Datadog, Inc., Class A\* |  | 6632944 |
| 49366 | Dynatrace, Inc.\* |  | 2497920 |
| 837 | Fair Isaac Corp.\* |  | 1273613 |
| 6508 | Intuit, Inc. |  | 4340836 |
| 180893 | Microsoft Corp. |  | 91656674 |
| 31847 | Oracle Corp. |  | 7201562 |
| 38972 | Palantir Technologies, Inc., Class A\* |  | 6107302 |
| 47270 | Salesforce, Inc. |  | 12112937 |
| 78128 | Samsara, Inc., Class A\* |  | 2823546 |
| 9093 | Zscaler, Inc.\* |  | 2519216 |
|  |  |  | 162308258 |
| Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% |
| 15301 | American Tower Corp. REIT |  | 3119109 |
| 5209 | Equinix, Inc. REIT |  | 4095264 |
|  |  |  | 7214373 |
| Specialty Retail – 2.1% | Specialty Retail – 2.1% | Specialty Retail – 2.1% | Specialty Retail – 2.1% |
| 2523 | AutoZone, Inc.\* |  | 10592891 |
| 29577 | Home Depot, Inc. (The) |  | 12031036 |
| 9551 | Lowe's Cos., Inc. |  | 2464731 |
| 28157 | TJX Cos., Inc. (The) |  | 3846528 |
|  |  |  | 28935186 |
| Technology Hardware, Storage & Peripherals – 5.9% | Technology Hardware, Storage & Peripherals – 5.9% | Technology Hardware, Storage & Peripherals – 5.9% | Technology Hardware, Storage & Peripherals – 5.9% |
| 337776 | Apple, Inc. |  | 78411321 |
| 28987 | Dell Technologies, Inc., Class C |  | 3540762 |
|  |  |  | 81952083 |
| Wireless Telecommunication Services – 0.4% | Wireless Telecommunication Services – 0.4% | Wireless Telecommunication Services – 0.4% | Wireless Telecommunication Services – 0.4% |
| 19739 | T-Mobile US, Inc. |  | 4974031 |
| **TOTAL COMMON STOCKS**<br> **(Cost $765,400,445)** | **TOTAL COMMON STOCKS**<br> **(Cost $765,400,445)** |  | 1394769224 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Dividend Rate | Value |
| Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> | Investment Company – 0.0%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | 4.154% | $606 |
| **(Cost $606)** | **(Cost $606)** | **(Cost $606)** |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $765,401,051)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $765,401,051)** | $1394769830 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | 2599599 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397369429 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | Non-income producing security. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

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

---

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

---

------

GOLDMAN SACHS MID CAP GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 98.5% | Common Stocks – 98.5% | Common Stocks – 98.5% |
| Aerospace & Defense – 7.1% | Aerospace & Defense – 7.1% | Aerospace & Defense – 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39944 | Axon Enterprise, Inc.\* | $29849752 |
| 161827 | Howmet Aerospace, Inc. | 28174081 |
| 59274 | Woodward, Inc. | 14630008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72653841 |
| Beverages – 0.9% | Beverages – 0.9% | Beverages – 0.9% |
| 104280 | Coca-Cola Europacific Partners PLC (United Kingdom) | 9266321 |
| Biotechnology – 5.7% | Biotechnology – 5.7% | Biotechnology – 5.7% |
| 57611 | Alnylam Pharmaceuticals, Inc.\* | 25723888 |
| 75205 | Insmed, Inc.\* | 10235400 |
| 9433 | Madrigal Pharmaceuticals, Inc.\* | 4130239 |
| 81636 | Neurocrine Biosciences, Inc.\* | 11396385 |
| 592491 | Roivant Sciences Ltd.\* | 7068418 |
|  |  | 58554330 |
| Capital Markets – 5.7% | Capital Markets – 5.7% | Capital Markets – 5.7% |
| 728454 | Blue Owl Capital, Inc. | 13490968 |
| 20058 | Coinbase Global, Inc., Class A\* | 6108463 |
| 111184 | Jefferies Financial Group, Inc. | 7210282 |
| 39266 | MSCI, Inc. | 22292094 |
| 97533 | Nasdaq, Inc. | 9240277 |
|  |  | 58342084 |
| Construction & Engineering – 2.3% | Construction & Engineering – 2.3% | Construction & Engineering – 2.3% |
| 60796 | Quanta Services, Inc. | 22978456 |
| Construction Materials – 1.9% | Construction Materials – 1.9% | Construction Materials – 1.9% |
| 31035 | Martin Marietta Materials, Inc. | 19129974 |
| Consumer Staples Distribution & Retail – 1.7% | Consumer Staples Distribution & Retail – 1.7% | Consumer Staples Distribution & Retail – 1.7% |
| 137541 | BJ's Wholesale Club Holdings, Inc.\* | 13435005 |
| 99667 | Maplebear, Inc.\* | 4322558 |
|  |  | 17757563 |
| Electrical Equipment – 5.5% | Electrical Equipment – 5.5% | Electrical Equipment – 5.5% |
| 50956 | AMETEK, Inc. | 9416669 |
| 47424 | Rockwell Automation, Inc. | 16286824 |
| 237437 | Vertiv Holdings Co., Class A | 30285089 |
|  |  | 55988582 |
| Entertainment – 6.0% | Entertainment – 6.0% | Entertainment – 6.0% |
| 139545 | Live Nation Entertainment, Inc.\* | 23232847 |
| 241906 | ROBLOX Corp., Class A\* | 30139068 |
| 41862 | TKO Group Holdings, Inc. | 7935361 |
|  |  | 61307276 |
| Financial Services – 2.5% | Financial Services – 2.5% | Financial Services – 2.5% |
| 48416 | Corpay, Inc.\* | 15767639 |
| 224462 | Toast, Inc., Class A\* | 10123236 |
|  |  | 25890875 |
| Ground Transportation – 1.4% | Ground Transportation – 1.4% | Ground Transportation – 1.4% |
| 92734 | Old Dominion Freight Line, Inc. | 14000052 |
| Health Care Equipment & Supplies – 4.2% | Health Care Equipment & Supplies – 4.2% | Health Care Equipment & Supplies – 4.2% |
| 40072 | Align Technology, Inc.\* | 5688621 |
| 200513 | Dexcom, Inc.\* | 15106650 |
| 64748 | Insulet Corp.\* | 22006550 |
|  |  | 42801821 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – 3.6% | Health Care Providers & Services – 3.6% | Health Care Providers & Services – 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125056 | Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36467580 |
| Health Care Technology – 1.8% | Health Care Technology – 1.8% | Health Care Technology – 1.8% |
| 68194 | Veeva Systems, Inc., Class A\* | 18357825 |
| Hotels, Restaurants & Leisure – 12.9% | Hotels, Restaurants & Leisure – 12.9% | Hotels, Restaurants & Leisure – 12.9% |
| 120339 | Cava Group, Inc.\* | 8128899 |
| 21866 | Domino's Pizza, Inc. | 10021188 |
| 41115 | DoorDash, Inc., Class A\* | 10083454 |
| 386510 | DraftKings, Inc., Class A\* | 18544750 |
| 85450 | Hilton Worldwide Holdings, Inc. | 23589327 |
| 100464 | Royal Caribbean Cruises Ltd. | 36490534 |
| 80720 | Texas Roadhouse, Inc. | 13928236 |
| 31382 | Wingstop, Inc. | 10297062 |
|  |  | 131083450 |
| Household Durables – 1.0% | Household Durables – 1.0% | Household Durables – 1.0% |
| 75585 | Lennar Corp., Class A | 10063387 |
| Independent Power and Renewable Electricity Producers – 2.8% | Independent Power and Renewable Electricity Producers – 2.8% | Independent Power and Renewable Electricity Producers – 2.8% |
| 150825 | Vistra Corp. | 28522516 |
| IT Services – 2.7% | IT Services – 2.7% | IT Services – 2.7% |
| 133423 | Cloudflare, Inc., Class A\* | 27846714 |
| Life Sciences Tools & Services – 2.7% | Life Sciences Tools & Services – 2.7% | Life Sciences Tools & Services – 2.7% |
| 104016 | Agilent Technologies, Inc. | 13070651 |
| 8780 | Mettler-Toledo International, Inc.\* | 11423131 |
| 10850 | West Pharmaceutical Services, Inc. | 2679407 |
|  |  | 27173189 |
| Machinery – 0.6% | Machinery – 0.6% | Machinery – 0.6% |
| 33040 | ITT, Inc. | 5625060 |
| Oil, Gas & Consumable Fuels – 1.9% | Oil, Gas & Consumable Fuels – 1.9% | Oil, Gas & Consumable Fuels – 1.9% |
| 113853 | DT Midstream, Inc. | 11861205 |
| 73665 | Expand Energy Corp. | 7129299 |
|  |  | 18990504 |
| Professional Services – 1.3% | Professional Services – 1.3% | Professional Services – 1.3% |
| 122122 | Booz Allen Hamilton Holding Corp. | 13277104 |
| Semiconductors & Semiconductor Equipment – 3.3% | Semiconductors & Semiconductor Equipment – 3.3% | Semiconductors & Semiconductor Equipment – 3.3% |
| 48654 | Astera Labs, Inc.\* | 8864759 |
| 116634 | Marvell Technology, Inc. | 7332196 |
| 20735 | Monolithic Power Systems, Inc. | 17329484 |
|  |  | 33526439 |
| Software – 10.5% | Software – 10.5% | Software – 10.5% |
| 143324 | Datadog, Inc., Class A\* | 19589524 |
| 187628 | Dynatrace, Inc.\* | 9493977 |
| 14489 | Fair Isaac Corp.\* | 22047042 |
| 27466 | HubSpot, Inc.\* | 13270747 |
| 24617 | Monday.com Ltd.\* | 4751081 |
| 27337 | Tyler Technologies, Inc.\* | 15387451 |
| 140363 | Varonis Systems, Inc.\* | 8284224 |
| 49585 | Zscaler, Inc.\* | 13737524 |
|  |  | 106561570 |
| Specialty Retail – 3.7% | Specialty Retail – 3.7% | Specialty Retail – 3.7% |
| 4271 | AutoZone, Inc.\* | 17931922 |

---

&nbsp;&nbsp;&nbsp;&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 MID CAP GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail – (continued) | Specialty Retail – (continued) | Specialty Retail – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34481 | Five Below, Inc.\* | 5003193 |
| 99889 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14699665 |
|  |  | 37634780 |
| Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% | Textiles, Apparel & Luxury Goods – 0.8% |
| 186874 | On Holding AG, Class A (Switzerland)\* | 8424280 |
| Trading Companies & Distributors – 4.0% | Trading Companies & Distributors – 4.0% | Trading Companies & Distributors – 4.0% |
| 505080 | Fastenal Co. | 25082273 |
| 16225 | United Rentals, Inc. | 15516616 |
|  |  | 40598889 |
| **TOTAL COMMON STOCKS**<br> **(Cost $788,093,581)** | **TOTAL COMMON STOCKS**<br> **(Cost $788,093,581)** | 1002824462 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.5%<sup>(a)</sup> | Investment Company – 1.5%<sup>(a)</sup> | Investment Company – 1.5%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 15470536 | 4.154% | 15470536 |
| **(Cost $15,470,536)** | **(Cost $15,470,536)** | **(Cost $15,470,536)** |
| **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $803,564,117)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $803,564,117)** | $1018294998 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.0%** | 483264 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018778262 |

---

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

\* Non-income producing security. <br> (a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |

---

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

---

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

---

------

GOLDMAN SACHS SMALL CAP GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Aerospace & Defense – 6.2% | Aerospace & Defense – 6.2% | Aerospace & Defense – 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35678 | Karman Holdings, Inc.\* | $1905562 |
| 86884 | Loar Holdings, Inc.\* | 6139223 |
| 36646 | Moog, Inc., Class A | 7177119 |
| 53582 | Voyager Technologies, Inc., Class A\* | 1644432 |
| 33830 | VSE Corp. | 5493992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22360328 |
| Automobile Components – 1.4% | Automobile Components – 1.4% | Automobile Components – 1.4% |
| 30733 | Dorman Products, Inc.\* | 4972292 |
| Beverages – 0.9% | Beverages – 0.9% | Beverages – 0.9% |
| 94231 | Vita Coco Co., Inc. (The)\* | 3367816 |
| Biotechnology – 7.3% | Biotechnology – 7.3% | Biotechnology – 7.3% |
| 100145 | Alkermes PLC\* | 2901201 |
| 32702 | Apogee Therapeutics, Inc.\* | 1189372 |
| 12765 | Blueprint Medicines Corp.<sup>(c)</sup> | 5872 |
| 16207 | Caris Life Sciences, Inc.<sup>(a)</sup> | 622187 |
| 52159 | CG oncology, Inc.\* | 1398904 |
| 75792 | Dynavax Technologies Corp.\* | 767015 |
| 6082 | Insmed, Inc.\* | 827760 |
| 43574 | Ionis Pharmaceuticals, Inc.\* | 1857778 |
| 11446 | Madrigal Pharmaceuticals, Inc.\* | 5011631 |
| 30693 | Metsera, Inc. | 1083156 |
| 95360 | Mineralys Therapeutics, Inc.\* | 1476173 |
| 33079 | Protagonist Therapeutics, Inc.\* | 1953315 |
| 57258 | REVOLUTION Medicines, Inc.\* | 2174086 |
| 143856 | Syndax Pharmaceuticals, Inc.\* | 2349168 |
| 33145 | Ultragenyx Pharmaceutical, Inc.\* | 993024 |
| 41987 | Xenon Pharmaceuticals, Inc. (Canada)\* | 1625317 |
|  |  | 26235959 |
| Broadline Retail – 0.9% | Broadline Retail – 0.9% | Broadline Retail – 0.9% |
| 26626 | Ollie's Bargain Outlet Holdings, Inc.\* | 3377242 |
| Building Products – 0.8% | Building Products – 0.8% | Building Products – 0.8% |
| 10737 | CSW Industrials, Inc. | 2936999 |
| Capital Markets – 6.7% | Capital Markets – 6.7% | Capital Markets – 6.7% |
| 8011 | Bullish (Cayman Islands)\* | 472889 |
| 29809 | Hamilton Lane, Inc., Class A | 4600721 |
| 13335 | Miami International Holdings, Inc.\* | 501129 |
| 21024 | Piper Sandler Cos. | 7017601 |
| 44632 | PJT Partners, Inc., Class A | 7989128 |
| 259988 | WisdomTree, Inc. | 3538437 |
|  |  | 24119905 |
| Chemicals – 1.2% | Chemicals – 1.2% | Chemicals – 1.2% |
| 26664 | Balchem Corp. | 4321968 |
| Commercial Services & Supplies – 2.7% | Commercial Services & Supplies – 2.7% | Commercial Services & Supplies – 2.7% |
| 63626 | Casella Waste Systems, Inc., Class A\* | 6270979 |
| 93579 | Tetra Tech, Inc. | 3408147 |
|  |  | 9679126 |
| Construction & Engineering – 1.6% | Construction & Engineering – 1.6% | Construction & Engineering – 1.6% |
| 17343 | MYR Group, Inc.\* | 3247823 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Construction & Engineering – (continued) | Construction & Engineering – (continued) | Construction & Engineering – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22814 | Primoris Services Corp. | 2704600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5952423 |
| Consumer Staples Distribution & Retail – 0.4% | Consumer Staples Distribution & Retail – 0.4% | Consumer Staples Distribution & Retail – 0.4% |
| 37600 | Natural Grocers by Vitamin Cottage, Inc. | 1445720 |
| Diversified Consumer Services – 1.5% | Diversified Consumer Services – 1.5% | Diversified Consumer Services – 1.5% |
| 20022 | Bright Horizons Family |  |
|  | Solutions, Inc.\* | 2363397 |
| 131388 | OneSpaWorld Holdings Ltd. (Bahamas) | 2965427 |
|  |  | 5328824 |
| Electronic Equipment, Instruments & Components – 3.9% | Electronic Equipment, Instruments & Components – 3.9% | Electronic Equipment, Instruments & Components – 3.9% |
| 25306 | Badger Meter, Inc. | 4628974 |
| 9777 | Fabrinet (Thailand)\* | 3239022 |
| 24825 | Novanta, Inc.\* | 2889878 |
| 81531 | Vontier Corp. | 3498495 |
|  |  | 14256369 |
| Ground Transportation – 0.8% | Ground Transportation – 0.8% | Ground Transportation – 0.8% |
| 9893 | Saia, Inc.\* | 2932879 |
| Health Care Equipment & Supplies – 6.2% | Health Care Equipment & Supplies – 6.2% | Health Care Equipment & Supplies – 6.2% |
| 41279 | Beta Bionics, Inc.\* | 777696 |
| 29507 | Glaukos Corp.\* | 2827361 |
| 31419 | iRhythm Technologies, Inc.\* | 5340601 |
| 40764 | LeMaitre Vascular, Inc. | 3887459 |
| 63018 | Merit Medical Systems, Inc.\* | 5705650 |
| 44739 | PROCEPT BioRobotics Corp.\* | 1797166 |
| 16592 | TransMedics Group, Inc.\* | 1907416 |
|  |  | 22243349 |
| Health Care Providers & Services – 5.9% | Health Care Providers & Services – 5.9% | Health Care Providers & Services – 5.9% |
| 99176 | BrightSpring Health Services, Inc.\* | 2349479 |
| 15510 | Ensign Group, Inc. (The) | 2664308 |
| 23340 | GeneDx Holdings Corp.\* | 3022297 |
| 60626 | Guardant Health, Inc.\* | 4087405 |
| 131453 | Pennant Group, Inc. (The)\* | 3156187 |
| 86553 | RadNet, Inc.\* | 6211043 |
|  |  | 21490719 |
| Health Care Technology – 1.3% | Health Care Technology – 1.3% | Health Care Technology – 1.3% |
| 38952 | HeartFlow, Inc.\* | 1226988 |
| 90075 | Waystar Holding Corp.\* | 3412041 |
|  |  | 4639029 |
| Hotels, Restaurants & Leisure – 4.1% | Hotels, Restaurants & Leisure – 4.1% | Hotels, Restaurants & Leisure – 4.1% |
| 52460 | Cheesecake Factory, Inc. (The) | 3224192 |
| 38117 | Dutch Bros, Inc., Class A\* | 2737944 |
| 129270 | First Watch Restaurant Group, Inc.\* | 2435447 |
| 118588 | Life Time Group Holdings, Inc.\* | 3310977 |
| 27825 | Shake Shack, Inc., Class A\* | 2949450 |
|  |  | 14658010 |
| Household Durables – 1.4% | Household Durables – 1.4% | Household Durables – 1.4% |
| 12224 | Installed Building Products, Inc. | 3200488 |
| 23912 | Meritage Homes Corp. | 1857723 |
|  |  | 5058211 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS SMALL CAP GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Household Products – 0.8% | Household Products – 0.8% | Household Products – 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12633 | WD-40 Co. | $2729233 |
| Insurance – 2.4% | Insurance – 2.4% | Insurance – 2.4% |
| 23603 | Accelerant Holdings, Class A |  |
|  | (Cayman Islands)\* | 473240 |
| 44973 | Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3809663 |
| 35271 | Palomar Holdings, Inc.\* | 4339038 |
|  |  | 8621941 |
| IT Services – 1.1% | IT Services – 1.1% | IT Services – 1.1% |
| 119602 | DigitalOcean Holdings, Inc.\* | 3901417 |
| Machinery – 8.6% | Machinery – 8.6% | Machinery – 8.6% |
| 18632 | Enpro, Inc. | 4076123 |
| 52109 | Esab Corp. | 6011815 |
| 41487 | Federal Signal Corp. | 5102486 |
| 13081 | RBC Bearings, Inc.\* | 5101067 |
| 28249 | SPX Technologies, Inc.\* | 5285671 |
| 19457 | Watts Water Technologies, Inc., Class A | 5387643 |
|  |  | 30964805 |
| Media – 0.4% | Media – 0.4% | Media – 0.4% |
| 78125 | MNTN, Inc., Class A\*<sup>(a)</sup> | 1594531 |
| Personal Care Products – 0.8% | Personal Care Products – 0.8% | Personal Care Products – 0.8% |
| 25290 | Interparfums, Inc. | 2906833 |
| Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% |
| 28358 | Prestige Consumer Healthcare, Inc.\* | 1929479 |
| 156687 | WaVe Life Sciences Ltd.\* | 1504195 |
|  |  | 3433674 |
| Professional Services – 1.4% | Professional Services – 1.4% | Professional Services – 1.4% |
| 63518 | Parsons Corp.\* | 5087792 |
| Semiconductors & Semiconductor Equipment – 9.1% | Semiconductors & Semiconductor Equipment – 9.1% | Semiconductors & Semiconductor Equipment – 9.1% |
| 48398 | Ambiq Micro, Inc. | 1921885 |
| 46985 | Axcelis Technologies, Inc.\* | 3760679 |
| 30370 | Camtek Ltd. (Israel)\*<sup>(a)</sup> | 2511903 |
| 62958 | Credo Technology Group Holding Ltd.\* | 7747297 |
| 60680 | FormFactor, Inc.\* | 1771249 |
| 16387 | Impinj, Inc.\* | 3072071 |
| 85579 | Lattice Semiconductor Corp.\* | 5680734 |
| 112427 | PDF Solutions, Inc.\* | 2299132 |
| 16469 | SiTime Corp.\* | 3980063 |
|  |  | 32745013 |
| Software – 9.8% | Software – 9.8% | Software – 9.8% |
| 119876 | Alkami Technology, Inc.\* | 3068826 |
| 231346 | Amplitude, Inc., Class A\* | 2644285 |
| 123239 | AvePoint, Inc.\* | 2016190 |
| 25902 | Commvault Systems, Inc.\* | 4834479 |
| 258985 | Freshworks, Inc., Class A\* | 3488528 |
| 56915 | Intapp, Inc.\* | 2617521 |
| 63139 | JFrog Ltd.\* | 3117172 |
| 99268 | Onestream, Inc.\* | 2063782 |
| 104740 | PagerDuty, Inc.\* | 1753347 |
| 51210 | Q2 Holdings, Inc.\* | 4031763 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99494 | Varonis Systems, Inc.\* | $5872136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35508029 |
| Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% |
| 25838 | Boot Barn Holdings, Inc.\* | 4593221 |
| 23336 | Five Below, Inc.\* | 3386053 |
| 101788 | Warby Parker, Inc., Class A\* | 2666846 |
|  |  | 10646120 |
| Textiles, Apparel & Luxury Goods – 3.3% | Textiles, Apparel & Luxury Goods – 3.3% | Textiles, Apparel & Luxury Goods – 3.3% |
| 70475 | Kontoor Brands, Inc. | 5444194 |
| 202678 | Wolverine World Wide, Inc. | 6473535 |
|  |  | 11917729 |
| Trading Companies & Distributors – 2.0% | Trading Companies & Distributors – 2.0% | Trading Companies & Distributors – 2.0% |
| 20878 | Applied Industrial Technologies, Inc. | 5503023 |
| 24346 | Core & Main, Inc., Class A\* | 1575673 |
|  |  | 7078696 |
| **TOTAL COMMON STOCKS**<br> **(Cost $304,599,564)** | **TOTAL COMMON STOCKS**<br> **(Cost $304,599,564)** | 356512981 |
| Shares | Dividend Rate | Value |
| Investment Company – 2.5%<sup>(b)</sup> | Investment Company – 2.5%<sup>(b)</sup> | Investment Company – 2.5%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 8876030 | 4.154% | 8876030 |
| **(Cost $8,876,030)** | **(Cost $8,876,030)** | **(Cost $8,876,030)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $313,475,594)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $313,475,594)** | 365389011 |
| Securities Lending Reinvestment Vehicle – 0.9%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.9%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.9%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 3208990 | 4.154% | 3208990 |
| **(Cost $3,208,990)** | **(Cost $3,208,990)** | **(Cost $3,208,990)** |
| **TOTAL INVESTMENTS – 102.1%**<br> **(Cost $316,684,584)** | **TOTAL INVESTMENTS – 102.1%**<br> **(Cost $316,684,584)** | $368598001 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.1)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (2.1)%** | (7716146) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $360881855 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Represents an affiliated issuer. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |

---

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

---

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

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.9% | Common Stocks – 99.9% | Common Stocks – 99.9% |
| Aerospace & Defense – 4.3% | Aerospace & Defense – 4.3% | Aerospace & Defense – 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202089 | Karman Holdings, Inc.\* | $10793573 |
| 418259 | Loar Holdings, Inc.\* | 29554181 |
| 111395 | Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21816711 |
|  |  | 62164465 |
| Biotechnology – 10.8% | Biotechnology – 10.8% | Biotechnology – 10.8% |
| 218931 | Alkermes PLC\* | 6342431 |
| 48846 | Ascendis Pharma A/S ADR (Denmark)\* | 9489312 |
| 228477 | Bridgebio Pharma, Inc.\* | 11825970 |
| 69520 | Caris Life Sciences, Inc.\* | 2668873 |
| 208887 | Insmed, Inc.\* | 28429521 |
| 303507 | Ionis Pharmaceuticals, Inc.\* | 12940021 |
| 28001 | Madrigal Pharmaceuticals, Inc.\* | 12260238 |
| 160754 | Natera, Inc.\* | 27046861 |
| 113699 | Neurocrine Biosciences, Inc.\* | 15872380 |
| 240864 | REVOLUTION Medicines, Inc.\* | 9145606 |
| 65236 | Rhythm Pharmaceuticals, Inc.\* | 6729093 |
| 1113801 | Roivant Sciences Ltd.\* | 13287646 |
|  |  | 156037952 |
| Broadline Retail – 0.9% | Broadline Retail – 0.9% | Broadline Retail – 0.9% |
| 97356 | Ollie's Bargain Outlet Holdings, Inc.\* | 12348635 |
| Capital Markets – 4.2% | Capital Markets – 4.2% | Capital Markets – 4.2% |
| 124031 | Houlihan Lokey, Inc. | 24713177 |
| 404758 | Jefferies Financial Group, Inc. | 26248556 |
| 28074 | Piper Sandler Cos. | 9370821 |
|  |  | 60332554 |
| Chemicals – 0.8% | Chemicals – 0.8% | Chemicals – 0.8% |
| 91293 | RPM International, Inc. | 11439926 |
| Commercial Services & Supplies – 1.6% | Commercial Services & Supplies – 1.6% | Commercial Services & Supplies – 1.6% |
| 235481 | Casella Waste Systems, Inc., |  |
|  | Class A\* | 23209007 |
| Construction & Engineering – 1.2% | Construction & Engineering – 1.2% | Construction & Engineering – 1.2% |
| 29218 | EMCOR Group, Inc. | 18115160 |
| Consumer Staples Distribution & Retail – 2.7% | Consumer Staples Distribution & Retail – 2.7% | Consumer Staples Distribution & Retail – 2.7% |
| 108332 | BJ's Wholesale Club Holdings, Inc.\* | 10581870 |
| 21407 | Casey's General Stores, Inc. | 10586190 |
| 129491 | Sprouts Farmers Market, Inc.\* | 18198665 |
|  |  | 39366725 |
| Diversified Consumer Services – 0.1% | Diversified Consumer Services – 0.1% | Diversified Consumer Services – 0.1% |
| 5919 | Duolingo, Inc.\* | 1763033 |
| Electrical Equipment – 1.5% | Electrical Equipment – 1.5% | Electrical Equipment – 1.5% |
| 50485 | Hubbell, Inc. | 21758530 |
| Electronic Equipment, Instruments & Components – 3.9% | Electronic Equipment, Instruments & Components – 3.9% | Electronic Equipment, Instruments & Components – 3.9% |
| 95068 | Badger Meter, Inc. | 17389838 |
| 57334 | Fabrinet (Thailand)\* | 18994181 |
| 170134 | Novanta, Inc.\* | 19805299 |
|  |  | 56189318 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – 99.9% – (continued) | Common Stocks – 99.9% – (continued) | Common Stocks – 99.9% – (continued) |
| Financial Services – 4.3% | Financial Services – 4.3% | Financial Services – 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111458 | Chime Financial, Inc., Class A\*<sup>(a)</sup> | $2943606 |
| 388265 | Equitable Holdings, Inc. | 20678994 |
| 169557 | Shift4 Payments, Inc., Class A\* | 15333039 |
| 522119 | Toast, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23547567 |
|  |  | 62503206 |
| Ground Transportation – 0.5% | Ground Transportation – 0.5% | Ground Transportation – 0.5% |
| 24683 | Saia, Inc.\* | 7317522 |
| Health Care Equipment & Supplies – 4.8% | Health Care Equipment & Supplies – 4.8% | Health Care Equipment & Supplies – 4.8% |
| 84106 | Glaukos Corp.\* | 8059037 |
| 302536 | Globus Medical, Inc., Class A\* | 18536381 |
| 296346 | Merit Medical Systems, Inc.\* | 26831167 |
| 61246 | Penumbra, Inc.\* | 16698109 |
|  |  | 70124694 |
| Health Care Providers & Services – 4.2% | Health Care Providers & Services – 4.2% | Health Care Providers & Services – 4.2% |
| 112240 | Encompass Health Corp. | 13666342 |
| 111889 | Ensign Group, Inc. (The) | 19220292 |
| 150263 | Guardant Health, Inc.\* | 10130732 |
| 251047 | RadNet, Inc.\* | 18015133 |
|  |  | 61032499 |
| Health Care Technology – 0.9% | Health Care Technology – 0.9% | Health Care Technology – 0.9% |
| 361119 | Waystar Holding Corp.\* | 13679188 |
| Hotels, Restaurants & Leisure – 9.0% | Hotels, Restaurants & Leisure – 9.0% | Hotels, Restaurants & Leisure – 9.0% |
| 109241 | Brinker International, Inc.\* | 17039411 |
| 245554 | Dutch Bros, Inc., Class A\* | 17638144 |
| 93052 | Hyatt Hotels Corp., Class A | 13425543 |
| 354306 | Life Time Group Holdings, Inc.\* | 9892224 |
| 168298 | Planet Fitness, Inc., Class A\* | 17637630 |
| 135275 | Shake Shack, Inc., Class A\* | 14339150 |
| 143953 | Texas Roadhouse, Inc. | 24839090 |
| 249287 | Viking Holdings Ltd.\* | 15859639 |
|  |  | 130670831 |
| Household Durables – 1.6% | Household Durables – 1.6% | Household Durables – 1.6% |
| 135517 | SharkNinja, Inc.\* | 15850068 |
| 53125 | Toll Brothers, Inc. | 7384375 |
|  |  | 23234443 |
| Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% |
| 36621 | Kinsale Capital Group, Inc. | 16752276 |
| Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% | Life Sciences Tools & Services – 0.9% |
| 243189 | Bio-Techne Corp. | 13285415 |
| Machinery – 10.2% | Machinery – 10.2% | Machinery – 10.2% |
| 69570 | Crane Co. | 12891321 |
| 131336 | Esab Corp. | 15152234 |
| 135693 | Federal Signal Corp. | 16688882 |
| 87248 | IDEX Corp. | 14352296 |
| 83050 | Lincoln Electric Holdings, Inc. | 20150422 |
| 92765 | Nordson Corp. | 20880474 |
| 60464 | RBC Bearings, Inc.\* | 23578541 |
| 131495 | SPX Technologies, Inc.\* | 24604030 |
|  |  | 148298200 |
| Pharmaceuticals – 0.7% | Pharmaceuticals – 0.7% | Pharmaceuticals – 0.7% |
| 82813 | Jazz Pharmaceuticals PLC\* | 10579361 |

---

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

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS SMALL/MID CAP GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.9% – (continued) | Common Stocks – 99.9% – (continued) | Common Stocks – 99.9% – (continued) |
| Machinery – 10.2% – (continued) | Machinery – 10.2% – (continued) | Machinery – 10.2% – (continued) |
| Professional Services – 1.5% | Professional Services – 1.5% | Professional Services – 1.5% |
| 273013 | Parsons Corp.\* | $21868341 |
| Semiconductors & Semiconductor Equipment – 7.4% | Semiconductors & Semiconductor Equipment – 7.4% | Semiconductors & Semiconductor Equipment – 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160887 | Astera Labs, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29313611 |
| 252603 | Credo Technology Group Holding Ltd.\* | 31084062 |
| 397294 | Lattice Semiconductor Corp.\* | 26372376 |
| 161917 | MACOM Technology Solutions Holdings, Inc.\* | 20749664 |
|  |  | 107519713 |
| Software – 12.1% | Software – 12.1% | Software – 12.1% |
| 419078 | Dynatrace, Inc.\* | 21205347 |
| 119345 | Guidewire Software, Inc.\* | 25900252 |
| 601864 | Klaviyo, Inc., Class A\* | 19524468 |
| 117951 | Manhattan Associates, Inc.\* | 25411363 |
| 70802 | Monday.com Ltd.\* | 13664786 |
| 199226 | Nutanix, Inc., Class A\* | 13389980 |
| 217725 | Rubrik, Inc., Class A\* | 19464615 |
| 428577 | SailPoint, Inc.\* | 8845829 |
| 91109 | ServiceTitan, Inc., Class A\* | 9769618 |
| 301326 | Varonis Systems, Inc.\* | 17784261 |
|  |  | 174960519 |
| Specialty Retail – 1.1% | Specialty Retail – 1.1% | Specialty Retail – 1.1% |
| 71744 | Dick's Sporting Goods, Inc. | 15267123 |
| Textiles, Apparel & Luxury Goods – 5.4% | Textiles, Apparel & Luxury Goods – 5.4% | Textiles, Apparel & Luxury Goods – 5.4% |
| 287571 | Amer Sports, Inc. (Finland)\* | 11307292 |
| 493243 | Birkenstock Holding PLC (Germany)\* | 25712758 |
| 109177 | Deckers Outdoor Corp.\* | 13060844 |
| 239100 | On Holding AG, Class A (Switzerland)\* | 10778628 |
| 79257 | Tapestry, Inc. | 8069948 |
| 313310 | Wolverine World Wide, Inc. | 10007121 |
|  |  | 78936591 |
| Trading Companies & Distributors – 2.1% | Trading Companies & Distributors – 2.1% | Trading Companies & Distributors – 2.1% |
| 76916 | Applied Industrial Technologies, Inc. | 20273519 |
| 24935 | Watsco, Inc. | 10033346 |
|  |  | 30306865 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,161,319,172)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,161,319,172)** | 1449062092 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 1734763 | 4.154% | 1734763 |
| **(Cost $1,734,763)** | **(Cost $1,734,763)** | **(Cost $1,734,763)** |
| TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $1,163,053,935) | TOTAL INVESTMENTS BEFORE SECURITIES<br>LENDING REINVESTMENT VEHICLE<br>(Cost $1,163,053,935) | 1450796855 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Dividend Rate | Value |
| Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494130 | 4.154% | $494130 |
| **(Cost $494,130)** | **(Cost $494,130)** | **(Cost $494,130)** |
| **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $1,163,548,065)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $1,163,548,065)** | $1451290985 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.0)%** | (162690) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451128295 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |

---

&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 STRATEGIC GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10512 | General Electric Co. | $2892902 |
| Automobiles – 1.8% | Automobiles – 1.8% | Automobiles – 1.8% |
| 10651 | Tesla, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3556049 |
| Banks – 1.8% | Banks – 1.8% | Banks – 1.8% |
| 32274 | Bank of America Corp. | 1637583 |
| 6559 | JPMorgan Chase & Co. | 1977014 |
|  |  | 3614597 |
| Biotechnology – 3.1% | Biotechnology – 3.1% | Biotechnology – 3.1% |
| 16345 | AbbVie, Inc. | 3438988 |
| 3562 | Alnylam Pharmaceuticals, Inc.\* | 1590469 |
| 1518 | Argenx SE ADR (Netherlands)\* | 1081119 |
|  |  | 6110576 |
| Broadline Retail – 5.6% | Broadline Retail – 5.6% | Broadline Retail – 5.6% |
| 48429 | Amazon.com, Inc.\* | 11090241 |
| Capital Markets – 0.5% | Capital Markets – 0.5% | Capital Markets – 0.5% |
| 1712 | S&P Global, Inc. | 938929 |
| Chemicals – 1.0% | Chemicals – 1.0% | Chemicals – 1.0% |
| 5531 | Sherwin-Williams Co. (The) | 2023406 |
| Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% | Commercial Services & Supplies – 0.4% |
| 4600 | Waste Connections, Inc. | 850126 |
| Construction Materials – 0.7% | Construction Materials – 0.7% | Construction Materials – 0.7% |
| 2258 | Martin Marietta Materials, Inc. | 1391831 |
| Consumer Finance – 1.0% | Consumer Finance – 1.0% | Consumer Finance – 1.0% |
| 9133 | Capital One Financial Corp. | 2075200 |
| Consumer Staples Distribution & Retail – 2.3% | Consumer Staples Distribution & Retail – 2.3% | Consumer Staples Distribution & Retail – 2.3% |
| 4848 | Costco Wholesale Corp. | 4573215 |
| Electrical Equipment – 4.0% | Electrical Equipment – 4.0% | Electrical Equipment – 4.0% |
| 5820 | AMETEK, Inc. | 1075536 |
| 5767 | Eaton Corp. PLC | 2013490 |
| 4339 | GE Vernova, Inc. | 2659677 |
| 6125 | Rockwell Automation, Inc. | 2103509 |
|  |  | 7852212 |
| Entertainment – 4.3% | Entertainment – 4.3% | Entertainment – 4.3% |
| 4322 | Netflix, Inc.\* | 5222056 |
| 3284 | Spotify Technology SA\* | 2239294 |
| 6141 | TKO Group Holdings, Inc. | 1164088 |
|  |  | 8625438 |
| Financial Services – 2.8% | Financial Services – 2.8% | Financial Services – 2.8% |
| 9379 | Mastercard, Inc., Class A | 5583225 |
| Ground Transportation – 0.4% | Ground Transportation – 0.4% | Ground Transportation – 0.4% |
| 5863 | Old Dominion Freight Line, Inc. | 885137 |
| Health Care Equipment & Supplies – 1.7% | Health Care Equipment & Supplies – 1.7% | Health Care Equipment & Supplies – 1.7% |
| 14032 | Boston Scientific Corp.\* | 1480376 |
| 3926 | Intuitive Surgical, Inc.\* | 1858156 |
|  |  | 3338532 |
| Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% |
| 12175 | Cava Group, Inc.\* | 822421 |
| 8829 | DoorDash, Inc., Class A\* | 2165312 |
|  |  | 2987733 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – 99.7% – (continued) | Common Stocks – 99.7% – (continued) | Common Stocks – 99.7% – (continued) |
| Hotels, Restaurants & Leisure – 1.5% – (continued) | Hotels, Restaurants & Leisure – 1.5% – (continued) | Hotels, Restaurants & Leisure – 1.5% – (continued) |
| Household Durables – 0.5% | Household Durables – 0.5% | Household Durables – 0.5% |
| 6778 | Lennar Corp., Class A | $902423 |
| Interactive Media & Services – 8.4% | Interactive Media & Services – 8.4% | Interactive Media & Services – 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13649 | Alphabet, Inc., Class A | 2906009 |
| 19168 | Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092943 |
| 13007 | Meta Platforms, Inc., Class A | 9608271 |
|  |  | 16607223 |
| IT Services – 2.7% | IT Services – 2.7% | IT Services – 2.7% |
| 6450 | Cloudflare, Inc., Class A\* | 1346180 |
| 16608 | Snowflake, Inc.\* | 3963665 |
|  |  | 5309845 |
| Oil, Gas & Consumable Fuels – 1.2% | Oil, Gas & Consumable Fuels – 1.2% | Oil, Gas & Consumable Fuels – 1.2% |
| 9833 | Cheniere Energy, Inc. | 2377816 |
| Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% | Pharmaceuticals – 3.0% |
| 12783 | AstraZeneca PLC ADR (United Kingdom) | 1021362 |
| 6833 | Eli Lilly & Co. | 5005719 |
|  |  | 6027081 |
| Semiconductors & Semiconductor Equipment – 19.8% | Semiconductors & Semiconductor Equipment – 19.8% | Semiconductors & Semiconductor Equipment – 19.8% |
| 28738 | Broadcom, Inc. | 8546394 |
| 2507 | KLA Corp. | 2186104 |
| 26063 | Marvell Technology, Inc. | 1638451 |
| 7488 | Micron Technology, Inc. | 891147 |
| 148863 | NVIDIA Corp. | 25928957 |
|  |  | 39191053 |
| Software – 18.7% | Software – 18.7% | Software – 18.7% |
| 6422 | AppLovin Corp., Class A\* | 3073505 |
| 5821 | Atlassian Corp., Class A\* | 1034858 |
| 13743 | Datadog, Inc., Class A\* | 1878393 |
| 21998 | Dynatrace, Inc.\* | 1113099 |
| 2238 | HubSpot, Inc.\* | 1081335 |
| 49383 | Microsoft Corp. | 25021872 |
| 8120 | Salesforce, Inc. | 2080750 |
| 17473 | Samsara, Inc., Class A\* | 631474 |
| 3905 | Zscaler, Inc.\* | 1081880 |
|  |  | 36997166 |
| Specialty Retail – 1.1% | Specialty Retail – 1.1% | Specialty Retail – 1.1% |
| 4814 | Lowe's Cos., Inc. | 1242301 |
| 6131 | Ross Stores, Inc. | 902238 |
|  |  | 2144539 |
| Technology Hardware, Storage & Peripherals – 9.9% | Technology Hardware, Storage & Peripherals – 9.9% | Technology Hardware, Storage & Peripherals – 9.9% |
| 84461 | Apple, Inc. | 19606777 |
| **TOTAL COMMON STOCKS**<br> **(Cost $73,131,457)** | **TOTAL COMMON STOCKS**<br> **(Cost $73,131,457)** | 197553272 |

---

&nbsp;&nbsp;&nbsp;&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 STRATEGIC GROWTH 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119062 | 4.154% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119062 |
| **(Cost $119,062)** | **(Cost $119,062)** |  |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $73,250,519)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $73,250,519)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197672334 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.2%** | 424217 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198096551 |

---

---

| | |
|:---|:---|
| 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) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |

---

&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 TECHNOLOGY OPPORTUNITIES 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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Broadline Retail – 6.2% | Broadline Retail – 6.2% | Broadline Retail – 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180764 | Amazon.com, Inc.\* | $41394956 |
| 5892 | MercadoLibre, Inc. (Brazil)\* | 14570386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55965342 |
| Communications Equipment – 5.2% | Communications Equipment – 5.2% | Communications Equipment – 5.2% |
| 139977 | Arista Networks, Inc.\* | 19113859 |
| 59034 | Motorola Solutions, Inc. | 27891204 |
|  |  | 47005063 |
| Entertainment – 4.5% | Entertainment – 4.5% | Entertainment – 4.5% |
| 22454 | Netflix, Inc.\* | 27130046 |
| 19971 | Spotify Technology SA\* | 13617825 |
|  |  | 40747871 |
| Financial Services – 5.5% | Financial Services – 5.5% | Financial Services – 5.5% |
| 94842 | Fidelity National Information |  |
|  | Services, Inc. | 6620920 |
| 30016 | Mastercard, Inc., Class A | 17868225 |
| 70106 | Visa, Inc., Class A | 24661889 |
|  |  | 49151034 |
| Hotels, Restaurants & Leisure – 1.6% | Hotels, Restaurants & Leisure – 1.6% | Hotels, Restaurants & Leisure – 1.6% |
| 56391 | DoorDash, Inc., Class A\* | 13829893 |
| Interactive Media & Services – 10.9% | Interactive Media & Services – 10.9% | Interactive Media & Services – 10.9% |
| 245365 | Alphabet, Inc., Class C | 52392788 |
| 62101 | Meta Platforms, Inc., Class A | 45874009 |
|  |  | 98266797 |
| IT Services – 4.8% | IT Services – 4.8% | IT Services – 4.8% |
| 116594 | Shopify, Inc., Class A (Canada)\* | 16472400 |
| 114607 | Snowflake, Inc., Class A\* | 27352106 |
|  |  | 43824506 |
| Semiconductors & Semiconductor Equipment – 29.6% | Semiconductors & Semiconductor Equipment – 29.6% | Semiconductors & Semiconductor Equipment – 29.6% |
| 122130 | Broadcom, Inc. | 36320241 |
| 27463 | KLA Corp. | 23947736 |
| 125358 | Lam Research Corp. | 12554604 |
| 238225 | Marvell Technology, Inc. | 14976014 |
| 124790 | Micron Technology, Inc. | 14851258 |
| 708703 | NVIDIA Corp. | 123441888 |
| 114893 | Taiwan Semiconductor |  |
|  | Manufacturing Co. Ltd. ADR (Taiwan) | 26525347 |
| 70494 | Texas Instruments, Inc. | 14273625 |
|  |  | 266890713 |
| Software – 24.9% | Software – 24.9% | Software – 24.9% |
| 33583 | AppLovin Corp., Class A\* | 16072488 |
| 29827 | Cadence Design Systems, Inc.\* | 10452276 |
| 115494 | Datadog, Inc., Class A\* | 15785720 |
| 326944 | Dynatrace, Inc.\* | 16543366 |
| 18264 | HubSpot, Inc.\* | 8824617 |
| 20627 | Intuit, Inc. | 13758209 |
| 176350 | Microsoft Corp. | 89354781 |
| 46378 | Oracle Corp. | 10487457 |
| 87849 | Salesforce, Inc. | 22511306 |
| 254398 | Samsara, Inc., Class A\* | 9193944 |
| 43384 | Zscaler, Inc.\* | 12019537 |
|  |  | 225003701 |

---

---

| | | |
|:---|:---|:---|
| <br>Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – 2.3% | Specialized REITs – 2.3% | Specialized REITs – 2.3% |
| 26736 | Equinix, Inc. REIT | $21019576 |
| Technology Hardware, Storage & Peripherals – 4.3% | Technology Hardware, Storage & Peripherals – 4.3% | Technology Hardware, Storage & Peripherals – 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167169 | Apple, Inc. | 38806612 |
| **TOTAL COMMON STOCKS**<br> **(Cost $465,222,422)** | **TOTAL COMMON STOCKS**<br> **(Cost $465,222,422)** | 900511108 |
| Shares | Dividend Rate | Value |
| Investment Company – 0.3%<sup>(a)</sup> | Investment Company – 0.3%<sup>(a)</sup> | Investment Company – 0.3%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754186 | 4.154% | 2754186 |
| **(Cost $2,754,186)** | **(Cost $2,754,186)** | **(Cost $2,754,186)** |
| TOTAL INVESTMENTS – 100.1%<br>(Cost $467,976,608) | TOTAL INVESTMENTS – 100.1%<br>(Cost $467,976,608) | $903265294 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | (476382) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902788912 |

---

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) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| REIT | —Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity<br>Fund** | **Large Cap Equity Fund** | **Mid Cap Growth Fund** |
| Assets: | Assets: | Assets: | Assets: |
|  Investments in unaffiliated issuers, at value (cost $301,670,051, $765,400,445 and $788,093,581, respectively) | $454187130 | $1394769224 | $1002824462 |
|  Investments in affiliated issuers, at value (cost $421,734, $606 and $15,470,536, respectively) | 421734 | 606 | 15470536 |
|  Cash | 100361 | 1694729 | 637846 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 333213 | 1195823 | 277594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 135672 | 44515 | 28761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 74455 | 68380 | 414181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 1120261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  |  | 121 |
|  Other assets | 133782 | 49556 | 32066 |
|  **Total assets** | 455386347 | 1398943094 | 1019685567 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 140071 | 856611 | 370522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 90672 | 368883 | 313885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 8951 | 146356 | 64690 |
|  Accrued expenses | 81909 | 201815 | 158208 |
|  **Total liabilities** | 321603 | 1573665 | 907305 |
| Net Assets: |  |  |  |
|  Paid-in capital | 294122650 | 669841082 | 668019801 |
|  Total distributable earnings | 160942094 | 727528347 | 350758461 |
|  **NET ASSETS** | $455064744 | $1397369429 | $1018778262 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $44576962 | $1004268631 | $232495975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3463569 | 18384317 | 9442474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 94697360 | 146209988 | 309563913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 646499 | 23318090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 23441842 | 30108314 | 115988559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 28391462 | 13576214 | 250355527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 1166112 | 10387917 | 32778019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 259327437 | 173787549 | 44835705 |
|  Total Net Assets | $455064744 | $1397369429 | $1018778262 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 2052536 | 28135165 | 17361491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 199145 | 1242476 | 425112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 3921124 | 3325530 | 13281719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 19662 | 2163458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 996802 | 814106 | 7115644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1178381 | 308948 | 10715108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 57273 | 319791 | 3045740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10753123 | 3961194 | 1917678 |
|  Net asset value, offering and redemption price per share:<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $21.72 | $35.69 | $13.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 17.39 | 14.80 | 22.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 24.15 | 43.97 | 23.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 32.88 | 10.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 23.52 | 36.98 | 16.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 24.09 | 43.94 | 23.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 20.36 | 32.48 | 10.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 24.12 | 43.87 | 23.38 |

---

<sup>(a)</sup> Maximum public offering price per share for Class A Shares of the Enhanced U.S. Equity Fund, Large Cap Equity Fund and Mid Cap Growth Fund is $22.98, $37.77 and $14.17, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

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

---

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

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small/Mid Cap Growth<br>Fund** | **Strategic Growth Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $304,599,564, $1,161,319,172 and $73,131,458, respectively)<sup>(a)</sup>  | $356512981 | $1449062092 | $197553272 |
|  Investments in affiliated issuers, at value (cost $8,876,030, $1,734,763 and $119,062, respectively) | 8876030 | 1734763 | 119062 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 3208990 | 494130 |  |
|  Cash | 65416 | 696810 | 499522 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 349591 | 262456 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 33104 | 210638 | 81973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 31812 | 7979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 19279 |  | 17850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 610066 |  |
|  Other assets | 79330 | 36212 | 30506 |
|  **Total assets** | 369176533 | 1453115146 | 198304360 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 4867870 | 744789 | 64373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 3208990 | 494130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 117084 | 470540 | 53797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 9937 | 61459 | 3736 |
|  Accrued expenses | 90797 | 215933 | 85903 |
|  **Total liabilities** | 8294678 | 1986851 | 207809 |
| Net Assets: |  |  |  |
|  Paid-in capital | 322528359 | 1076553441 | 49601546 |
|  Total distributable earnings | 38353496 | 374574854 | 148495005 |
|  **NET ASSETS** | $360881855 | $1451128295 | $198096551 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $3128757 | $214351777 | $43876604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 1252226 | 19309134 | 3699203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 177867799 | 577643727 | 49367306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 902396 | 1267703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 155057341 | 218478414 | 17915111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8591077 | 108706294 | 6169742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 6323870 | 1681605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 14984655 | 305412683 | 74119277 |
|  Total Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360881855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451128295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198096551 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 192698 | 10280851 | 3736150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 80528 | 1350928 | 226434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10737130 | 23773396 | 3282151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 46254 | 113827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 9405796 | 9572230 | 1204177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 518577 | 4466535 | 411333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 332611 | 159782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 904601 | 12545811 | 4954885 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $16.24 | $20.85 | $11.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 15.55 | 14.29 | 16.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 16.57 | 24.30 | 15.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service |  | 19.51 | 11.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 16.49 | 22.82 | 14.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 16.57 | 24.34 | 15.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R |  | 19.01 | 10.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 16.56 | 24.34 | 14.96 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $2,998,869, $480,662 and $– for Small Cap Growth Fund, Small/Mid Cap Growth Fund and Strategic Growth Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Small Cap Growth Fund, Small/Mid Cap Growth Fund and Strategic Growth Fund is $17.19, $22.06 and $12.42, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;

---

| | |
|:---|:---|
|  | **Technology<br>Opportunities Fund** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $465,222,422) | $900511108 |
|  Investments in affiliated issuers, at value (cost $2,754,186) | 2754186 |
|  Cash | 502445 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 365305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 58200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 55432 |
|  Other assets | 55741 |
|  **Total assets** | 904302417 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1049819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 324790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 18487 |
|  Accrued expenses | 120409 |
|  **Total liabilities** | 1513505 |
| Net Assets: |  |
|  Paid-in capital | 342833637 |
|  Total distributable earnings | 559955275 |
|  **NET ASSETS** | $902788912 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $462112080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 13885972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 147012515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 12124511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 26289330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 100052380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 141312124 |
|  Total Net Assets | $902788912 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 14751756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 868510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 3620998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 415803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 672132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2460559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 3475766 |
|  Net asset value, offering and redemption price per share:<sup>(a)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $31.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 15.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 40.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 29.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 39.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 40.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 40.66 |

---

<sup>(a)</sup> Maximum public offering price per share for Class A Shares of the Technology Opportunities Fund is $33.15, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

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

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Enhanced U.S.<br>Equity Fund** | **Large Cap Equity<br>Fund** | **Mid Cap Growth<br>Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,821, $6,506 and $–, respectively) | $5120616 | $15262315 | $5457366 |
|  Dividends — affiliated issuers | 146383 | 203174 | 667933 |
|  Interest |  | 18418 |  |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer |  | 137 | 117 |
|  **Total Investment Income** | 5266999 | 15484044 | 6125416 |
| Expenses: |  |  |  |
|  Management fees | 2309275 | 9256869 | 8763907 |
|  Professional fees | 260161 | 123210 | 132051 |
|  Transfer Agency fees<sup>(a)</sup>  | 214931 | 1646649 | 764835 |
|  Registration fees | 130089 | 142193 | 137127 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 115746 | 2573196 | 858206 |
|  Printing and mailing costs | 110991 | 120775 | 77591 |
|  Custody, accounting and administrative services | 51905 | 200296 | 105950 |
|  Trustee fees | 24814 | 31450 | 30675 |
|  Service fees — Class C | 7682 | 47444 | 23434 |
|  Shareholder Administration fees — Service Shares |  | 1863 | 57299 |
|  Other | 17804 | 30852 | 23707 |
|  **Total expenses** | 3243398 | 14174797 | 10974782 |
|  Less — expense reductions | (736407) | (1651309) | (1765181) |
|  **Net expenses** | 2506991 | 12523488 | 9209601 |
|  **NET INVESTMENT INCOME (LOSS)** | 2760008 | 2960556 | (3084185) |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 9774431 | 122963451 | 167432806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1499 | 5033 | 7997 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 47040002 | 74672930 | 41423658 |
|  **Net realized and unrealized gain** | 56815932 | 197641414 | 208864461 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59575940 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200601970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205780276 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees |
| Fund | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Enhanced U.S. Equity Fund | $89181 | $23045 | $– | $3520 | $53509 | $4609 | $36896 | $– | $40511 | $7759 | $1056 | $70591 |
|  Large Cap Equity Fund | 2376722 | 142330 | 1863 | 52281 | 1426040 | 28466 | 55014 | 298 | 69457 | 3925 | 15684 | 47765 |
|  Mid Cap Growth Fund | 565642 | 70301 | 57299 | 164964 | 339387 | 14060 | 116631 | 9168 | 156571 | 66592 | 49490 | 12936 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Cap Growth<br>Fund** | **Small/Mid Cap<br>Growth Fund** | **Strategic Growth<br>Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $–, $– and $935, respectively) | $1124838 | $6205948 | $972412 |
|  Dividends — affiliated issuers | 198785 | 693925 | 44535 |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 67074 | 74675 |  |
|  **Total Investment Income** | 1390697 | 6974548 | 1016947 |
| Expenses: |  |  |  |
|  Management fees | 2276855 | 13838293 | 1367511 |
|  Transfer Agency fees<sup>(a)</sup>  | 242862 | 1190023 | 140300 |
|  Registration fees | 126249 | 160859 | 131552 |
|  Professional fees | 119393 | 120991 | 121358 |
|  Printing and mailing costs | 56650 | 86844 | 61440 |
|  Custody, accounting and administrative services | 56038 | 171207 | 38762 |
|  Trustee fees | 29241 | 32093 | 29082 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 12203 | 803623 | 135138 |
|  Service fees — Class C | 2136 | 60462 | 8310 |
|  Shareholder Administration fees — Service Shares |  | 3196 | 2878 |
|  Other | 14589 | 63308 | 9274 |
|  **Total expenses** | 2936216 | 16530899 | 2045605 |
|  Less — expense reductions | (407399) | (237698) | (464085) |
|  **Net expenses** | 2528817 | 16293201 | 1581520 |
|  **NET INVESTMENT LOSS** | (1138120) | (9318653) | (564573) |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (8141597) | 126901274 | 25930684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 8 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 28760576 | (139513570) | 17587594 |
|  **Net realized and unrealized gain (loss)** | 20618979 | (12612296) | 43518286 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19480859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21930949) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42953713 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees |
| Fund | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Small Cap Growth Fund | $5794 | $6409 | $– | $– | $3476 | $1282 | $49033 | $– | $183048 | $1091 | $– | $4932 |
|  Small/Mid Cap Growth Fund | 585015 | 181386 | 3196 | 34026 | 351011 | 36277 | 258079 | 512 | 398712 | 37958 | 10208 | 97266 |
|  Strategic Growth Fund | 99947 | 24930 | 2878 | 7383 | 59969 | 4986 | 19336 | 460 | 29792 | 1767 | 2215 | 21775 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;

---

| | |
|:---|:---|
|  | **Technology<br>Opportunities Fund** |
| Investment income: |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $33,178) | $4408174 |
|  Dividends — affiliated issuers | 413651 |
|  **Total Investment Income** | 4821825 |
| Expenses: |  |
|  Management fees | 7980843 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup>  | 1205574 |
|  Transfer Agency fees<sup>(a)</sup>  | 834384 |
|  Professional fees | 120901 |
|  Registration fees | 118307 |
|  Custody, accounting and administrative services | 95158 |
|  Printing and mailing costs | 71507 |
|  Service fees — Class C | 38186 |
|  Trustee fees | 30446 |
|  Shareholder Administration fees — Service Shares | 28375 |
|  Other | 22783 |
|  **Total expenses** | 10546464 |
|  Less — expense reductions | (1810414) |
|  **Net expenses** | 8736050 |
|  **NET INVESTMENT LOSS** | (3914225) |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 145069858 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 50338482 |
|  **Net realized and unrealized gain** | 195408340 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191494115 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees | Transfer Agency Fees |
| Fund | **Class A** | **Class C** | **Service** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class P** |
|  Technology Opportunities Fund | $1062642 | $114557 | $28375 | $637589 | $22912 | $56441 | $4540 | $45038 | $27717 | $40147 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

Statements of Changes in Net Assets *August 31, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **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 | $2760008 | $1448925 | $2960556 | $5660776 |
| Net realized gain | 9775930 | 4501145 | 122968484 | 134796581 |
| Net change in unrealized gain | 47040002 | 91905623 | 74672930 | 138043748 |
| **Net increase in net assets resulting from operations** | 59575940 | 97855693 | 200601970 | 278501105 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (689684) | (131977) | (111397266) | (3930731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (71096) | (19266) | (4918022) | (100707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2153683) | (226373) | (13667589) | (715425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares |  |  | (101880) | (3118) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (748134) | (134117) | (6342017) | (329410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (556892) | (141950) | (1331534) | (596827) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (11722) | (1705) | (1322424) | (26377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (5096372) | (601291) | (15609860) | (809997) |
| **Total distributions to shareholders** | (9327583) | (1256679) | (154690592) | (6512592) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 133217066 | 123786254 | 59102972 | 90378275 |
| Proceeds received in connection with merger | 21250425 | 126358740 |  |  |
| Reinvestment of distributions | 9310592 | 1256680 | 147901145 | 6253622 |
| Cost of shares redeemed | (103164627) | (74523190) | (187324232) | (233163316) |
| **Net increase (decrease) in net assets resulting from share transactions** | 60613456 | 176878484 | 19679885 | (136531419) |
| **TOTAL INCREASE** | 110861813 | 273477498 | 65591263 | 135457094 |
| Net Assets: |  |  |  |  |
| Beginning of year | $344202931 | $70725433 | $1331778166 | $1196321072 |
| End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455064744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344202931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397369429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331778166 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

Statements of Changes in Net Assets (continued) *August 31, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **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 loss | $(3084185) | $(2921786) | $(1138120) | $(295275) |
| Net realized gain (loss) | 167440803 | 101226476 | (8141597) | 1679249 |
| Net change in unrealized gain | 41423658 | 20778106 | 28760576 | 15892564 |
| **Net increase in net assets resulting from operations** | 205780276 | 119082796 | 19480859 | 17276538 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (31621975) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (849304) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (25038293) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (3806977) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (12134205) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (18054905) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (5597392) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (3641014) |  |  |  |
| **Total distributions to shareholders** | (100744065) |  |  |  |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 182933340 | 124251965 | 293372263 | 99414421 |
| Reinvestment of distributions | 94851333 |  |  |  |
| Cost of shares redeemed | (259755250) | (236122459) | (85784884) | (23616596) |
| **Net increase (decrease) in net assets resulting from share transactions** | 18029423 | (111870494) | 207587379 | 75797825 |
| **TOTAL INCREASE** | 123065634 | 7212302 | 227068238 | 93074363 |
| Net Assets: |  |  |  |  |
| Beginning of year | $895712628 | $888500326 | $133813617 | $40739254 |
| End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018778262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895712628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360881855 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133813617 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

Statements of Changes in Net Assets (continued) *August 31, 2025*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **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 loss | $(9318653) | $(8742118) | $(564573) | $(339700) |
| Net realized gain | 126901274 | 170193030 | 25930692 | 13306173 |
| Net change in unrealized gain (loss) | (139513570) | 125748979 | 17587594 | 23769113 |
| **Net increase (decrease) in net assets resulting from operations** | (21930949) | 287199891 | 42953713 | 36735586 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (967308) |  | (3265749) | (1914375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (150950) |  | (201375) | (98698) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (2303826) |  | (3230319) | (1938741) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (5907) |  | (98126) | (59705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1034443) |  | (1455697) | (251168) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (463579) |  | (380647) | (194619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (30637) |  | (130929) | (12914) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1120968) |  | (4763573) | (2650501) |
| **Total distributions to shareholders** | (6077618) |  | (13526415) | (7120721) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 213638339 | 258804913 | 19742886 | 30801901 |
| Reinvestment of distributions | 5599277 |  | 13316185 | 6985315 |
| Cost of shares redeemed | (544170985) | (644139566) | (51682411) | (28713206) |
| **Net increase (decrease) in net assets resulting from share transactions** | (324933369) | (385334653) | (18623340) | 9074010 |
| **TOTAL INCREASE (DECREASE)** | (352941936) | (98134762) | 10803958 | 38688875 |
| Net Assets: |  |  |  |  |
| Beginning of year | $1804070231 | $1902204993 | $187292593 | $148603718 |
| End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451128295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804070231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198096551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187292593 |

---

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

---

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

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

Statements of Changes in Net Assets (continued) *August 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** |
|  | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Fiscal**<br> **Year Ended<br>August 31, 2024** |
| From operations: |  |  |
| Net investment loss | $(3914225) | $(2746451) |
| Net realized gain | 145069858 | 68135448 |
| Net change in unrealized gain | 50338482 | 115056647 |
| **Net increase in net assets resulting from operations** | 191494115 | 180445644 |
| Distributions to shareholders: |  |  |
| From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (18373555) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (1466043) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (4834784) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (531742) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (1188312) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (3080839) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4584849) |  |
| **Total distributions to shareholders** | (34060124) |  |
| From share transactions: |  |  |
| Proceeds from sales of shares | 116702005 | 128582886 |
| Reinvestment of distributions | 32709127 |  |
| Cost of shares redeemed | (188983919) | (150766504) |
| **Net decrease in net assets resulting from share transactions** | (39572787) | (22183618) |
| **TOTAL INCREASE** | 117861204 | 158262026 |
| Net Assets: |  |  |
| Beginning of year | $784927708 | $626665682 |
| End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902788912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784927708 |

---

&nbsp;&nbsp;&nbsp;&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 ENHANCED U.S. EQUITY FUND

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

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $19.69 | $15.91 | $14.09 | $16.94 | $13.78 |
|  Net investment income<sup>(a)</sup> | 0.08 | 0.08 | 0.08 | 0.06 | 0.03 |
|  Net realized and unrealized gain (loss) | 2.40 | 3.85 | 2.35 | (1.85) | 3.93 |
|  Total from investment operations | 2.48 | 3.93 | 2.43 | (1.79) | 3.96 |
|  Distributions to shareholders from net investment income | (0.07) | (0.01) | (0.08) | (0.03) | (0.06) |
|  Distributions to shareholders from net realized gains | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (0.45) | (0.15) | (0.61) | (1.06) | (0.80) |
|  Net asset value, end of year | $21.72 | $19.69 | $15.91 | $14.09 | $16.94 |
|  **Total Return<sup>(b)</sup>** | 12.69% | 24.93% | 17.92% | (11.46)% | 30.12% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7359 |
|  Ratio of net expenses to average net assets | 0.87% | 0.93% | 0.96% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 1.10% | 1.27% | 1.54% | 1.60% | 2.00% |
|  Ratio of net investment income to average net assets | 0.37% | 0.46% | 0.52% | 0.37% | 0.21% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 79% | 63% | 49% | 43% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

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

---

------

GOLDMAN SACHS ENHANCED U.S. EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $15.88 | $12.94 | $11.57 | $14.17 | $11.67 |
|  Net investment loss<sup>(a)</sup> | (0.04) | (0.04) | (0.02) | (0.05) | (0.07) |
|  Net realized and unrealized gain (loss) | 1.93 | 3.12 | 1.92 | (1.52) | 3.31 |
|  Total from investment operations | 1.89 | 3.08 | 1.90 | (1.57) | 3.24 |
|  Distributions to shareholders from net realized gains | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Net asset value, end of year | $17.39 | $15.88 | $12.94 | $11.57 | $14.17 |
|  **Total Return<sup>(b)</sup>** | 11.97% | 24.04% | 17.02% | (12.07)% | 29.19% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 |
|  Ratio of net expenses to average net assets | 1.48% | 1.68% | 1.71% | 1.71% | 1.71% |
|  Ratio of total expenses to average net assets | 1.85% | 2.00% | 2.30% | 2.35% | 2.76% |
|  Ratio of net investment loss to average net assets | (0.23)% | (0.29)% | (0.21)% | (0.39)% | (0.54)% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 79% | 63% | 49% | 43% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS ENHANCED U.S. EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity 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 | $21.84 | $17.62 | $15.53 | $18.56 | $15.01 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.16 | 0.15 | 0.13 | 0.09 |
|  Net realized and unrealized gain (loss) | 2.66 | 4.28 | 2.59 | (2.04) | 4.31 |
|  Total from investment operations | 2.82 | 4.44 | 2.74 | (1.91) | 4.40 |
|  Distributions to shareholders from net investment income | (0.13) | (0.08) | (0.12) | (0.09) | (0.11) |
|  Distributions to shareholders from net realized gains | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (0.51) | (0.22) | (0.65) | (1.12) | (0.85) |
|  Net asset value, end of year | $24.15 | $21.84 | $17.62 | $15.53 | $18.56 |
|  **Total Return<sup>(b)</sup>** | 13.00% | 25.46% | 18.30% | (11.10)% | 30.62% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514 |
|  Ratio of net expenses to average net assets | 0.56% | 0.57% | 0.59% | 0.59% | 0.59% |
|  Ratio of total expenses to average net assets | 0.72% | 0.89% | 1.18% | 1.24% | 1.46% |
|  Ratio of net investment income to average net assets | 0.70% | 0.82% | 0.91% | 0.78% | 0.54% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 79% | 63% | 49% | 43% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED U.S. EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $21.28 | $17.19 | $15.12 | $18.09 | $14.66 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.14 | 0.13 | 0.14 | 0.07 |
|  Net realized and unrealized gain (loss) | 2.60 | 4.16 | 2.52 | (2.01) | 4.19 |
|  Total from investment operations | 2.73 | 4.30 | 2.65 | (1.87) | 4.26 |
|  Distributions to shareholders from net investment income | (0.11) | (0.07) | (0.05) | (0.07) | (0.09) |
|  Distributions to shareholders from net realized gains | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (0.49) | (0.21) | (0.58) | (1.10) | (0.83) |
|  Net asset value, end of year | $23.52 | $21.28 | $17.19 | $15.12 | $18.09 |
|  **Total Return<sup>(b)</sup>** | 12.93% | 25.30% | 18.14% | (11.21)% | 30.39% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
|  Ratio of net expenses to average net assets | 0.67% | 0.68% | 0.72% | 0.71% | 0.71% |
|  Ratio of total expenses to average net assets | 0.83% | 0.98% | 1.22% | 1.42% | 1.74% |
|  Ratio of net investment income to average net assets | 0.60% | 0.71% | 0.77% | 0.91% | 0.46% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 79% | 63% | 49% | 43% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS ENHANCED U.S. EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity 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 | $21.79 | $17.58 | $15.50 | $18.52 | $14.98 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.16 | 0.15 | 0.15 | 0.10 |
|  Net realized and unrealized gain (loss) | 2.65 | 4.27 | 2.59 | (2.05) | 4.29 |
|  Total from investment operations | 2.81 | 4.43 | 2.74 | (1.90) | 4.39 |
|  Distributions to shareholders from net investment income | (0.13) | (0.08) | (0.13) | (0.09) | (0.11) |
|  Distributions to shareholders from net realized gains | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (0.51) | (0.22) | (0.66) | (1.12) | (0.85) |
|  Net asset value, end of year | $24.09 | $21.79 | $17.58 | $15.50 | $18.52 |
|  **Total Return<sup>(b)</sup>** | 12.98% | 25.46% | 18.36% | (11.12)% | 30.64% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 |
|  Ratio of net expenses to average net assets | 0.55% | 0.56% | 0.59% | 0.58% | 0.58% |
|  Ratio of total expenses to average net assets | 0.73% | 0.88% | 1.16% | 1.26% | 1.61% |
|  Ratio of net investment income to average net assets | 0.70% | 0.83% | 0.92% | 0.92% | 0.59% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 79% | 63% | 49% | 43% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED U.S. EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $18.49 | $15.00 | $13.32 | $16.08 | $13.13 |
|  Net investment income (loss)<sup>(a)</sup> | 0.03 | 0.03 | 0.03 | – <sup>(b)</sup> | (0.01) |
|  Net realized and unrealized gain (loss) | 2.25 | 3.64 | 2.23 | (1.73) | 3.74 |
|  Total from investment operations | 2.28 | 3.67 | 2.26 | (1.73) | 3.73 |
|  Distributions to shareholders from net investment income | (0.03) | (0.04) | (0.05) |  | (0.04) |
|  Distributions to shareholders from net realized gains | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (0.41) | (0.18) | (0.58) | (1.03) | (0.78) |
|  Net asset value, end of year | $20.36 | $18.49 | $15.00 | $13.32 | $16.08 |
|  **Total Return<sup>(c)</sup>** | 12.40% | 24.72% | 17.62% | (11.68)% | 29.78% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
|  Ratio of net expenses to average net assets | 1.04% | 1.18% | 1.21% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.36% | 1.49% | 1.75% | 1.89% | 2.23% |
|  Ratio of net investment income (loss) to average net assets | 0.17% | 0.20% | 0.22% | 0.01% | (0.04)% |
|  Portfolio turnover rate<sup>(d)</sup> | 73% | 79% | 63% | 49% | 43% |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 ENHANCED U.S. EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity Fund** | **Enhanced U.S. Equity 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 | $21.81 | $17.59 | $15.51 | $18.52 | $14.99 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.17 | 0.15 | 0.13 | 0.10 |
|  Net realized and unrealized gain (loss) | 2.66 | 4.27 | 2.58 | (2.02) | 4.28 |
|  Total from investment operations | 2.82 | 4.44 | 2.73 | (1.89) | 4.38 |
|  Distributions to shareholders from net investment income | (0.13) | (0.08) | (0.12) | (0.09) | (0.11) |
|  Distributions to shareholders from net realized gains | (0.38) | (0.14) | (0.53) | (1.03) | (0.74) |
|  Total distributions | (0.51) | (0.22) | (0.65) | (1.12) | (0.85) |
|  Net asset value, end of year | $24.12 | $21.81 | $17.59 | $15.51 | $18.52 |
|  **Total Return<sup>(b)</sup>** | 13.02% | 25.50% | 18.34% | (11.07)% | 30.55% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24713 |
|  Ratio of net expenses to average net assets | 0.55% | 0.56% | 0.58% | 0.58% | 0.58% |
|  Ratio of total expenses to average net assets | 0.72% | 0.88% | 1.18% | 1.22% | 1.59% |
|  Ratio of net investment income to average net assets | 0.70% | 0.84% | 0.92% | 0.75% | 0.59% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 79% | 63% | 49% | 43% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $34.59 | $28.07 | $26.18 | $34.35 | $26.94 |
|  Net investment income (loss)<sup>(a)</sup> | 0.05 | 0.11 | 0.09 | 0.04 | (0.05) |
|  Net realized and unrealized gain (loss) | 5.21 | 6.55 | 3.87 | (4.79) | 8.52 |
|  Total from investment operations | 5.26 | 6.66 | 3.96 | (4.75) | 8.47 |
|  Distributions to shareholders from net investment income | (0.12) | (0.11) | (0.08) |  | (0.06) |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.16) | (0.14) | (2.07) | (3.42) | (1.06) |
|  Net asset value, end of year | $35.69 | $34.59 | $28.07 | $26.18 | $34.35 |
|  **Total Return<sup>(b)</sup>** | 16.11% | 23.80% | 16.13% | (15.37)% | 32.38% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961786 |
|  Ratio of net expenses to average net assets | 1.00% | 1.01% | 1.04% | 1.07% | 1.11% |
|  Ratio of total expenses to average net assets | 1.14% | 1.14% | 1.17% | 1.15% | 1.17% |
|  Ratio of net investment income (loss) to average net assets | 0.15% | 0.36% | 0.35% | 0.14% | (0.17)% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $16.67 | $13.65 | $13.81 | $19.86 | $16.05 |
|  Net investment loss<sup>(a)</sup> | (0.09) | (0.06) | (0.05) | (0.10) | (0.16) |
|  Net realized and unrealized gain (loss) | 2.35 | 3.16 | 1.91 | (2.53) | 4.97 |
|  Total from investment operations | 2.26 | 3.10 | 1.86 | (2.63) | 4.81 |
|  Distributions to shareholders from net investment income | (0.09) | (0.05) | (0.03) |  |  |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.13) | (0.08) | (2.02) | (3.42) | (1.00) |
|  Net asset value, end of year | $14.80 | $16.67 | $13.65 | $13.81 | $19.86 |
|  **Total Return<sup>(b)</sup>** | 15.27% | 22.85% | 15.32% | (16.04)% | 31.41% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16518 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21144 |
|  Ratio of net expenses to average net assets | 1.75% | 1.76% | 1.79% | 1.82% | 1.86% |
|  Ratio of total expenses to average net assets | 1.89% | 1.89% | 1.92% | 1.90% | 1.92% |
|  Ratio of net investment loss to average net assets | (0.59)% | (0.39)% | (0.40)% | (0.61)% | (0.92)% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity 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 | $41.68 | $33.78 | $31.09 | $40.01 | $31.19 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.25 | 0.21 | 0.17 | 0.07 |
|  Net realized and unrealized gain (loss) | 6.35 | 7.88 | 4.64 | (5.67) | 9.90 |
|  Total from investment operations | 6.54 | 8.13 | 4.85 | (5.50) | 9.97 |
|  Distributions to shareholders from net investment income | (0.21) | (0.20) | (0.17) |  | (0.15) |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.25) | (0.23) | (2.16) | (3.42) | (1.15) |
|  Net asset value, end of year | $43.97 | $41.68 | $33.78 | $31.09 | $40.01 |
|  **Total Return<sup>(b)</sup>** | 16.49% | 24.17% | 16.54% | (15.08)% | 32.86% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118823 |
|  Ratio of net expenses to average net assets | 0.70% | 0.70% | 0.71% | 0.72% | 0.74% |
|  Ratio of total expenses to average net assets | 0.78% | 0.78% | 0.80% | 0.78% | 0.80% |
|  Ratio of net investment income to average net assets | 0.45% | 0.67% | 0.69% | 0.49% | 0.20% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $32.18 | $26.13 | $24.51 | $32.41 | $25.46 |
|  Net investment income (loss)<sup>(a)</sup> | (0.01) | 0.05 | 0.05 | (0.03) | (0.08) |
|  Net realized and unrealized gain (loss) | 4.82 | 6.09 | 3.60 | (4.45) | 8.04 |
|  Total from investment operations | 4.81 | 6.14 | 3.65 | (4.48) | 7.96 |
|  Distributions to shareholders from net investment income | (0.07) | (0.06) | (0.04) |  | (0.01) |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.11) | (0.09) | (2.03) | (3.42) | (1.01) |
|  Net asset value, end of year | $32.88 | $32.18 | $26.13 | $24.51 | $32.41 |
|  **Total Return<sup>(b)</sup>** | 15.87% | 23.57% | 15.99% | (15.50)% | 32.21% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 |
|  Ratio of net expenses to average net assets | 1.20% | 1.20% | 1.21% | 1.23% | 1.24% |
|  Ratio of total expenses to average net assets | 1.28% | 1.28% | 1.30% | 1.28% | 1.30% |
|  Ratio of net investment income (loss) to average net assets | (0.04)% | 0.17% | 0.20% | (0.11)% | (0.30)% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $35.69 | $28.96 | $26.96 | $35.18 | $27.56 |
|  Net investment income<sup>(a)</sup> | 0.15 | 0.19 | 0.16 | 0.13 | 0.02 |
|  Net realized and unrealized gain (loss) | 5.38 | 6.75 | 3.98 | (4.93) | 8.73 |
|  Total from investment operations | 5.53 | 6.94 | 4.14 | (4.80) | 8.75 |
|  Distributions to shareholders from net investment income | (0.20) | (0.18) | (0.15) |  | (0.13) |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.24) | (0.21) | (2.14) | (3.42) | (1.13) |
|  Net asset value, end of year | $36.98 | $35.69 | $28.96 | $26.96 | $35.18 |
|  **Total Return<sup>(b)</sup>** | 16.40% | 24.10% | 16.43% | (15.16)% | 32.71% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21889 |
|  Ratio of net expenses to average net assets | 0.75% | 0.76% | 0.79% | 0.81% | 0.86% |
|  Ratio of total expenses to average net assets | 0.89% | 0.89% | 0.92% | 0.90% | 0.92% |
|  Ratio of net investment income to average net assets | 0.42% | 0.61% | 0.61% | 0.44% | 0.08% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity 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 | $41.62 | $33.72 | $31.04 | $39.96 | $31.14 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.25 | 0.22 | 0.19 | 0.07 |
|  Net realized and unrealized gain (loss) | 6.34 | 7.88 | 4.62 | (5.69) | 9.90 |
|  Total from investment operations | 6.53 | 8.13 | 4.84 | (5.50) | 9.97 |
|  Distributions to shareholders from net investment income | (0.17) | (0.20) | (0.17) |  | (0.15) |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.21) | (0.23) | (2.16) | (3.42) | (1.15) |
|  Net asset value, end of year | $43.94 | $41.62 | $33.72 | $31.04 | $39.96 |
|  **Total Return<sup>(b)</sup>** | 16.47% | 24.19% | 16.55% | (15.07)% | 32.92% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707 |
|  Ratio of net expenses to average net assets | 0.69% | 0.69% | 0.70% | 0.70% | 0.73% |
|  Ratio of total expenses to average net assets | 0.77% | 0.76% | 0.79% | 0.77% | 0.78% |
|  Ratio of net investment income to average net assets | 0.47% | 0.68% | 0.70% | 0.56% | 0.21% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

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

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $31.85 | $25.86 | $24.29 | $32.19 | $25.32 |
|  Net investment income (loss)<sup>(a)</sup> | (0.03) | 0.03 | 0.02 | (0.03) | (0.12) |
|  Net realized and unrealized gain (loss) | 4.77 | 6.04 | 3.57 | (4.45) | 8.01 |
|  Total from investment operations | 4.74 | 6.07 | 3.59 | (4.48) | 7.89 |
|  Distributions to shareholders from net investment income | (0.07) | (0.05) | (0.03) |  | (0.02) |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.11) | (0.08) | (2.02) | (3.42) | (1.02) |
|  Net asset value, end of year | $32.48 | $31.85 | $25.86 | $24.29 | $32.19 |
|  **Total Return<sup>(b)</sup>** | 15.81% | 23.48% | 15.85% | (15.58)% | 32.09% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10388 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8577 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12608 |
|  Ratio of net expenses to average net assets | 1.25% | 1.26% | 1.29% | 1.32% | 1.36% |
|  Ratio of total expenses to average net assets | 1.39% | 1.39% | 1.42% | 1.40% | 1.42% |
|  Ratio of net investment income (loss) to average net assets | (0.09)% | 0.11% | 0.10% | (0.12)% | (0.42)% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS LARGE CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity Fund** | **Large Cap Equity 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 | $41.60 | $33.71 | $31.03 | $39.94 | $31.13 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.25 | 0.22 | 0.18 | 0.07 |
|  Net realized and unrealized gain (loss) | 6.34 | 7.87 | 4.62 | (5.67) | 9.89 |
|  Total from investment operations | 6.53 | 8.12 | 4.84 | (5.49) | 9.96 |
|  Distributions to shareholders from net investment income | (0.22) | (0.20) | (0.17) |  | (0.15) |
|  Distributions to shareholders from net realized gains | (4.04) | (0.03) | (1.99) | (3.42) | (1.00) |
|  Total distributions | (4.26) | (0.23) | (2.16) | (3.42) | (1.15) |
|  Net asset value, end of year | $43.87 | $41.60 | $33.71 | $31.03 | $39.94 |
|  **Total Return<sup>(b)</sup>** | 16.48% | 24.20% | 16.56% | (15.08)% | 32.90% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132700 |
|  Ratio of net expenses to average net assets | 0.69% | 0.69% | 0.70% | 0.71% | 0.73% |
|  Ratio of total expenses to average net assets | 0.77% | 0.77% | 0.79% | 0.77% | 0.79% |
|  Ratio of net investment income to average net assets | 0.46% | 0.68% | 0.70% | 0.50% | 0.21% |
|  Portfolio turnover rate<sup>(c)</sup> | 56% | 57% | 42% | 63% | 46% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. 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 MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06) | (0.05) | (0.10) | (0.15) |
|  Net realized and unrealized gain (loss) | 2.99 | 1.60 | 0.86 | (3.93) | 5.26 |
|  Total from investment operations | 2.93 | 1.54 | 0.81 | (4.03) | 5.11 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of year | $13.39 | $12.38 | $10.84 | $11.03 | $18.20 |
|  **Total Return<sup>(b)</sup>** | 24.11% | 14.21% | 7.76% | (25.93)% | 33.85% |
|  Net assets, end of year (in 000's) | $232496 | $239246 | $244602 | $262404 | $404921 |
|  Ratio of net expenses to average net assets | 1.15% | 1.15% | 1.19% | 1.24% | 1.24% |
|  Ratio of total expenses to average net assets | 1.37% | 1.37% | 1.39% | 1.37% | 1.37% |
|  Ratio of net investment loss to average net assets | (0.51)% | (0.50)% | (0.51)% | (0.73)% | (0.87)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162.72 |
|  Net investment loss<sup>(a)</sup> | (0.26) | (0.23) | (0.21) | (0.48) | (1.68) |
|  Net realized and unrealized gain (loss) | 4.76 | 2.55 | 1.37 | (9.97) | 39.12 |
|  Total from investment operations | 4.50 | 2.32 | 1.16 | (10.45) | 37.44 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (75.36) | (97.20) |
|  Net asset value, end of year | $22.21 | $19.63 | $17.31 | $17.15 | $102.96 |
|  **Total Return<sup>(b)</sup>** | 23.15% | 13.40% | 7.00% | (26.40)% | 32.89% |
|  Net assets, end of year (in 000's) | $9442 | $9664 | $10235 | $13261 | $23337 |
|  Ratio of net expenses to average net assets | 1.90% | 1.90% | 1.94% | 1.99% | 1.99% |
|  Ratio of total expenses to average net assets | 2.12% | 2.12% | 2.14% | 2.12% | 2.12% |
|  Ratio of net investment loss to average net assets | (1.26)% | (1.25)% | (1.26)% | (1.48)% | (1.62)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 |
|  Net investment loss<sup>(a)</sup> | (0.05) | (0.04) | (0.03) | (0.08) | (0.13) |
|  Net realized and unrealized gain (loss) | 4.96 | 2.63 | 1.39 | (6.09) | 7.45 |
|  Total from investment operations | 4.91 | 2.59 | 1.36 | (6.17) | 7.32 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of year | $23.31 | $20.32 | $17.73 | $17.37 | $26.68 |
|  **Total Return<sup>(b)</sup>** | 24.45% | 14.61% | 8.11% | (25.69)% | 34.27% |
|  Net assets, end of year (in 000's) | $309564 | $264134 | $275045 | $313137 | $478127 |
|  Ratio of net expenses to average net assets | 0.85% | 0.85% | 0.87% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.01% | 1.01% | 1.02% | 1.00% | 1.00% |
|  Ratio of net investment loss to average net assets | (0.21)% | (0.20)% | (0.20)% | (0.39)% | (0.53)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50 |
|  Net investment loss<sup>(a)</sup> | (0.07) | (0.07) | (0.06) | (0.10) | (0.16) |
|  Net realized and unrealized gain (loss) | 2.48 | 1.33 | 0.73 | (3.37) | 4.68 |
|  Total from investment operations | 2.41 | 1.26 | 0.67 | (3.47) | 4.52 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of year | $10.78 | $10.29 | $9.03 | $9.36 | $15.97 |
|  **Total Return<sup>(b)</sup>** | 23.93% | 13.95% | 7.64% | (26.06)% | 33.59% |
|  Net assets, end of year (in 000's) | $23318 | $22649 | $21916 | $21107 | $33114 |
|  Ratio of net expenses to average net assets | 1.35% | 1.35% | 1.37% | 1.40% | 1.40% |
|  Ratio of total expenses to average net assets | 1.51% | 1.51% | 1.52% | 1.50% | 1.50% |
|  Ratio of net investment loss to average net assets | (0.71)% | (0.70)% | (0.70)% | (0.90)% | (1.03)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.84 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.90 |
|  Net investment loss<sup>(a)</sup> | (0.04) | (0.04) | (0.03) | (0.07) | (0.12) |
|  Net realized and unrealized gain (loss) | 3.57 | 1.90 | 1.02 | (4.56) | 5.88 |
|  Total from investment operations | 3.53 | 1.86 | 0.99 | (4.63) | 5.76 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of year | $16.30 | $14.69 | $12.83 | $12.84 | $20.61 |
|  **Total Return<sup>(b)</sup>** | 24.42% | 14.50% | 8.09% | (25.79)% | 34.19% |
|  Net assets, end of year (in 000's) | $115989 | $94163 | $69632 | $70759 | $105878 |
|  Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.93% | 0.99% | 0.99% |
|  Ratio of total expenses to average net assets | 1.12% | 1.12% | 1.14% | 1.12% | 1.12% |
|  Ratio of net investment loss to average net assets | (0.26)% | (0.26)% | (0.26)% | (0.48)% | (0.62)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. 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 MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.44 |
|  Net investment loss<sup>(a)</sup> | (0.04) | (0.04) | (0.03) | (0.08) | (0.13) |
|  Net realized and unrealized gain (loss) | 4.96 | 2.64 | 1.39 | (6.10) | 7.46 |
|  Total from investment operations | 4.92 | 2.60 | 1.36 | (6.18) | 7.33 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of year | $23.36 | $20.36 | $17.76 | $17.40 | $26.72 |
|  **Total Return<sup>(b)</sup>** | 24.45% | 14.64% | 8.10% | (25.69)% | 34.27% |
|  Net assets, end of year (in 000's) | $250356 | $195528 | $192601 | $199472 | $283233 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.86% | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 1.00% | 1.00% | 1.01% | 0.99% | 0.99% |
|  Ratio of net investment loss to average net assets | (0.20)% | (0.19)% | (0.18)% | (0.38)% | (0.53)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. 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 MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.53 |
|  Net investment loss<sup>(a)</sup> | (0.08) | (0.07) | (0.07) | (0.11) | (0.17) |
|  Net realized and unrealized gain (loss) | 2.47 | 1.33 | 0.73 | (3.37) | 4.68 |
|  Total from investment operations | 2.39 | 1.26 | 0.66 | (3.48) | 4.51 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of year | $10.76 | $10.29 | $9.03 | $9.37 | $15.99 |
|  **Total Return<sup>(b)</sup>** | 23.72% | 13.95% | 7.53% | (26.10)% | 33.44% |
|  Net assets, end of year (in 000's) | $32778 | $31067 | $31403 | $33397 | $54987 |
|  Ratio of net expenses to average net assets | 1.40% | 1.40% | 1.43% | 1.49% | 1.49% |
|  Ratio of total expenses to average net assets | 1.62% | 1.62% | 1.64% | 1.62% | 1.62% |
|  Ratio of net investment loss to average net assets | (0.76)% | (0.75)% | (0.76)% | (0.98)% | (1.12)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. 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 MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth Fund** | **Mid Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.78 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.45 |
|  Net investment loss<sup>(a)</sup> | (0.04) | (0.04) | (0.03) | (0.08) | (0.13) |
|  Net realized and unrealized gain (loss) | 4.97 | 2.63 | 1.40 | (6.11) | 7.47 |
|  Total from investment operations | 4.93 | 2.59 | 1.37 | (6.19) | 7.34 |
|  Distributions to shareholders from net realized gains | (1.92) |  | (1.00) | (3.14) | (4.05) |
|  Net asset value, end of year | $23.38 | $20.37 | $17.78 | $17.41 | $26.74 |
|  **Total Return<sup>(b)</sup>** | 24.49% | 14.57% | 8.15% | (25.68)% | 34.26% |
|  Net assets, end of year (in 000's) | $44836 | $39261 | $43066 | $50932 | $90649 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.86% | 0.89% | 0.89% |
|  Ratio of total expenses to average net assets | 1.00% | 1.00% | 1.01% | 0.99% | 0.99% |
|  Ratio of net investment loss to average net assets | (0.19)% | (0.19)% | (0.19)% | (0.40)% | (0.53)% |
|  Portfolio turnover rate<sup>(c)</sup> | 79% | 63% | 43% | 50% | 57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.81 |
|  Net investment loss<sup>(a)</sup> | (0.11)<sup>(b)</sup> | (0.09)<sup>(c)</sup> | (0.10) | (0.10)<sup>(d)</sup> | (0.16)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.52 | 2.91 | 0.95 | (4.04) | 5.36 |
|  Total from investment operations | 1.41 | 2.82 | 0.85 | (4.14) | 5.20 |
|  Distributions to shareholders from net investment income |  |  |  |  | (0.02) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  | (1.59) | (1.12) |
|  Net asset value, end of year | $16.24 | $14.83 | $12.01 | $11.16 | $16.89 |
|  **Total Return<sup>(f)</sup>** | 9.51% | 23.48% | 7.62% | (26.55)% | 41.87% |
|  Net assets, end of year (in 000's) | $3129 | $1325 | $561 | $451 | $669 |
|  Ratio of net expenses to average net assets | 1.22% | 1.22% | 1.24% | 1.28% | 1.28% |
|  Ratio of total expenses to average net assets | 1.40% | 1.68% | 2.09% | 2.16% | 3.50% |
|  Ratio of net investment loss to average net assets | (0.72)% | (0.70)%<sup>(c)</sup> | (0.85)% | (0.74)%<sup>(d)</sup> | (1.01)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.69 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.74 |
|  Net investment loss<sup>(a)</sup> | (0.21)<sup>(b)</sup> | (0.19)<sup>(c)</sup> | (0.17) | (0.20)<sup>(d)</sup> | (0.27)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.45 | 2.83 | 0.91 | (3.97) | 5.32 |
|  Total from investment operations | 1.24 | 2.64 | 0.74 | (4.17) | 5.05 |
|  Distributions to shareholders from net realized gains |  |  |  | (1.59) | (1.10) |
|  Net asset value, end of year | $15.55 | $14.31 | $11.67 | $10.93 | $16.69 |
|  **Total Return<sup>(f)</sup>** | 8.67% | 22.62% | 6.77% | (27.08)% | 40.86% |
|  Net assets, end of year (in 000's) | $1252 | $551 | $112 | $72 | $119 |
|  Ratio of net expenses to average net assets | 1.97% | 1.97% | 2.00% | 2.03% | 2.03% |
|  Ratio of total expenses to average net assets | 2.15% | 2.39% | 2.84% | 2.92% | 4.09% |
|  Ratio of net investment loss to average net assets | (1.48)% | (1.45)%<sup>(c)</sup> | (1.58)% | (1.48)%<sup>(d)</sup> | (1.78)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.84 |
|  Net investment loss<sup>(a)</sup> | (0.06)<sup>(b)</sup> | (0.05)<sup>(c)</sup> | (0.06) | (0.04)<sup>(d)</sup> | (0.10)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.54 | 2.97 | 0.95 | (4.07) | 5.37 |
|  Total from investment operations | 1.48 | 2.92 | 0.89 | (4.11) | 5.27 |
|  Distributions to shareholders from net investment income |  |  |  |  | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  | (1.59) | (1.13) |
|  Net asset value, end of year | $16.57 | $15.09 | $12.17 | $11.28 | $16.98 |
|  **Total Return<sup>(f)</sup>** | 9.81% | 23.99% | 7.89% | (26.21)% | 42.36% |
|  Net assets, end of year (in 000's) | $177868 | $27220 | $22012 | $18661 | $14313 |
|  Ratio of net expenses to average net assets | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
|  Ratio of total expenses to average net assets | 1.03% | 1.42% | 1.73% | 1.75% | 2.93% |
|  Ratio of net investment loss to average net assets | (0.38)% | (0.38)%<sup>(c)</sup> | (0.49)% | (0.34)%<sup>(d)</sup> | (0.66)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 |
|  Net investment loss<sup>(a)</sup> | (0.07)<sup>(b)</sup> | (0.06)<sup>(c)</sup> | (0.08) | (0.06)<sup>(d)</sup> | (0.12)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.54 | 2.95 | 0.97 | (4.07) | 5.37 |
|  Total from investment operations | 1.47 | 2.89 | 0.89 | (4.13) | 5.25 |
|  Distributions to shareholders from net investment income |  |  |  |  | (0.02) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  | (1.59) | (1.12) |
|  Net asset value, end of year | $16.49 | $15.02 | $12.13 | $11.24 | $16.96 |
|  **Total Return<sup>(f)</sup>** | 9.79% | 23.83% | 7.92% | (26.37)% | 42.21% |
|  Net assets, end of year (in 000's) | $155057 | $85612 | $5116 | $67 | $91 |
|  Ratio of net expenses to average net assets | 0.97% | 0.97% | 0.98% | 1.03% | 1.03% |
|  Ratio of total expenses to average net assets | 1.15% | 1.29% | 1.77% | 1.90% | 3.13% |
|  Ratio of net investment loss to average net assets | (0.46)% | (0.42)%<sup>(c)</sup> | (0.63)% | (0.48)%<sup>(d)</sup> | (0.78)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.09 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.84 |
|  Net investment loss<sup>(a)</sup> | (0.06)<sup>(b)</sup> | (0.05)<sup>(c)</sup> | (0.06) | (0.05)<sup>(d)</sup> | (0.10)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.54 | 2.96 | 0.96 | (4.07) | 5.38 |
|  Total from investment operations | 1.48 | 2.91 | 0.90 | (4.12) | 5.28 |
|  Distributions to shareholders from net investment income |  |  |  |  | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  | (1.59) | (1.13) |
|  Net asset value, end of year | $16.57 | $15.09 | $12.18 | $11.28 | $16.99 |
|  **Total Return<sup>(f)</sup>** | 9.81% | 23.89% | 7.98% | (26.25)% | 42.44% |
|  Net assets, end of year (in 000's) | $8591 | $105 | $80 | $68 | $92 |
|  Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.03% | 1.40% | 1.72% | 1.77% | 3.00% |
|  Ratio of net investment loss to average net assets | (0.39)% | (0.37)%<sup>(c)</sup> | (0.49)% | (0.35)%<sup>(d)</sup> | (0.65)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS SMALL CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.84 |
|  Net investment loss<sup>(a)</sup> | (0.06)<sup>(b)</sup> | (0.05)<sup>(c)</sup> | (0.06) | (0.04)<sup>(d)</sup> | (0.10)<sup>(e)</sup> |
|  Net realized and unrealized gain (loss) | 1.54 | 2.96 | 0.96 | (4.08) | 5.37 |
|  Total from investment operations | 1.48 | 2.91 | 0.90 | (4.12) | 5.27 |
|  Distributions to shareholders from net investment income |  |  |  |  | (0.03) |
|  Distributions to shareholders from net realized gains |  |  |  | (1.59) | (1.10) |
|  Total distributions |  |  |  | (1.59) | (1.13) |
|  Net asset value, end of year | $16.56 | $15.08 | $12.17 | $11.27 | $16.98 |
|  **Total Return<sup>(f)</sup>** | 9.81% | 23.91% | 7.99% | (26.27)% | 42.38% |
|  Net assets, end of year (in 000's) | $14985 | $19001 | $12859 | $11540 | $5349 |
|  Ratio of net expenses to average net assets | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of total expenses to average net assets | 1.04% | 1.39% | 1.72% | 1.75% | 3.00% |
|  Ratio of net investment loss to average net assets | (0.39)% | (0.37)%<sup>(c)</sup> | (0.49)% | (0.35)%<sup>(d)</sup> | (0.64)%<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 73% | 69% | 87% | 81% | 101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.11% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from special dividends which amounted to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.10% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reflects income recognized from special dividends which amounts to $0.01 per share and 0.08% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.09 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.06 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 |
|  Net investment loss<sup>(a)</sup> | (0.17) | (0.14) | (0.12) | (0.17) | (0.25) |
|  Net realized and unrealized gain (loss) | 0.01 | 3.19 | 1.10 | (7.31) | 8.84 |
|  Total from investment operations | (0.16) | 3.05 | 0.98 | (7.48) | 8.59 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $20.85 | $21.09 | $18.04 | $17.06 | $28.31 |
|  **Total Return<sup>(b)</sup>** | (0.78)% | 16.91% | 5.74% | (29.64)% | 39.05% |
|  Net assets, end of year (in 000's) | $214352 | $260222 | $255118 | $276714 | $470941 |
|  Ratio of net expenses to average net assets | 1.25% | 1.24% | 1.26% | 1.22% | 1.21% |
|  Ratio of total expenses to average net assets | 1.29% | 1.28% | 1.30% | 1.27% | 1.26% |
|  Ratio of net investment loss to average net assets | (0.82)% | (0.72)% | (0.70)% | (0.79)% | (0.94)% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.57 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.59 |
|  Net investment loss<sup>(a)</sup> | (0.22) | (0.19) | (0.18) | (0.24) | (0.34) |
|  Net realized and unrealized gain (loss) |  | 2.21 | 0.77 | (5.24) | 6.82 |
|  Total from investment operations | (0.22) | 2.02 | 0.59 | (5.48) | 6.48 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $14.29 | $14.59 | $12.57 | $11.98 | $21.23 |
|  **Total Return<sup>(b)</sup>** | (1.54)% | 16.07% | 4.92% | (30.18)% | 38.00% |
|  Net assets, end of year (in 000's) | $19309 | $29348 | $59508 | $76089 | $145721 |
|  Ratio of net expenses to average net assets | 2.00% | 1.99% | 2.01% | 1.97% | 1.96% |
|  Ratio of total expenses to average net assets | 2.04% | 2.04% | 2.05% | 2.02% | 2.01% |
|  Ratio of net investment loss to average net assets | (1.57)% | (1.46)% | (1.45)% | (1.54)% | (1.69)% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.88 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.09 |
|  Net investment loss<sup>(a)</sup> | (0.12) | (0.09) | (0.07) | (0.11) | (0.18) |
|  Net realized and unrealized gain (loss) | 0.02 | 3.69 | 1.27 | (8.38) | 9.87 |
|  Total from investment operations | (0.10) | 3.60 | 1.20 | (8.49) | 9.69 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $24.30 | $24.48 | $20.88 | $19.68 | $31.94 |
|  **Total Return<sup>(b)</sup>** | (0.42)% | 17.24% | 6.10% | (29.42)% | 39.51% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303226 |
|  Ratio of net expenses to average net assets | 0.93% | 0.92% | 0.93% | 0.90% | 0.89% |
|  Ratio of net investment loss to average net assets | (0.50)% | (0.40)% | (0.37)% | (0.47)% | (0.63)% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.05 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.60 |
|  Net investment loss<sup>(a)</sup> | (0.19) | (0.16) | (0.14) | (0.27) | (0.27) |
|  Net realized and unrealized gain (loss) | 0.01 | 2.99 | 1.03 | (6.83) | 8.43 |
|  Total from investment operations | (0.18) | 2.83 | 0.89 | (7.10) | 8.16 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $19.51 | $19.77 | $16.94 | $16.05 | $26.92 |
|  **Total Return<sup>(b)</sup>** | (0.93)% | 16.71% | 5.55% | (29.78)% | 38.78% |
|  Net assets, end of year (in 000's) | $902 | $1427 | $1206 | $1267 | $22781 |
|  Ratio of net expenses to average net assets | 1.43% | 1.42% | 1.43% | 1.39% | 1.39% |
|  Ratio of total expenses to average net assets | 1.43% | 1.42% | 1.43% | 1.39% | 1.40% |
|  Ratio of net investment income (loss) to average net assets | (1.00)% | (0.90)% | (0.87)% | (1.10)% | 1.12% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.96 |
|  Net investment loss<sup>(a)</sup> | (0.13) | (0.10) | (0.09) | (0.13) | (0.19) |
|  Net realized and unrealized gain (loss) | 0.01 | 3.48 | 1.20 | (7.90) | 9.40 |
|  Total from investment operations | (0.12) | 3.38 | 1.11 | (8.03) | 9.21 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $22.82 | $23.02 | $19.64 | $18.53 | $30.33 |
|  **Total Return<sup>(b)</sup>** | (0.54)% | 17.21% | 5.99% | (29.47)% | 39.37% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218478 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815104 |
|  Ratio of net expenses to average net assets | 1.00% | 0.99% | 1.01% | 0.97% | 0.96% |
|  Ratio of total expenses to average net assets | 1.04% | 1.03% | 1.05% | 1.02% | 1.01% |
|  Ratio of net investment loss to average net assets | (0.57)% | (0.47)% | (0.45)% | (0.55)% | (0.69)% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.12 |
|  Net investment loss<sup>(a)</sup> | (0.12) | (0.09) | (0.07) | (0.10) | (0.18) |
|  Net realized and unrealized gain (loss) | 0.02 | 3.70 | 1.27 | (8.40) | 9.88 |
|  Total from investment operations | (0.10) | 3.61 | 1.20 | (8.50) | 9.70 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $24.34 | $24.52 | $20.91 | $19.71 | $31.98 |
|  **Total Return<sup>(b)</sup>** | (0.42)% | 17.26% | 6.09% | (29.41)% | 39.51% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108706 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139453 |
|  Ratio of net expenses to average net assets | 0.92% | 0.91% | 0.92% | 0.89% | 0.88% |
|  Ratio of net investment loss to average net assets | (0.49)% | (0.39)% | (0.36)% | (0.43)% | (0.61)% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.24 |
|  Net investment loss<sup>(a)</sup> | (0.20) | (0.17) | (0.15) | (0.20) | (0.29) |
|  Net realized and unrealized gain (loss) | 0.01 | 2.91 | 1.01 | (6.76) | 8.30 |
|  Total from investment operations | (0.19) | 2.74 | 0.86 | (6.96) | 8.01 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $19.01 | $19.28 | $16.54 | $15.68 | $26.41 |
|  **Total Return(b)** | (1.01)% | 16.57% | 5.48% | (29.82)% | 38.72% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14818 |
|  Ratio of net expenses to average net assets | 1.50% | 1.49% | 1.51% | 1.47% | 1.46% |
|  Ratio of total expenses to average net assets | 1.54% | 1.53% | 1.55% | 1.52% | 1.51% |
|  Ratio of net investment loss to average net assets | (1.07)% | (0.97)% | (0.95)% | (1.04)% | (1.20)% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth Fund** | **Small/Mid Cap Growth 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.12 |
|  Net investment loss<sup>(a)</sup> | (0.12) | (0.09) | (0.07) | (0.11) | (0.18) |
|  Net realized and unrealized gain (loss) | 0.01 | 3.71 | 1.27 | (8.39) | 9.88 |
|  Total from investment operations | (0.11) | 3.62 | 1.20 | (8.50) | 9.70 |
|  Distributions to shareholders from net realized gains | (0.08) |  |  | (3.74) | (3.84) |
|  Distributions to shareholders from return of capital |  |  |  | (0.03) |  |
|  Total distributions | (0.08) |  |  | (3.77) | (3.84) |
|  Net asset value, end of year | $24.34 | $24.53 | $20.91 | $19.71 | $31.98 |
|  **Total Return<sup>(b)</sup>** | (0.46)% | 17.31% | 6.09% | (29.41)% | 39.51% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601794 |
|  Ratio of net expenses to average net assets | 0.92% | 0.91% | 0.92% | 0.89% | 0.88% |
|  Ratio of net investment loss to average net assets | (0.49)% | (0.39)% | (0.36)% | (0.46)% | (0.61)% |
|  Portfolio turnover rate<sup>(c)</sup> | 105% | 69% | 62% | 65% | 60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $10.24 | $8.63 | $8.06 | $12.32 | $11.24 |
|  Net investment loss<sup>(a)</sup> | (0.05) | (0.04) | (0.03) | (0.06) | (0.07) |
|  Net realized and unrealized gain (loss) | 2.46 | 2.15 | 1.58 | (2.69) | 2.92 |
|  Total from investment operations | 2.41 | 2.11 | 1.55 | (2.75) | 2.85 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of year | $11.74 | $10.24 | $8.63 | $8.06 | $12.32 |
|  **Total Return<sup>(b)</sup>** | 24.27% | 25.54% | 22.18% | (25.42)% | 29.11% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63591 |
|  Ratio of net expenses to average net assets | 0.99% | 1.04% | 1.06% | 1.11% | 1.12% |
|  Ratio of total expenses to average net assets | 1.31% | 1.33% | 1.36% | 1.29% | 1.30% |
|  Ratio of net investment loss to average net assets | (0.46)% | (0.41)% | (0.34)% | (0.63)% | (0.60)% |
|  Portfolio turnover rate<sup>(c)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.02 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 |
|  Net investment loss<sup>(a)</sup> | (0.16) | (0.15) | (0.11) | (0.21) | (0.24) |
|  Net realized and unrealized gain (loss) | 3.39 | 2.94 | 2.15 | (3.55) | 4.62 |
|  Total from investment operations | 3.23 | 2.79 | 2.04 | (3.76) | 4.38 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (4.53) | (5.31) |
|  Net asset value, end of year | $16.34 | $14.02 | $11.73 | $10.67 | $18.96 |
|  **Total Return<sup>(b)</sup>** | 23.55% | 24.56% | 21.30% | (25.97)% | 28.22% |
|  Net assets, end of year (in 000's) | $3699 | $3201 | $2353 | $2153 | $3901 |
|  Ratio of net expenses to average net assets | 1.60% | 1.79% | 1.81% | 1.86% | 1.87% |
|  Ratio of total expenses to average net assets | 2.06% | 2.07% | 2.11% | 2.04% | 2.05% |
|  Ratio of net investment loss to average net assets | (1.07)% | (1.16)% | (1.09)% | (1.37)% | (1.34)% |
|  Portfolio turnover rate<sup>(c)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth 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 | $12.86 | $10.69 | $9.72 | $14.50 | $12.88 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.01) | – <sup>(b)</sup> | (0.03) | (0.03) |
|  Net realized and unrealized gain (loss) | 3.12 | 2.68 | 1.95 | (3.24) | 3.42 |
|  Total from investment operations | 3.09 | 2.67 | 1.95 | (3.27) | 3.39 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Total distributions | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of year | $15.04 | $12.86 | $10.69 | $9.72 | $14.50 |
|  **Total Return<sup>(c)</sup>** | 24.63% | 25.86% | 22.54% | (25.16)% | 29.65% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62894 |
|  Ratio of net expenses to average net assets | 0.75% | 0.75% | 0.76% | 0.75% | 0.75% |
|  Ratio of total expenses to average net assets | 0.95% | 0.96% | 1.00% | 0.92% | 0.93% |
|  Ratio of net investment loss to average net assets | (0.23)% | (0.13)% | (0.03)% | (0.25)% | (0.23)% |
|  Portfolio turnover rate<sup>(d)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $9.77 | $8.27 | $7.78 | $11.97 | $10.97 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06) | (0.04) | (0.07) | (0.08) |
|  Net realized and unrealized gain (loss) | 2.34 | 2.06 | 1.51 | (2.61) | 2.85 |
|  Total from investment operations | 2.28 | 2.00 | 1.47 | (2.68) | 2.77 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of year | $11.14 | $9.77 | $8.27 | $7.78 | $11.97 |
|  **Total Return<sup>(b)</sup>** | 24.10% | 25.31% | 21.93% | (25.59)% | 29.09% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 |
|  Ratio of net expenses to average net assets | 1.16% | 1.26% | 1.26% | 1.25% | 1.25% |
|  Ratio of total expenses to average net assets | 1.45% | 1.46% | 1.49% | 1.42% | 1.43% |
|  Ratio of net investment loss to average net assets | (0.63)% | (0.64)% | (0.53)% | (0.75)% | (0.72)% |
|  Portfolio turnover rate<sup>(c)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $12.74 | $10.60 | $9.65 | $14.41 | $12.83 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.02) | (0.01) | (0.04) | (0.04) |
|  Net realized and unrealized gain (loss) | 3.08 | 2.66 | 1.94 | (3.21) | 3.39 |
|  Total from investment operations | 3.05 | 2.64 | 1.93 | (3.25) | 3.35 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Total distributions | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of year | $14.88 | $12.74 | $10.60 | $9.65 | $14.41 |
|  **Total Return<sup>(b)</sup>** | 24.55% | 25.80% | 22.50% | (25.18)% | 29.42% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 |
|  Ratio of net expenses to average net assets | 0.78% | 0.78% | 0.81% | 0.86% | 0.87% |
|  Ratio of total expenses to average net assets | 1.06% | 1.07% | 1.10% | 1.04% | 1.05% |
|  Ratio of net investment loss to average net assets | (0.26)% | (0.15)% | (0.07)% | (0.34)% | (0.35)% |
|  Portfolio turnover rate<sup>(c)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth 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 | $12.83 | $10.66 | $9.70 | $14.46 | $12.86 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.01) | – <sup>(b)</sup> | (0.02) | (0.03) |
|  Net realized and unrealized gain (loss) | 3.11 | 2.68 | 1.94 | (3.23) | 3.40 |
|  Total from investment operations | 3.08 | 2.67 | 1.94 | (3.25) | 3.37 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Total distributions | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of year | $15.00 | $12.83 | $10.66 | $9.70 | $14.46 |
|  **Total Return<sup>(c)</sup>** | 24.61% | 25.94% | 22.48% | (25.09)% | 29.57% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
|  Ratio of net expenses to average net assets | 0.74% | 0.74% | 0.75% | 0.74% | 0.74% |
|  Ratio of total expenses to average net assets | 0.94% | 0.95% | 0.99% | 0.92% | 0.92% |
|  Ratio of net investment loss to average net assets | (0.21)% | (0.12)% | (0.03)% | (0.18)% | (0.22)% |
|  Portfolio turnover rate<sup>(d)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $9.28 | $7.89 | $7.47 | $11.55 | $10.67 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06) | (0.04) | (0.08) | (0.09) |
|  Net realized and unrealized gain (loss) | 2.21 | 1.95 | 1.44 | (2.49) | 2.74 |
|  Total from investment operations | 2.15 | 1.89 | 1.40 | (2.57) | 2.65 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of year | $10.52 | $9.28 | $7.89 | $7.47 | $11.55 |
|  **Total Return<sup>(b)</sup>** | 23.96% | 25.13% | 21.92% | (25.57)% | 28.74% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 |
|  Ratio of net expenses to average net assets | 1.19% | 1.29% | 1.31% | 1.36% | 1.37% |
|  Ratio of total expenses to average net assets | 1.56% | 1.58% | 1.61% | 1.54% | 1.55% |
|  Ratio of net investment loss to average net assets | (0.66)% | (0.69)% | (0.59)% | (0.85)% | (0.85)% |
|  Portfolio turnover rate<sup>(c)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS STRATEGIC GROWTH FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth Fund** | **Strategic Growth 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 | $12.79 | $10.64 | $9.68 | $14.44 | $12.84 |
|  Net investment loss<sup>(a)</sup> | (0.03) | (0.01) | – <sup>(b)</sup> | (0.03) | (0.03) |
|  Net realized and unrealized gain (loss) | 3.11 | 2.66 | 1.94 | (3.22) | 3.40 |
|  Total from investment operations | 3.08 | 2.65 | 1.94 | (3.25) | 3.37 |
|  Distributions to shareholders from net realized gains | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Total distributions | (0.91) | (0.50) | (0.98) | (1.51) | (1.77) |
|  Net asset value, end of year | $14.96 | $12.79 | $10.64 | $9.68 | $14.44 |
|  **Total Return<sup>(c)</sup>** | 24.69% | 25.79% | 22.53% | (25.12)% | 29.61% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90823 |
|  Ratio of net expenses to average net assets | 0.74% | 0.74% | 0.75% | 0.74% | 0.74% |
|  Ratio of total expenses to average net assets | 0.94% | 0.95% | 0.99% | 0.91% | 0.92% |
|  Ratio of net investment loss to average net assets | (0.21)% | (0.12)% | (0.02)% | (0.24)% | (0.22)% |
|  Portfolio turnover rate<sup>(d)</sup> | 38% | 39% | 33% | 24% | 31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $26.17 | $20.21 | $20.84 | $35.07 | $29.76 |
|  Net investment loss<sup>(a)</sup> | (0.16) | (0.11) | (0.09) | (0.18) | (0.22) |
|  Net realized and unrealized gain (loss) | 6.55 | 6.07 | 3.45 | (8.75) | 8.18 |
|  Total from investment operations | 6.39 | 5.96 | 3.36 | (8.93) | 7.96 |
|  Distributions to shareholders from net realized gains | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of year | $31.33 | $26.17 | $20.21 | $20.84 | $35.07 |
|  **Total Return<sup>(b)</sup>** | 24.81% | 29.49% | 22.04% | (29.60)% | 29.05% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324628 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503553 |
|  Ratio of net expenses to average net assets | 1.13% | 1.16% | 1.22% | 1.25% | 1.26% |
|  Ratio of total expenses to average net assets | 1.39% | 1.39% | 1.42% | 1.41% | 1.41% |
|  Ratio of net investment loss to average net assets | (0.56)% | (0.49)% | (0.50)% | (0.67)% | (0.72)% |
|  Portfolio turnover rate<sup>(c)</sup> | 60% | 37% | 36% | 51% | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $13.96 | $10.86 | $13.26 | $24.46 | $21.68 |
|  Net investment loss<sup>(a)</sup> | (0.17) | (0.15) | (0.12) | (0.25) | (0.31) |
|  Net realized and unrealized gain (loss) | 3.43 | 3.25 | 1.71 | (5.65) | 5.74 |
|  Total from investment operations | 3.26 | 3.10 | 1.59 | (5.90) | 5.43 |
|  Distributions to shareholders from net realized gains | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of year | $15.99 | $13.96 | $10.86 | $13.26 | $24.46 |
|  **Total Return<sup>(b)</sup>** | 24.05% | 28.55% | 21.09% | (30.13)% | 28.13% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16950 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27866 |
|  Ratio of net expenses to average net assets | 1.77% | 1.91% | 1.97% | 2.00% | 2.01% |
|  Ratio of total expenses to average net assets | 2.14% | 2.14% | 2.17% | 2.16% | 2.16% |
|  Ratio of net investment loss to average net assets | (1.20)% | (1.24)% | (1.25)% | (1.43)% | (1.47)% |
|  Portfolio turnover rate<sup>(c)</sup> | 60% | 37% | 36% | 51% | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities 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 | $33.53 | $25.82 | $25.38 | $41.40 | $34.57 |
|  Net investment loss<sup>(a)</sup> | (0.12) | (0.06) | (0.05) | (0.13) | (0.16) |
|  Net realized and unrealized gain (loss) | 8.42 | 7.77 | 4.48 | (10.59) | 9.64 |
|  Total from investment operations | 8.30 | 7.71 | 4.43 | (10.72) | 9.48 |
|  Distributions to shareholders from net realized gains | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of year | $40.60 | $33.53 | $25.82 | $25.38 | $41.40 |
|  **Total Return<sup>(b)</sup>** | 25.07% | 29.86% | 22.37% | (29.38)% | 29.42% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190705 |
|  Ratio of net expenses to average net assets | 0.89% | 0.88% | 0.93% | 0.97% | 0.98% |
|  Ratio of total expenses to average net assets | 1.03% | 1.03% | 1.06% | 1.04% | 1.04% |
|  Ratio of net investment loss to average net assets | (0.32)% | (0.21)% | (0.22)% | (0.40)% | (0.44)% |
|  Portfolio turnover rate<sup>(c)</sup> | 60% | 37% | 36% | 51% | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $24.48 | $18.94 | $19.84 | $33.72 | $28.77 |
|  Net investment loss<sup>(a)</sup> | (0.19) | (0.16) | (0.12) | (0.25) | (0.27) |
|  Net realized and unrealized gain (loss) | 6.10 | 5.70 | 3.21 | (8.33) | 7.87 |
|  Total from investment operations | 5.91 | 5.54 | 3.09 | (8.58) | 7.60 |
|  Distributions to shareholders from net realized gains | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of year | $29.16 | $24.48 | $18.94 | $19.84 | $33.72 |
|  **Total Return<sup>(b)</sup>** | 24.56% | 29.25% | 21.76% | (29.76)% | 28.78% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11040 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38670 |
|  Ratio of net expenses to average net assets | 1.30% | 1.38% | 1.43% | 1.47% | 1.48% |
|  Ratio of total expenses to average net assets | 1.53% | 1.53% | 1.56% | 1.54% | 1.54% |
|  Ratio of net investment loss to average net assets | (0.73)% | (0.71)% | (0.71)% | (0.93)% | (0.94)% |
|  Portfolio turnover rate<sup>(c)</sup> | 60% | 37% | 36% | 51% | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $32.35 | $24.91 | $24.65 | $40.39 | $33.79 |
|  Net investment loss<sup>(a)</sup> | (0.12) | (0.07) | (0.05) | (0.13) | (0.16) |
|  Net realized and unrealized gain (loss) | 8.11 | 7.51 | 4.30 | (10.31) | 9.41 |
|  Total from investment operations | 7.99 | 7.44 | 4.25 | (10.44) | 9.25 |
|  Distributions to shareholders from net realized gains | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of year | $39.11 | $32.35 | $24.91 | $24.65 | $40.39 |
|  **Total Return<sup>(b)</sup>** | 25.02% | 29.87% | 22.29% | (29.42)% | 29.42% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41403 |
|  Ratio of net expenses to average net assets | 0.92% | 0.91% | 0.97% | 1.00% | 1.01% |
|  Ratio of total expenses to average net assets | 1.14% | 1.14% | 1.17% | 1.16% | 1.16% |
|  Ratio of net investment loss to average net assets | (0.35)% | (0.23)% | (0.25)% | (0.42)% | (0.47)% |
|  Portfolio turnover rate<sup>(c)</sup> | 60% | 37% | 36% | 51% | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities 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 | $33.57 | $25.85 | $25.40 | $41.43 | $34.59 |
|  Net investment loss<sup>(a)</sup> | (0.11) | (0.06) | (0.05) | (0.06) | (0.15) |
|  Net realized and unrealized gain (loss) | 8.43 | 7.78 | 4.49 | (10.67) | 9.64 |
|  Total from investment operations | 8.32 | 7.72 | 4.44 | (10.73) | 9.49 |
|  Distributions to shareholders from net realized gains | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of year | $40.66 | $33.57 | $25.85 | $25.40 | $41.43 |
|  **Total Return<sup>(b)</sup>** | 25.10% | 29.86% | 22.38% | (29.38)% | 29.44% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84793 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 |
|  Ratio of net expenses to average net assets | 0.88% | 0.87% | 0.92% | 0.94% | 0.97% |
|  Ratio of total expenses to average net assets | 1.02% | 1.02% | 1.05% | 1.04% | 1.03% |
|  Ratio of net investment loss to average net assets | (0.31)% | (0.20)% | (0.20)% | (0.23)% | (0.43)% |
|  Portfolio turnover rate<sup>(c)</sup> | 60% | 37% | 36% | 51% | 41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities Fund** | **Technology Opportunities 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 | $33.57 | $25.84 | $25.40 | $41.43 | $34.59 |
|  Net investment loss<sup>(a)</sup> | (0.11) | (0.06) | (0.05) | (0.12) | (0.15) |
|  Net realized and unrealized gain (loss) | 8.43 | 7.79 | 4.48 | (10.61) | 9.64 |
|  Total from investment operations | 8.32 | 7.73 | 4.43 | (10.73) | 9.49 |
|  Distributions to shareholders from net realized gains | (1.23) |  | (3.99) | (5.30) | (2.65) |
|  Net asset value, end of year | $40.66 | $33.57 | $25.84 | $25.40 | $41.43 |
|  **Total Return<sup>(b)</sup>** | 25.10% | 29.91% | 22.35% | (29.38)% | 29.44% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145094 |
|  Ratio of net expenses to average net assets | 0.88% | 0.87% | 0.92% | 0.95% | 0.97% |
|  Ratio of total expenses to average net assets | 1.02% | 1.02% | 1.05% | 1.03% | 1.03% |
|  Ratio of net investment loss to average net assets | (0.31)% | (0.20)% | (0.20)% | (0.38)% | (0.43)% |
|  Portfolio turnover rate<sup>(c)</sup> | 60% | 37% | 36% | 51% | 41% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. 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;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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 Enhanced U.S. Equity Fund | A, C, Institutional, Investor, R6, R and P | Diversified |
| Goldman Sachs Large Cap Equity Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Mid Cap Growth Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Growth Fund | A, C, Institutional, Investor, R6 and P | Diversified |
| Goldman Sachs Small/Mid Cap Growth Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Strategic Growth Fund | A, C, Institutional, Service, Investor, R6, R and P | Non-diversified |
| Goldman Sachs Technology Opportunities Fund | A, C, Institutional, Service, Investor, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' and underlying funds' ("Underlying Funds") valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures ("ASU 2023-07"). 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' prospectuses. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**81**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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)

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds (Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Underlying Funds (Including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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)

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:

---

| | | | |
|:---|:---|:---|:---|
| Enhanced U.S. Equity Fund |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $2534722 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 8185544 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 443298506 |  |  |
|  Exchange-Traded Fund | 168358 |  |  |
|  Investment Company | 421734 |  |  |
|  **Total** | $454608864 | $— | $— |
| Large Cap Equity Fund |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $6486524 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 19332799 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1368949901 |  |  |
|  Investment Company | 606 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394769830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mid Cap Growth Fund |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $17690601 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 985133861 |  |  |
|  Investment Company | 15470536 |  |  |
|  **Total** | $1018294998 | $— | $— |
| Small Cap Growth 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 | $5750925 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 350756184 |  | 5872 |
|  Investment Company | 8876030 |  |  |
|  Securities Lending Reinvestment Vehicle | 3208990 |  |  |
|  **Total** | $368592129 | $— | $5872 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**83**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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)

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| | | | |
|:---|:---|:---|:---|
| Small/Mid Cap Growth 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 | $18994181 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 57287990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1372779921 |  |  |
|  Investment Company | 1734763 |  |  |
|  Securities Lending Reinvestment Vehicle | 494130 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451290985 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Strategic Growth Fund |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $2102481 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 195450791 |  |  |
|  Investment Company | 119062 |  |  |
|  **Total** | $197672334 | $— | $— |
| Technology Opportunities 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 | $26525347 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 859415375 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 14570386 |  |  |
|  Investment Company | 2754186 |  |  |
|  **Total** | $903265294 | $— | $— |

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<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification. 

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended August 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | | **Effective Net<br>Management<br>Rate^** |
| Fund | **First**<br> **$1 billion** | **Next**<br> **$1 billion** | **Next**<br> **$3 billion** | **Next**<br> **$3 billion** | **Over**<br> **$8 billion** | Effective<br>Rate | **Effective Net<br>Management<br>Rate^** |
|  Enhanced U.S. Equity Fund | 0.55% | 0.50% | 0.47% | 0.46% | 0.45% | 0.55% | 0.52%\* |
|  Large Cap Equity Fund | 0.71 | 0.64 | 0.61 | 0.61 | 0.61 | 0.69 | 0.66 \* |
|  Mid Cap Growth Fund | 0.92 | 0.92 | 0.83 | 0.79 | 0.77 | 0.92 | 0.81 \* |
|  Small Cap Growth Fund | 0.85 | 0.85 | 0.77 | 0.73 | 0.71 | 0.85 | 0.85 |
|  Small/Mid Cap Growth Fund | 0.85 | 0.85 | 0.77 | 0.73 | 0.71 | 0.85 | 0.85 |
|  Strategic Growth Fund | 0.71 | 0.64 | 0.61 | 0.59 | 0.58 | 0.71 | 0.71 |
|  Technology Opportunities Fund | 0.94 | 0.85 | 0.80 | 0.79 | 0.77 | 0.94 | 0.85 \* |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\* The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.52% as an annual percentage of the Enhanced U.S. Equity Fund, 0.66% as an annual percentage of the Large Cap Equity Fund, 0.81% as an annual percentage rate of the Mid Cap Growth Fund and 0.85% as an annual percentage rate of the Technology Opportunities Fund's average daily net assets. This arrangement will remain in effect through at least December 29, 2025. 

The Funds invest in Institutional Shares of the Underlying Money Market Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Underlying Money Market Fund. For the fiscal year ended August 31, 2025 the management fee waived by GSAM for each Fund was as follows:

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| | |
|:---|:---|
| Fund | Management<br>Fee Waived |
|  Enhanced U.S. Equity Fund | $5603 |
|  Large Cap Equity Fund | 7482 |
|  Mid Cap Growth Fund | 24526 |
|  Small Cap Growth Fund | 6924 |
|  Small/Mid Cap Growth Fund | 25375 |
|  Strategic Growth Fund | 1642 |
|  Technology Opportunities Fund | 15072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution and/or Service Plan Rates  | Distribution and/or Service Plan Rates  | Distribution and/or Service Plan Rates  | Distribution and/or Service Plan Rates  |
|  | Class A\* | Class C | Service | Class R\* |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

Effective on July 1, 2025, all Distribution and/or Service (Rule 12b-1) Plan fees on all applicable share classes of Enhanced U.S. Equity, Strategic Growth and Technology Opportunities Funds were waived.

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended August 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | Front End<br>Sales Charge  | Contingent Deferred<br>Sales Charge  |
| Fund | Class A | Class C |
|  Enhanced U.S. Equity Fund | $29000 | $— |
|  Large Cap Equity Fund | 19945 | 444 |
|  Mid Cap Growth Fund | 4763 | 771 |
|  Small Cap Growth Fund | 1370 |  |
|  Small/Mid Cap Growth Fund | 18679 |  |
|  Strategic Growth Fund | 2278 |  |
|  Technology Opportunities Fund | 7977 | 459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

Effective on July 1, 2025, all Service and/or Shareholder Administration Plan fees on all applicable share classes of Enhanced U.S. Equity, Strategic Growth and Technology Opportunities Funds were waived.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

For the fiscal year ended August 31, 2025 the transfer agency fee waivers were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity**<br> **Fund** | Large Cap Equity Fund | Mid Cap Growth Fund | **Small/Mid Cap Growth**<br> **Fund** | Strategic Growth Fund |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) \* | –% | 0.06% | 0.06% | 0.04% | 0.08% |

---

\* These arrangements will remain in effect through at least December 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees.

---

| | | |
|:---|:---|:---|
|  | Small Cap Growth<br>Fund | Technology <br>Opportunities Fund |
|  Transfer Agency Waivers (Class A, Class C and Investor Shares) <sup>\*</sup> | 0.05% | 0.08% |

---

\* These arrangements will remain in effect through at least December 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the board of trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Enhanced U.S. Equity, Large Cap Equity, Mid Cap Growth, Small Cap Growth, Small/ Mid Cap Growth, Strategic Growth and Technology Opportunities Funds are 0.004%, 0.004%, 0.004%, 0.024%, 0.044%, 0.004% and 0.004% 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 | Transfer Agency<br>Waiver/Credits | Distribution and<br>Service Fee Waiver | Other Expense<br>Reimbursements | **Total Expense** <br> **Reductions**  |
|  Enhanced U.S. Equity Fund | $131561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736407 |
|  Large Cap Equity Fund | 440168 | 615844 |  | 595297 | 1651309 |
|  Mid Cap Growth Fund | 1072384 | 223797 |  | 469000 | 1765181 |
|  Small Cap Growth Fund | 6924 | 62604 |  | 337871 | 407399 |
|  Small/Mid Cap Growth Fund | 25375 | 212323 |  |  | 237698 |
|  Strategic Growth Fund | 1642 | 51713 | 26958 | 383772 | 464085 |
|  Technology Opportunities Fund | 779211 | 376289 | 229772 | 425142 | 1810414 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. 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. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2025, the Funds did not have any borrowings under the facility.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended August 31, 2025, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:

---

| | | |
|:---|:---|:---|
|  | Goldman Sachs Large Cap<br>Equity Fund | Goldman Sachs Mid Cap<br>Growth Fund |
|  Brokerage commissions paid | $544 | $35029 |

---

---

| | | |
|:---|:---|:---|
|  | Goldman Sachs Small/Mid<br>Cap Growth Fund | Goldman Sachs<br>Technology Opportunities<br>Fund |
|  Brokerage commissions paid | $11597 | $3465 |

---

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund —Institutional Shares for the fiscal year ended August 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Enhanced U.S. Equity Fund | Enhanced U.S. Equity Fund |  |  |  |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2024 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend Income |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $2148994 | $113622276 | $(115349536) | $421734 | 421734 | $146383 |
| Large Cap Equity Fund | Large Cap Equity Fund |  |  |  |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2024 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend Income |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 11242350 | 75098223 | (86339967) | 606 | 606 | 203174 |
| Mid Cap Growth Fund | Mid Cap Growth Fund |  |  |  |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2024 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend Income |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18331907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245076893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247938264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15470536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15470536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667933 |
| Small Cap Growth Fund | Small Cap Growth Fund |  |  |  |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2024 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend Income |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 1877227 | 163399764 | (156400961) | 8876030 | 8876030 | 198785 |
| Small/Mid Cap Growth Fund | Small/Mid Cap Growth Fund |  |  |  |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2024 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend Income |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 15677804 | 554201128 | (568144169) | 1734763 | 1734763 | 693925 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Strategic Growth Fund | Strategic Growth Fund |  |  |  |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2024 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend Income |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $723465 | $33251336 | $(33855739) | $119062 | 119062 | $44535 |
| Technology Opportunities Fund | Technology Opportunities Fund |  |  |  |  |  |
| Underlying Fund | Beginning value<br>as of August 31,<br>2024 | Purchases at Cost | Proceeds from Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend Income |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187926227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191136948) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413651 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
|  Enhanced U.S. Equity Fund | $359831113 | $303143784 |
|  Large Cap Equity Fund | 736060773 | 839006865 |
|  Mid Cap Growth Fund | 737141801 | 822819487 |
|  Small Cap Growth Fund | 392976102 | 188505331 |
|  Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694573050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014417361 |
|  Strategic Growth Fund | 73329816 | 105169557 |
|  Technology Opportunities Fund | 506797675 | 580715192 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. SECURITIES LENDING

The Funds 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 Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;6. SECURITIES LENDING (continued)

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (the "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 Statements of Assets and Liabilities, where applicable.

Each of 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 Statements of Operations.

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | **Beginning value as**<br> **of August 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as** <br> **of August 31, 2025**  |
|  Large Cap Equity Fund | $— | $1077533 | $(1077533) | $— |
|  Mid Cap Growth Fund |  | 6991570 | (6991570) |  |
|  Small Cap Growth Fund | 2073871 | 61720007 | (60584888) | 3208990 |
|  Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188945633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191241281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity**<br> **Fund** | **Large Cap Equity**<br> **Fund** | **Mid Cap Growth**<br> **Fund** | **Small Cap Growth**<br> **Fund** | Small/Mid Cap<br>Growth Fund |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $5358660 | $43204880 | $1458918 | $— | $— |
|  Long-term capital gains | 3968923 | 111485713 | 99285147 |  | 6077618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9327583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154690593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100744065 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077618 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | **Strategic Growth**<br> **Fund** | **Technology**<br> **Opportunities Fund** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $2091206 | $— |
|  Long-term capital gains | 11435209 | 34060124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13526415 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34060124 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced U.S. Equity**<br> **Fund** | **Large Cap Equity**<br> **Fund** | **Mid Cap Growth**<br> **Fund** | **Small Cap Growth**<br> **Fund** | **Small/Mid Cap**<br> **Growth Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $653252 | $5255920 | $— | $— | $— |
|  Long-term capital gains | 603427 | 1256672 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6512592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | **Strategic Growth**<br> **Fund** | **Technology**<br> **Opportunities Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income |  |  |  | $— | $— |
|  Long-term capital gains |  |  |  | 7120721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions |  |  |  | $7120721 | $— |

---

As of the funds most current year end, August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Enhanced U.S.<br>Equity Fund | Large Cap Equity<br>Fund | Mid Cap Growth<br>Fund | Small Cap Growth<br>Fund | Small/Mid Cap<br>Growth Fund\* |
|  Undistributed ordinary income — net | $3298843 | $14510044 | $35599071 | $— | $— |
|  Undistributed long-term capital gains | 6172542 | 90404453 | 104304787 |  | 178590376 |
|  Total undistributed earnings | $9471385 | $104914497 | $139903858 | $— | $178590376 |
|  Capital loss carryforwards: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term |  |  |  | (2459914) |  |
|  Timing differences — (Qualified late Year Loss<br>Deferral and Post October Losses) |  |  | (2048916) | (8062173) | (81464888) |
|  Unrealized gains (losses) — net | 151470709 | 622613850 | 212903519 | 48875583 | 277449366 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160942094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727528347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350758461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38353496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374574854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;7. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | Strategic Growth<br>Fund | Technology<br>Opportunities<br>Fund |
|  Undistributed ordinary income — net | $4694924 | $19316742 |
|  Undistributed long-term capital gains | 19995023 | 109751676 |
|  Total undistributed earnings | $24689947 | $129068418 |
|  Timing differences — (Qualified Late Year Loss Deferral and Post October Losses) |  |  |
|  | (305267) |  |
|  Unrealized gains (losses) — net | 124110325 | 430886857 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148495005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559955275 |

---

\* The Small/Mid Cap Growth Fund utilized $22,925,277 of capital losses in the current fiscal year. 

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Enhanced U.S. Equity<br>Fund | Large Cap Equity Fund | Mid Cap Growth Fund | Small Cap Growth Fund |
|  Tax Cost | $303138155 | $772155980 | $805391479 | $319722418 |
|  Gross unrealized gain | 158504466 | 638767109 | 229393265 | 64598331 |
|  Gross unrealized loss | (7033757) | (16153259) | (16489746) | (15722748) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151470709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622613850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212903519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48875583 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Small/Mid Cap Growth<br>Fund | Strategic Growth Fund | Technology <br>Opportunities Fund |
|  Tax Cost | $1173841619 | $73562008 | $472378437 |
|  Gross unrealized gain | 317583849 | 125399530 | 432386036 |
|  Gross unrealized loss | (40134483) | (1289205) | (1499179) |
|  Net unrealized gain (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277449366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124110325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430886857 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments and underlying fund investments.

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 net operating losses and wash sale merger adjustments.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | **Paid in**<br> **Capital** | **Total**<br> **Distributable**<br> **Earnings** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Enhanced U.S. Equity Fund | $82120 | $(82120) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Small Cap Growth Fund | (349497) | 349497 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Small/Mid Cap Growth 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;(9521083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;8. OTHER RISKS (continued)

inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER MATTERS

Effective after the close of business on April 25, 2025, the Goldman Sachs Enhanced Core Equity Fund's name changed to the "Goldman Sachs Enhanced U.S. Equity Fund". Effective on April 30, 2025, the Goldman Sachs Large Cap Core Fund's name changed to "Goldman Sachs Large Cap Equity Fund".

Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a "Reorganization Agreement") between the Goldman Sachs U.S. Equity ESG Fund (the "Acquired Fund"), and the Goldman Sachs Enhanced U.S. Equity Fund (the "Survivor Fund"), as of the close of business on April 25, 2025, all of the assets and liabilities of each share class of the Acquired Fund were transferred to the Survivor Fund in exchange for shares of the Survivor Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the "Reorganization") as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquired Fund/Survivor Fund** | **Exchanged Shares<br>of Survivor Fund<br>Issued** | **Value of<br>Exchanged Shares** | **Acquired<br>Fund's Shares<br>Outstanding as of<br>April 25, 2025** |
| Goldman Sachs U.S. Equity ESG Fund, Class A/Goldman Sachs Enhanced U.S. Equity Fund, Class A | 458142 | $8622235 | 467570 |
| Goldman Sachs U.S. Equity ESG Fund, Class A/Goldman Sachs Enhanced U.S. Equity Fund, Class C | 41792 | 630648 | 37373 |
| Goldman Sachs U.S. Equity ESG Fund, Class A/Goldman Sachs Enhanced U.S. Equity Fund, Institutional Class | 83418 | 1744277 | 93200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;10. OTHER MATTERS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  Goldman Sachs U.S. Equity ESG Fund, Class A/Goldman Sachs Enhanced U.S. Equity Fund, Investor Class | 30945 | 630357 | 33620 |
|  Goldman Sachs U.S. Equity ESG Fund, Class A/Goldman Sachs Enhanced U.S. Equity Fund, Class R6 | 71495 | 1491326 | 79637 |
|  Goldman Sachs U.S. Equity ESG Fund, Class A/Goldman Sachs Enhanced U.S. Equity Fund, Class R | 23084 | 407429 | 21927 |
|  Goldman Sachs U.S. Equity ESG Fund, Class A/Goldman Sachs Enhanced U.S. Equity Fund, Class P | 620738 | 12961004 | 692539 |

---

The following chart shows Survivor Fund's and Acquired Fund's aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund's unrealized depreciation:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Acquired Fund/Survivor Fund | Survivor Fund's Aggregate<br>Net Assets before<br>acquisition | Acquired Fund's<br>Aggregate Net Assets<br>before acquisition | **Survivor Fund's<br>Aggregate Net Assets<br>immediately after**<br> **acquisition** | **Acquired Fund's<br>Unrealized<br>Appreciation**<br> (Depreciation)<sup>(1)</sup> | Acquired Fund's <br>Capital Loss <br>Carryforward<sup>(2)</sup> |
| Goldman Sachs U.S. Equity ESG Fund, Class A/ Goldman Sachs Enhanced U.S. Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391726978 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26487331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418214309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221627) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Survivor Fund has elected to carry forward the assets of the Acquired Fund at the Acquired Fund's historical cost basis for purposes of measuring unrealized depreciation and future realized gain or loss of those acquired assets.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Due to Fund reorganization, utilization of acquired losses may be substantially limited under the Code.

Pro-Forma Financial Information (Unaudited)

Assuming the acquisition had been completed on September 1, 2024, the Survivor Fund's pro-forma results of operations for the fiscal year ended August 31, 2025 are as follows:

---

| | |
|:---|:---|
|  Net investment income | $2753976<sup>(a)</sup> |
|  Net realized and unrealized gain on investments | $48417876)<sup>(b)</sup> |
|  **Net increase in net assets from operations** | $**51171852** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) $2,850,889 net investment income as reported at August 31, 2025, minus $96,913 from Acquired Fund pre-merger net investment income.

&nbsp;&nbsp;&nbsp;&nbsp;(b) $9,716,912 realized gain as reported at August 31, 2025, plus $47,008,139 pro-forma August 31, 2025 unrealized appreciation, minus $3,070,269 net realized gain as reported at April 25, 2025, minus $5,236,906 in net unrealized gain from Acquired Fund pre-merger.

Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Survivor Fund's Statement of Operations since April 25, 2025.

Reorganization — At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganizations (each, an "Reorganization") of Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Strategic Growth Fund and Goldman Sachs Technology Opportunities Fund (each, an "Acquired Fund") with and into Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF and Goldman Sachs Technology Opportunities ETF, respectively, each a newly-created shell series of Goldman Sachs ETF Trust (each, an "Acquiring Fund"). Accordingly, effective on or about

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;10. OTHER MATTERS (continued)

November 14, 2025 (with respect to Goldman Sachs Enhanced U.S. Equity Fund and Goldman Sachs Strategic Growth Fund) and December 5, 2025 (with respect to Goldman Sachs Technology Opportunities Fund), shareholders of an Acquired Fund will become shareholders of the corresponding Acquiring Fund; except that (i) Acquired Fund shareholders who do not hold Acquired Fund shares through a brokerage account that can accept Acquiring Fund shares will receive a distribution of cash equal to the net asset value ("NAV") of their Acquired Fund shares; and (ii) Acquired Fund shareholders whose Acquired Fund shares are held through a fund direct individual retirement account will have their shares exchanged for the equivalent share class of Goldman Sachs Financial Square Government Fund equal in value to the NAV of such Acquired Fund shares. Each Reorganization is intended to be a tax-free reorganization for federal income tax purposes.

&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;

96.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Enhanced U.S. Equity Fund  | Enhanced U.S. Equity Fund  | Enhanced U.S. Equity Fund  | Enhanced U.S. Equity 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 |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 447009 | $8983441 | 433517 | $7596439 |
|  Proceeds received in connection with merger | 458142 | 6917502 | 566122 | 7267116 |
|  Reinvestment of distributions | 32547 | 678565 | 7960 | 131977 |
|  Shares redeemed | (340871) | (6983384) | (794116) | (13271542) |
|  | 596827 | 9596124 | 213483 | 1723990 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 26468 | 432949 | 90259 | 1216401 |
|  Proceeds received in connection with merger | 41792 | 505960 | 56689 | 588618 |
|  Reinvestment of distributions | 4255 | 71096 | 1436 | 19266 |
|  Shares redeemed | (79136) | (1279263) | (40882) | (578395) |
|  | (6621) | (269258) | 107502 | 1245890 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3342691 | 74104406 | 1715477 | 32861953 |
|  Proceeds received in connection with merger | 83418 | 1399409 | 644089 | 9159047 |
|  Reinvestment of distributions | 92743 | 2147811 | 12285 | 226373 |
|  Shares redeemed | (1740753) | (39240058) | (953914) | (18947960) |
|  | 1778099 | 38411568 | 1417937 | 23299413 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 858326 | 18718178 | 1152688 | 21216633 |
|  Proceeds received in connection with merger | 30945 | 505727 | 404491 | 5607685 |
|  Reinvestment of distributions | 33156 | 748134 | 7468 | 134118 |
|  Shares redeemed | (915880) | (19938712) | (868486) | (17252187) |
|  | 6547 | 33327 | 696161 | 9706249 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 329232 | 7355371 | 938317 | 17926035 |
|  Proceeds received in connection with merger | 71495 | 1196514 | 109754 | 1556805 |
|  Reinvestment of distributions | 24101 | 556892 | 7728 | 141950 |
|  Shares redeemed | (398011) | (8942382) | (315915) | (6283569) |
|  | 26817 | 166395 | 739884 | 13341221 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 8969 | 175420 | 20181 | 320593 |
|  Proceeds received in connection with merger | 23084 | 326875 |  |  |
|  Reinvestment of distributions | 600 | 11722 | 109 | 1705 |
|  Shares redeemed | (3129) | (58855) | (396) | (5862) |
|  | 29524 | 455162 | 19894 | 316436 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1057473 | 23447301 | 2293560 | 42648200 |
|  Proceeds received in connection with merger | 620738 | 10398438 | 7196373 | 102179469 |
|  Reinvestment of distributions | 220349 | 5096372 | 32711 | 601291 |
|  Shares redeemed | (1178747) | (26721973) | (882766) | (18183675) |
|  | 719813 | 12220138 | 8639878 | 127245285 |
|  **NET INCREASE IN SHARES** | 3151006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60613456 | 11834739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176878484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Large Cap Equity Fund  | Large Cap Equity Fund  | Large Cap Equity Fund  | Large Cap Equity 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 |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 526792 | $17689815 | 600244 | $18201403 |
|  Reinvestment of distributions | 3184876 | 106239150 | 127059 | 3750614 |
|  Shares redeemed | (2804625) | (93717783) | (2591926) | (80342140) |
|  | 907043 | 30211182 | (1864623) | (58390123) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 217838 | 3212196 | 257880 | 3901346 |
|  Reinvestment of distributions | 341846 | 4764682 | 6947 | 99253 |
|  Shares redeemed | (542607) | (7687340) | (279523) | (4111249) |
|  | 17077 | 289538 | (14696) | (110650) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 384352 | 15665410 | 694738 | 25707667 |
|  Reinvestment of distributions | 301478 | 12376072 | 18223 | 647206 |
|  Shares redeemed | (602673) | (24634141) | (555951) | (20816856) |
|  | 83157 | 3407341 | 157010 | 5538017 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 526 | 17152 | 1375 | 38095 |
|  Reinvestment of distributions | 3099 | 95252 | 103 | 2826 |
|  Shares redeemed | (8465) | (247487) | (13716) | (462752) |
|  | (4840) | (135083) | (12238) | (421831) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 239865 | 8095779 | 650961 | 20580932 |
|  Reinvestment of distributions | 183447 | 6342016 | 10825 | 329411 |
|  Shares redeemed | (1152557) | (37762856) | (518879) | (16463414) |
|  | (729245) | (23325061) | 142907 | 4446929 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 64527 | 2682100 | 204137 | 7502033 |
|  Reinvestment of distributions | 28834 | 1182052 | 16599 | 588710 |
|  Shares redeemed | (123520) | (5044689) | (2504814) | (100872820) |
|  | (30159) | (1180537) | (2284078) | (92782077) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 27156 | 825612 | 55770 | 1592092 |
|  Reinvestment of distributions | 42545 | 1292061 | 942 | 25606 |
|  Shares redeemed | (74774) | (2317309) | (63479) | (1790318) |
|  | (5073) | (199636) | (6767) | (172620) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 275093 | 10914908 | 344332 | 12854707 |
|  Reinvestment of distributions | 381002 | 15609860 | 22850 | 809996 |
|  Shares redeemed | (396328) | (15912627) | (225447) | (8303767) |
|  | 259767 | 10612141 | 141735 | 5360936 |
|  **NET INCREASE (DECREASE) IN SHARES** | 497727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19679885 | (3740750) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136531419) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Mid Cap Growth Fund  | Mid Cap Growth Fund  | Mid Cap Growth Fund  | Mid Cap Growth 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 |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 1703754 | $21298289 | 1597097 | $18081820 |
|  Reinvestment of distributions | 2276829 | 29644314 |  |  |
|  Shares redeemed | (5938269) | (75013213) | (4846502) | (56079031) |
|  | (1957686) | (24070610) | (3249405) | (37997211) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 69254 | 1450585 | 69088 | 1252183 |
|  Reinvestment of distributions | 38312 | 831754 |  |  |
|  Shares redeemed | (174758) | (3493860) | (168102) | (3094303) |
|  | (67192) | (1211521) | (99014) | (1842120) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 2706367 | 59038459 | 1652001 | 30811781 |
|  Reinvestment of distributions | 1033535 | 23368225 |  |  |
|  Shares redeemed | (3458660) | (75957720) | (4166163) | (77041191) |
|  | 281242 | 6448964 | (2514162) | (46229410) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 560324 | 6150950 | 908481 | 8862983 |
|  Reinvestment of distributions | 356765 | 3742461 |  |  |
|  Shares redeemed | (954040) | (10344617) | (1136175) | (10263050) |
|  | (36951) | (451206) | (227694) | (1400067) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 2043573 | 32405822 | 2224354 | 30779372 |
|  Reinvestment of distributions | 767017 | 12134205 |  |  |
|  Shares redeemed | (2103131) | (32532389) | (1244426) | (16930269) |
|  | 707459 | 12007638 | 979928 | 13849103 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 2340437 | 51820055 | 1615561 | 30217837 |
|  Reinvestment of distributions | 701917 | 15905454 |  |  |
|  Shares redeemed | (1930045) | (42091462) | (2854373) | (54628749) |
|  | 1112309 | 25634047 | (1238812) | (24410912) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 433648 | 4372911 | 418633 | 3980542 |
|  Reinvestment of distributions | 532815 | 5583906 |  |  |
|  Shares redeemed | (940687) | (9807258) | (877893) | (8396079) |
|  | 25776 | 149559 | (459260) | (4415537) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 318289 | 6396269 | 14914 | 265447 |
|  Reinvestment of distributions | 160539 | 3641014 |  |  |
|  Shares redeemed | (488145) | (10514731) | (510633) | (9689787) |
|  | (9317) | (477448) | (495719) | (9424340) |
|  **NET INCREASE (DECREASE) IN SHARES** | 55640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18029423 | (7304138) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111870494) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Small Cap Growth Fund  | Small Cap Growth Fund  | Small Cap Growth Fund  | Small Cap Growth 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 |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967290 |
|  Shares redeemed | (23445) | (357464) | (27537) | (345224) |
|  | 103374 | 1556659 | 42645 | 622066 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 57799 | 825608 | 31040 | 407804 |
|  Shares redeemed | (15784) | (232427) | (2152) | (29074) |
|  | 42015 | 593181 | 28888 | 378730 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 10709571 | 173285989 | 860573 | 11046403 |
|  Shares redeemed | (1776825) | (27027926) | (864254) | (10912323) |
|  | 8932746 | 146258063 | (3681) | 134080 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 7021864 | 106955976 | 5572724 | 75832331 |
|  Shares redeemed | (3314829) | (50434206) | (295630) | (4161974) |
|  | 3707035 | 56521770 | 5277094 | 71670357 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 563109 | 8616776 | 395 | 5220 |
|  Shares redeemed | (51466) | (799942) | (3) | (45) |
|  | 511643 | 7816834 | 392 | 5175 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 118047 | 1773791 | 851560 | 11155374 |
|  Shares redeemed | (473122) | (6932919) | (648252) | (8167957) |
|  | (355075) | (5159128) | 203308 | 2987417 |
|  **NET INCREASE IN SHARES** | 12941738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207587379 | 5548646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75797825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Small/Mid Cap Growth Fund  | Small/Mid Cap Growth Fund  | Small/Mid Cap Growth Fund  | Small/Mid Cap Growth 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 |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831866 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17019719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27864882 |
|  Reinvestment of distributions | 39308 | 882072 |  |  |
|  Shares redeemed | (2931208) | (59928881) | (3247279) | (62020947) |
|  | (2060034) | (42027090) | (1801853) | (34156065) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 143627 | 2057283 | 134613 | 1813979 |
|  Reinvestment of distributions | 9376 | 144957 |  |  |
|  Shares redeemed | (813867) | (11443602) | (2855479) | (39334109) |
|  | (660864) | (9241362) | (2720866) | (37520130) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 3513868 | 83136211 | 5262391 | 115830573 |
|  Reinvestment of distributions | 74198 | 1935817 |  |  |
|  Shares redeemed | (10009242) | (235926310) | (11451696) | (255823344) |
|  | (6421176) | (150854282) | (6189305) | (139992771) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 5856 | 111956 | 20437 | 326849 |
|  Reinvestment of distributions | 199 | 4185 |  |  |
|  Shares redeemed | (31969) | (594508) | (19468) | (340157) |
|  | (25914) | (478367) | 969 | (13308) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 1472950 | 32525406 | 2385884 | 49840378 |
|  Reinvestment of distributions | 42188 | 1034443 |  |  |
|  Shares redeemed | (5003354) | (110305443) | (6854149) | (142397564) |
|  | (3488216) | (76745594) | (4468265) | (92557186) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1302402 | 31270706 | 1036287 | 23386571 |
|  Reinvestment of distributions | 17095 | 446678 |  |  |
|  Shares redeemed | (2388683) | (55858919) | (2708290) | (60967970) |
|  | (1069186) | (24141535) | (1672003) | (37581399) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 70690 | 1293861 | 82405 | 1426696 |
|  Reinvestment of distributions | 1471 | 30157 |  |  |
|  Shares redeemed | (122179) | (2300369) | (218357) | (3955509) |
|  | (50018) | (976351) | (135952) | (2528813) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1941643 | 46223197 | 1689578 | 38314985 |
|  Reinvestment of distributions | 42883 | 1120968 |  |  |
|  Shares redeemed | (2897869) | (67812953) | (3685855) | (79299966) |
|  | (913343) | (20468788) | (1996277) | (40984981) |
|  **NET DECREASE IN SHARES** | (14688751) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(324933369) | (18983552) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385334653) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Strategic Growth Fund  | Strategic Growth Fund  | Strategic Growth Fund  | Strategic Growth 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 |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355173 |
|  Reinvestment of distributions | 284425 | 3071792 | 209259 | 1791257 |
|  Shares redeemed | (631293) | (6726870) | (849362) | (7734746) |
|  | 52036 | 554937 | (377647) | (3588316) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 45518 | 670985 | 66515 | 850077 |
|  Reinvestment of distributions | 13345 | 201375 | 8378 | 98698 |
|  Shares redeemed | (60764) | (882378) | (47168) | (582000) |
|  | (1901) | (10018) | 27725 | 366775 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 417165 | 5489586 | 699687 | 7721406 |
|  Reinvestment of distributions | 233437 | 3223764 | 180125 | 1932748 |
|  Shares redeemed | (1276585) | (17319854) | (792064) | (8971083) |
|  | (625983) | (8606504) | 87748 | 683071 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 8209 | 80998 | 23437 | 205616 |
|  Reinvestment of distributions | 9573 | 98126 | 7299 | 59705 |
|  Shares redeemed | (12569) | (127798) | (41836) | (394322) |
|  | 5213 | 51326 | (11100) | (129001) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 412870 | 5099299 | 1218232 | 15255998 |
|  Reinvestment of distributions | 106566 | 1455697 | 23628 | 251168 |
|  Shares redeemed | (882621) | (11891564) | (180712) | (2135941) |
|  | (363185) | (5336568) | 1061148 | 13371225 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 90753 | 1231459 | 63659 | 734077 |
|  Reinvestment of distributions | 26938 | 370929 | 17601 | 188325 |
|  Shares redeemed | (129362) | (1727494) | (51826) | (623172) |
|  | (11671) | (125106) | 29434 | 299230 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 3772 | 36328 | 116761 | 1078747 |
|  Reinvestment of distributions | 13512 | 130929 | 1662 | 12914 |
|  Shares redeemed | (1285) | (12651) | (587) | (4426) |
|  | 15999 | 154606 | 117836 | 1087235 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 215985 | 2924216 | 225944 | 2600807 |
|  Reinvestment of distributions | 346946 | 4763573 | 248174 | 2650500 |
|  Shares redeemed | (947632) | (12993802) | (736105) | (8267516) |
|  | (384701) | (5306013) | (261987) | (3016209) |
|  **NET INCREASE (DECREASE) IN SHARES** | (1314193) | $(18623340) | 673157 | $9074010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Technology Opportunities Fund  | Technology Opportunities Fund  | Technology Opportunities Fund  | Technology Opportunities 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 |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36838050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353549 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32115350 |
|  Reinvestment of distributions | 594427 | 17155161 |  |  |
|  Shares redeemed | (2163942) | (60876853) | (3596393) | (82549207) |
|  | (255797) | (6883642) | (2242844) | (50433857) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 131718 | 1856910 | 144142 | 1783521 |
|  Reinvestment of distributions | 98887 | 1462534 |  |  |
|  Shares redeemed | (698963) | (10188221) | (393305) | (4934566) |
|  | (468358) | (6868777) | (249163) | (3151045) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 963534 | 33842863 | 1331071 | 39746153 |
|  Reinvestment of distributions | 126031 | 4706008 |  |  |
|  Shares redeemed | (1324692) | (49032379) | (1026041) | (30232023) |
|  | (235127) | (10483508) | 305030 | 9514130 |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 113870 | 3012801 | 160770 | 3556079 |
|  Reinvestment of distributions | 19775 | 531742 |  |  |
|  Shares redeemed | (168882) | (4371515) | (179518) | (3954027) |
|  | (35237) | (826972) | (18748) | (397948) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 385909 | 12514749 | 395953 | 12903359 |
|  Reinvestment of distributions | 33018 | 1187994 |  |  |
|  Shares redeemed | (686067) | (24349941) | (397914) | (11742511) |
|  | (267140) | (10647198) | (1961) | 1160848 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 160005 | 5851200 | 305923 | 9430046 |
|  Reinvestment of distributions | 82397 | 3080839 |  |  |
|  Shares redeemed | (307519) | (11408019) | (231640) | (6990839) |
|  | (65117) | (2475980) | 74283 | 2439207 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 626885 | 22785432 | 1011818 | 29048378 |
|  Reinvestment of distributions | 122622 | 4584849 |  |  |
|  Shares redeemed | (788800) | (28756991) | (337927) | (10363331) |
|  | (39293) | (1386710) | 673891 | 18685047 |
|  **NET DECREASE IN SHARES** | (1366069) | $(39572787) | (1459512) | $(22183618) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**103**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Large Cap Equity Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Technology Opportunities Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Large Cap Equity Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Technology Opportunities Fund (seven of the Funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements 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, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of 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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Large Cap Equity Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs Small Cap Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs Technology Opportunities Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

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**105**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser's soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

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' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Enhanced U.S. Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three-, five-, and ten-year periods and in the third quartile for the one-year period, and outperformed the Fund's benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. They noted that the former Goldman Sachs Enhanced Core Equity Fund had been repositioned as the Enhanced U.S. Equity Fund in early 2025, which involved changes to the Fund's investment strategy and name, and had experienced certain portfolio management changes in 2024 and early 2025. The Trustees noted that the Large Cap Equity Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three- and ten-year periods and in the third quartile for the one- and five-year periods, and had outperformed the Fund's benchmark index for the ten-year period and underperformed for the one-, three-, and five year periods ended March 31, 2025. They observed that the former Goldman Sachs Large Cap Core Fund had been repositioned as the Large Cap Equity Fund in early 2025, which involved changes to the Fund's investment strategy and name, and had experienced certain portfolio management changes in 2024 and early 2025. They considered that the Mid Cap Growth Fund's Institutional Shares had placed in the top half of the Fund's peer group and had underperformed the Fund's benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2025. The Trustees observed that the Small Cap Growth Fund's Institutional Shares had placed in the top half of the Fund's peer group and outperformed the Fund's benchmark index for the one-, three-, and five-year periods ended March 31, 2025. They noted that the Small/Mid Cap Growth Fund's Institutional Shares had placed in the third quartile of the Fund's peer group for the ten-year period and in the fourth quartile for the one-, three-, and five-year periods, and had outperformed the Fund's benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2025. The Trustees observed that the Strategic Growth Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund's benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2025. The Trustees considered that the Strategic Growth Fund had experienced certain portfolio management changes in 2024 and early 2025. They noted that the Technology Opportunities Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-, three-, five-, and ten year periods, and had outperformed the Fund's benchmark index for the three- and ten-year periods and underperformed for the one- and five-year periods ended March 31, 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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**107**

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

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| | | | | |
|:---|:---|:---|:---|:---|
| Average Daily<br>Net Assets | Enhanced U.S.<br>Equity Fund | Large Cap Equity<br>Fund | Mid Cap Growth<br>Fund | Small Cap Growth<br>Fund |
|  First $1 billion | 0.55% | 0.71% | 0.92% | 0.85% |
|  Next $1 billion | 0.50 | 0.64 | 0.92 | 0.85 |
|  Next $3 billion | 0.47 | 0.61 | 0.83 | 0.77 |
|  Next $3 billion | 0.46 | 0.61 | 0.79 | 0.73 |
|  Over $8 billion | 0.45 | 0.61 | 0.77 | 0.71 |

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| | | | |
|:---|:---|:---|:---|
| Average Daily<br>Net Assets | Small/Mid Cap<br>Growth Fund | Strategic Growth<br>Fund | Technology<br>Opportunities<br>Fund |
|  First $1 billion | 0.85% | 0.71% | 0.94% |
|  Next $1 billion | 0.85 | 0.64 | 0.85 |
|  Next $3 billion | 0.77 | 0.61 | 0.80 |
|  Next $3 billion | 0.73 | 0.59 | 0.79 |
|  Over $8 billion | 0.71 | 0.58 | 0.77 |

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The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee for the Enhanced U.S. Equity Fund, Mid Cap Growth Fund, Technology Opportunities Fund, and Large Cap Equity Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of the transfer agency fees paid by the Large Cap Equity Fund's, Mid Cap Growth Fund's, Small Cap Growth Fund's, Small/Mid Cap Growth Fund's, Strategic Growth Fund's, and Technology Opportunities Fund's Class A, Class C, Investor, and Class R Shares, as applicable. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Large Cap Equity Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the 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; (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' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) 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.

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#### Goldman Sachs Trust — Fundamental Equity Growth Funds — Tax Information (Unaudited)
For the fiscal year ended August 31, 2025, 69.87%, 45.67%, 99.94%, and 38.67% of the dividends paid from net investment company taxable income by the Enhanced U.S. Equity, Large Cap Equity, Mid Cap Growth, and Strategic Growth Funds, respectively, qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Enhanced U.S. Equity, Large Cap Equity, Mid Cap Growth, Small/Midcap Growth, Strategic Growth, and Technology Opportunities Funds designate $3,968,923, $111,485,713, $99,285,147, $6,077,618, $11,435,209, and $34,060,124, respectively, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2025.

For the fiscal year ended August 31, 2025, 67.11%, 38.69%, 100.00%, and 43.55% of the dividends paid from net investment company taxable income by the Enhanced U.S. Equity, Large Cap Equity, Mid Cap Growth, and Strategic Growth Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

During the fiscal year ended August 31, 2025, the Enhanced U.S. Equity, Large Cap Equity, Mid Cap Growth, and Strategic Growth Funds designate $3,039,669, $37,427,083, $1,458,918, and $2,091,206, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the fiscal year ended August 31, 2025, 3.34%, 1.96%, and 2.66% of the dividends paid from net investment company taxable income by the Enhanced U.S. Equity, Large Cap Equity, and Strategic Growth Funds, respectively, qualify as section 199A dividends.

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TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary (C) 2025 Goldman Sachs. All rights reserved. EQGRWAR-25

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Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs Fundamental Equity Value Funds Goldman Sachs Equity Income Fund Goldman Sachs Focused Value Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Small Cap Value Fund Goldman Sachs Small/Mid Cap Equity Fund\* \* Effective after the close of business on June 20, 2025, the Goldman Sachs Small/Mid Cap Value Fund was renamed the Goldman Sachs Small/Mid Cap Equity Fund.

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## Goldman Sachs Fundamental Equity Value Funds

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| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#fev15322_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equity Income Fund](#fev15322_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Focused Value Fund](#fev15322_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#fev15322_4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#fev15322_5) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Fund](#fev15322_6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Equity Fund](#fev15322_7) | 14 |
|  **[Financial Statements](#fev15322_8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fev15322_9) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fev15322_10) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fev15322_11) | 20 |
|  **[Financial Highlights](#fev15322_12)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equity Income Fund](#fev15322_13) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Focused Value Fund](#fev15322_14) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Large Cap Value Fund](#fev15322_15) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Mid Cap Value Fund](#fev15322_16) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Value Fund](#fev15322_17) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small/Mid Cap Equity Fund](#fev15322_18) | 62 |
|  **[Notes to Financial Statements](#fev15322_19)** | 69 |
|  **[Report of Independent Registered Public Accounting Firm](#fev15322_20)** | 93 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#fev15322_21)** | 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS EQUITY INCOME 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 – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Aerospace & Defense – 2.9% | Aerospace & Defense – 2.9% | Aerospace & Defense – 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15941 | General Electric Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4386963 |
| 12593 | L3Harris Technologies, Inc. | 3496069 |
| 3122 | TransDigm Group, Inc. | 4367303 |
|  |  | 12250335 |
| Banks – 10.3% | Banks – 10.3% | Banks – 10.3% |
| 187263 | Bank of America Corp. | 9501725 |
| 44156 | Citigroup, Inc. | 4264145 |
| 67969 | Citizens Financial Group, Inc. | 3553419 |
| 55471 | JPMorgan Chase & Co. | 16720069 |
| 109622 | Wells Fargo & Co. | 9008736 |
|  |  | 43048094 |
| Beverages – 1.8% | Beverages – 1.8% | Beverages – 1.8% |
| 46764 | Coca-Cola Co. (The) | 3226248 |
| 46665 | Coca-Cola Europacific Partners PLC (United Kingdom) | 4146652 |
|  |  | 7372900 |
| Biotechnology – 1.4% | Biotechnology – 1.4% | Biotechnology – 1.4% |
| 13924 | AbbVie, Inc. | 2929610 |
| 10251 | Amgen, Inc. | 2949315 |
|  |  | 5878925 |
| Capital Markets – 5.9% | Capital Markets – 5.9% | Capital Markets – 5.9% |
| 4140 | Blackrock, Inc. | 4666359 |
| 42468 | KKR & Co., Inc. | 5923861 |
| 48685 | Morgan Stanley | 7326119 |
| 69359 | Nasdaq, Inc. | 6571072 |
|  |  | 24487411 |
| Chemicals – 2.3% | Chemicals – 2.3% | Chemicals – 2.3% |
| 20051 | Linde PLC | 9590193 |
| Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% | Commercial Services & Supplies – 1.1% |
| 19086 | Republic Services, Inc. | 4465551 |
| Communications Equipment – 1.6% | Communications Equipment – 1.6% | Communications Equipment – 1.6% |
| 97538 | Cisco Systems, Inc. | 6738900 |
| Consumer Finance – 1.2% | Consumer Finance – 1.2% | Consumer Finance – 1.2% |
| 15421 | American Express Co. | 5108669 |
| Consumer Staples Distribution & Retail – 3.4% | Consumer Staples Distribution & Retail – 3.4% | Consumer Staples Distribution & Retail – 3.4% |
| 4495 | Costco Wholesale Corp. | 4240223 |
| 103651 | Walmart, Inc. | 10052074 |
|  |  | 14292297 |
| Containers & Packaging – 0.8% | Containers & Packaging – 0.8% | Containers & Packaging – 0.8% |
| 69912 | International Paper Co. | 3473228 |
| Diversified Telecommunication Services – 1.8% | Diversified Telecommunication Services – 1.8% | Diversified Telecommunication Services – 1.8% |
| 259228 | AT&T, Inc. | 7592788 |
| Electric Utilities – 2.0% | Electric Utilities – 2.0% | Electric Utilities – 2.0% |
| 65724 | NextEra Energy, Inc. | 4735414 |
| 47104 | Xcel Energy, Inc. | 3409859 |
|  |  | 8145273 |
| Electrical Equipment – 1.7% | Electrical Equipment – 1.7% | Electrical Equipment – 1.7% |
| 19852 | Eaton Corp. PLC | 6931127 |
| Entertainment – 1.7% | Entertainment – 1.7% | Entertainment – 1.7% |
| 60944 | Walt Disney Co. (The) | 7214551 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Ground Transportation – 1.2% | Ground Transportation – 1.2% | Ground Transportation – 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18304 | Norfolk Southern Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124754 |
| Health Care Equipment & Supplies – 1.8% | Health Care Equipment & Supplies – 1.8% | Health Care Equipment & Supplies – 1.8% |
| 54957 | Abbott Laboratories | 7290596 |
| Health Care Providers & Services – 2.1% | Health Care Providers & Services – 2.1% | Health Care Providers & Services – 2.1% |
| 46634 | CVS Health Corp. | 3411277 |
| 16832 | UnitedHealth Group, Inc. | 5215732 |
|  |  | 8627009 |
| Health Care REITs – 0.7% | Health Care REITs – 0.7% | Health Care REITs – 0.7% |
| 149903 | Healthpeak Properties, Inc. REIT | 2689260 |
| Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% | Hotels, Restaurants & Leisure – 2.2% |
| 15668 | Hilton Worldwide Holdings, Inc. | 4325308 |
| 52398 | Starbucks Corp. | 4620980 |
|  |  | 8946288 |
| Household Durables – 1.2% | Household Durables – 1.2% | Household Durables – 1.2% |
| 29871 | D.R. Horton, Inc. | 5062537 |
| Household Products – 2.1% | Household Products – 2.1% | Household Products – 2.1% |
| 54344 | Procter & Gamble Co. (The) | 8534182 |
| Industrial Conglomerates – 2.7% | Industrial Conglomerates – 2.7% | Industrial Conglomerates – 2.7% |
| 29230 | 3M Co. | 4546142 |
| 30035 | Honeywell International, Inc. | 6592683 |
|  |  | 11138825 |
| Industrial REITs – 1.0% | Industrial REITs – 1.0% | Industrial REITs – 1.0% |
| 37062 | Prologis, Inc. REIT | 4216914 |
| Insurance – 3.3% | Insurance – 3.3% | Insurance – 3.3% |
| 17330 | Allstate Corp. (The) | 3525789 |
| 22972 | Marsh & McLennan Cos., Inc. | 4727867 |
| 20549 | Travelers Cos., Inc. (The) | 5579259 |
|  |  | 13832915 |
| Interactive Media & Services – 2.8% | Interactive Media & Services – 2.8% | Interactive Media & Services – 2.8% |
| 23098 | Alphabet, Inc., Class A | 4917795 |
| 9380 | Meta Platforms, Inc., Class A | 6929006 |
|  |  | 11846801 |
| IT Services – 1.1% | IT Services – 1.1% | IT Services – 1.1% |
| 19410 | International Business Machines Corp. | 4726141 |
| Life Sciences Tools & Services – 1.3% | Life Sciences Tools & Services – 1.3% | Life Sciences Tools & Services – 1.3% |
| 26763 | Danaher Corp. | 5508361 |
| Machinery – 2.7% | Machinery – 2.7% | Machinery – 2.7% |
| 15634 | Caterpillar, Inc. | 6551271 |
| 18284 | Illinois Tool Works, Inc. | 4838861 |
|  |  | 11390132 |
| Media – 1.0% | Media – 1.0% | Media – 1.0% |
| 71215 | New York Times Co. (The), Class A | 4261506 |
| Metals & Mining – 1.2% | Metals & Mining – 1.2% | Metals & Mining – 1.2% |
| 76510 | Rio Tinto PLC ADR (Australia) | 4798707 |
| Multi-Utilities – 3.3% | Multi-Utilities – 3.3% | Multi-Utilities – 3.3% |
| 45452 | Ameren Corp. | 4535201 |
| 53422 | CMS Energy Corp. | 3823412 |
| 36249 | Dominion Energy, Inc. | 2171315 |

---

&nbsp;&nbsp;&nbsp;&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 EQUITY INCOME 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) |
| Multi-Utilities – (continued) | Multi-Utilities – (continued) | Multi-Utilities – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46872 | National Grid PLC ADR (United Kingdom)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307757 |
|  |  | 13837685 |
| Office REITs – 0.5% | Office REITs – 0.5% | Office REITs – 0.5% |
| 28508 | BXP, Inc. REIT | 2067115 |
| Oil, Gas & Consumable Fuels – 7.5% | Oil, Gas & Consumable Fuels – 7.5% | Oil, Gas & Consumable Fuels – 7.5% |
| 58836 | ConocoPhillips | 5822999 |
| 34999 | EOG Resources, Inc. | 4368575 |
| 113985 | Exxon Mobil Corp. | 13027346 |
| 31433 | Phillips 66 | 4198820 |
| 49209 | Shell PLC ADR | 3635561 |
|  |  | 31053301 |
| Personal Care Products – 1.4% | Personal Care Products – 1.4% | Personal Care Products – 1.4% |
| 278248 | Kenvue, Inc. | 5762516 |
| Pharmaceuticals – 5.4% | Pharmaceuticals – 5.4% | Pharmaceuticals – 5.4% |
| 5087 | Eli Lilly & Co. | 3726635 |
| 68967 | Johnson & Johnson | 12218883 |
| 76216 | Merck & Co., Inc. | 6411290 |
|  |  | 22356808 |
| Residential REITs – 0.9% | Residential REITs – 0.9% | Residential REITs – 0.9% |
| 19666 | AvalonBay Communities, Inc. REIT | 3851586 |
| Retail REITs – 0.7% | Retail REITs – 0.7% | Retail REITs – 0.7% |
| 39359 | Regency Centers Corp. REIT | 2853528 |
| Semiconductors & Semiconductor Equipment – 3.1% | Semiconductors & Semiconductor Equipment – 3.1% | Semiconductors & Semiconductor Equipment – 3.1% |
| 12821 | Broadcom, Inc. | 3812837 |
| 4077 | KLA Corp. | 3555144 |
| 28141 | Texas Instruments, Inc. | 5697990 |
|  |  | 13065971 |
| Software – 2.9% | Software – 2.9% | Software – 2.9% |
| 7214 | Microsoft Corp. | 3655262 |
| 22087 | Oracle Corp. | 4994533 |
| 13498 | Salesforce, Inc. | 3458862 |
|  |  | 12108657 |
| Specialty Retail – 1.2% | Specialty Retail – 1.2% | Specialty Retail – 1.2% |
| 12117 | Home Depot, Inc. (The) | 4928832 |
| Technology Hardware, Storage & Peripherals – 0.9% | Technology Hardware, Storage & Peripherals – 0.9% | Technology Hardware, Storage & Peripherals – 0.9% |
| 163566 | Hewlett Packard Enterprise Co. | 3691685 |
| Trading Companies & Distributors – 1.6% | Trading Companies & Distributors – 1.6% | Trading Companies & Distributors – 1.6% |
| 133275 | Fastenal Co. | 6618436 |
| Water Utilities – 0.7% | Water Utilities – 0.7% | Water Utilities – 0.7% |
| 20327 | American Water Works Co., Inc. | 2917128 |
| Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% | Wireless Telecommunication Services – 1.3% |
| 21654 | T-Mobile US, Inc. | 5456591 |
| TOTAL COMMON STOCKS<br>(Cost $307,866,256) | TOTAL COMMON STOCKS<br>(Cost $307,866,256) | 415155009 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | 4.154% | $341 |
| **(Cost $341)** |  |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $307,866,597) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $307,866,597) | 415155350 |
| Securities Lending Reinvestment Vehicle – 0.4%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.4%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.4%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government<br> Fund - Institutional Shares | Goldman Sachs Financial Square Government<br> Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867020 | 4.154% | 1867020 |
| **(Cost $1,867,020)** | **(Cost $1,867,020)** | **(Cost $1,867,020)** |
| TOTAL INVESTMENTS – 100.1%<br>(Cost $309,733,617) | TOTAL INVESTMENTS – 100.1%<br>(Cost $309,733,617) | $417022370 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%** | (284164) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416738206 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | All or a portion of security is on loan. |
| (b) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FOCUSED VALUE 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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.9% | Common Stocks – 98.9% | Common Stocks – 98.9% |
| Aerospace & Defense – 2.7% | Aerospace & Defense – 2.7% | Aerospace & Defense – 2.7% |
| 6447 | Woodward, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591249 |
| Banks – 10.4% | Banks – 10.4% | Banks – 10.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50750 | Bank of America Corp. | 2575055 |
| 7943 | JPMorgan Chase & Co. | 2394179 |
| 14346 | Wells Fargo & Co. | 1178954 |
|  |  | 6148188 |
| Broadline Retail – 3.5% | Broadline Retail – 3.5% | Broadline Retail – 3.5% |
| 9113 | Amazon.com, Inc.\* | 2086877 |
| Capital Markets – 6.7% | Capital Markets – 6.7% | Capital Markets – 6.7% |
| 16058 | Morgan Stanley | 2416408 |
| 16221 | Nasdaq, Inc. | 1536777 |
|  |  | 3953185 |
| Chemicals – 3.8% | Chemicals – 3.8% | Chemicals – 3.8% |
| 7596 | Air Products and Chemicals, Inc. | 2234060 |
| Consumer Finance – 4.2% | Consumer Finance – 4.2% | Consumer Finance – 4.2% |
| 11015 | Capital One Financial Corp. | 2502828 |
| Consumer Staples Distribution & Retail – 3.6% | Consumer Staples Distribution & Retail – 3.6% | Consumer Staples Distribution & Retail – 3.6% |
| 21993 | Walmart, Inc. | 2132881 |
| Containers & Packaging – 1.6% | Containers & Packaging – 1.6% | Containers & Packaging – 1.6% |
| 18496 | International Paper Co. | 918881 |
| Electric Utilities – 2.6% | Electric Utilities – 2.6% | Electric Utilities – 2.6% |
| 21061 | NextEra Energy, Inc. | 1517445 |
| Electrical Equipment – 4.6% | Electrical Equipment – 4.6% | Electrical Equipment – 4.6% |
| 2330 | GE Vernova, Inc. | 1428220 |
| 3798 | Rockwell Automation, Inc. | 1304347 |
|  |  | 2732567 |
| Ground Transportation – 2.0% | Ground Transportation – 2.0% | Ground Transportation – 2.0% |
| 8015 | Old Dominion Freight Line, Inc. | 1210025 |
| Health Care Equipment & Supplies – 5.7% | Health Care Equipment & Supplies – 5.7% | Health Care Equipment & Supplies – 5.7% |
| 16846 | Abbott Laboratories | 2234790 |
| 10813 | Boston Scientific Corp.\* | 1140772 |
|  |  | 3375562 |
| Hotels, Restaurants & Leisure – 2.1% | Hotels, Restaurants & Leisure – 2.1% | Hotels, Restaurants & Leisure – 2.1% |
| 14401 | Starbucks Corp. | 1270024 |
| Industrial Conglomerates – 4.0% | Industrial Conglomerates – 4.0% | Industrial Conglomerates – 4.0% |
| 10769 | Honeywell International, Inc. | 2363796 |
| Insurance – 3.0% | Insurance – 3.0% | Insurance – 3.0% |
| 6422 | Travelers Cos., Inc. (The) | 1743637 |
| Interactive Media & Services – 3.6% | Interactive Media & Services – 3.6% | Interactive Media & Services – 3.6% |
| 2842 | Meta Platforms, Inc., Class A | 2099385 |
| Life Sciences Tools & Services – 3.2% | Life Sciences Tools & Services – 3.2% | Life Sciences Tools & Services – 3.2% |
| 3863 | Thermo Fisher Scientific, Inc. | 1903377 |
| Multi-Utilities – 3.8% | Multi-Utilities – 3.8% | Multi-Utilities – 3.8% |
| 22352 | Ameren Corp. | 2230283 |
| Oil, Gas & Consumable Fuels – 5.3% | Oil, Gas & Consumable Fuels – 5.3% | Oil, Gas & Consumable Fuels – 5.3% |
| 27372 | Exxon Mobil Corp. | 3128346 |
| Personal Care Products – 2.9% | Personal Care Products – 2.9% | Personal Care Products – 2.9% |
| 82833 | Kenvue, Inc. | 1715471 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Pharmaceuticals – 2.7% | Pharmaceuticals – 2.7% | Pharmaceuticals – 2.7% |
| 9055 | Johnson & Johnson | $1604274 |
| Residential REITs – 2.3% | Residential REITs – 2.3% | Residential REITs – 2.3% |
| 6862 | AvalonBay Communities, Inc. REIT | 1343923 |
| Semiconductors & Semiconductor Equipment – 4.7% | Semiconductors & Semiconductor Equipment – 4.7% | Semiconductors & Semiconductor Equipment – 4.7% |
| 7348 | NVIDIA Corp. | 1279874 |
| 7514 | Texas Instruments, Inc. | 1521435 |
|  |  | 2801309 |
| Software – 4.2% | Software – 4.2% | Software – 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19756 | Dynatrace, Inc.\* | 999654 |
| 5705 | Salesforce, Inc. | 1461906 |
|  |  | 2461560 |
| Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% |
| 6482 | Lowe's Cos., Inc. | 1672745 |
| Wireless Telecommunication Services – 2.9% | Wireless Telecommunication Services – 2.9% | Wireless Telecommunication Services – 2.9% |
| 6816 | T-Mobile US, Inc. | 1717564 |
| **TOTAL COMMON STOCKS**<br> **(Cost $51,098,650)** | **TOTAL COMMON STOCKS**<br> **(Cost $51,098,650)** | 58459442 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.9%<sup>(a)</sup> | Investment Company – 0.9%<sup>(a)</sup> | Investment Company – 0.9%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |  |
| 527566 | 4.154% | 527566 |
| **(Cost $527,566)** | **(Cost $527,566)** |  |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $51,626,216)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $51,626,216)** | $58987008 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | 136392 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59123400 |

---

---

| | |
|:---|:---|
| 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) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS LARGE CAP VALUE 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 – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% |
| 22774 | Woodward, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5621079 |
| Automobile Components – 0.9% | Automobile Components – 0.9% | Automobile Components – 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46692 | Aptiv PLC (Jersey)\* | 3713415 |
| Banks – 9.6% | Banks – 9.6% | Banks – 9.6% |
| 262908 | Bank of America Corp. | 13339952 |
| 47627 | Citigroup, Inc. | 4599339 |
| 60881 | JPMorgan Chase & Co. | 18350751 |
| 65997 | Wells Fargo & Co. | 5423634 |
|  |  | 41713676 |
| Beverages – 0.7% | Beverages – 0.7% | Beverages – 0.7% |
| 43435 | Coca-Cola Co. (The) | 2996581 |
| Biotechnology – 0.6% | Biotechnology – 0.6% | Biotechnology – 0.6% |
| 27369 | BioNTech SE ADR (Germany)\* | 2736900 |
| Broadline Retail – 2.9% | Broadline Retail – 2.9% | Broadline Retail – 2.9% |
| 55414 | Amazon.com, Inc.\* | 12689806 |
| Capital Markets – 5.4% | Capital Markets – 5.4% | Capital Markets – 5.4% |
| 7211 | Blackrock, Inc. | 8127806 |
| 58085 | Morgan Stanley | 8740631 |
| 69388 | Nasdaq, Inc. | 6573819 |
|  |  | 23442256 |
| Chemicals – 2.9% | Chemicals – 2.9% | Chemicals – 2.9% |
| 23914 | Air Products and Chemicals, Inc. | 7033347 |
| 15440 | Sherwin-Williams Co. (The) | 5648415 |
|  |  | 12681762 |
| Commercial Services & Supplies – 1.0% | Commercial Services & Supplies – 1.0% | Commercial Services & Supplies – 1.0% |
| 23695 | Waste Connections, Inc. | 4379073 |
| Communications Equipment – 2.0% | Communications Equipment – 2.0% | Communications Equipment – 2.0% |
| 29423 | Arista Networks, Inc.\* | 4017711 |
| 10183 | Motorola Solutions, Inc. | 4811060 |
|  |  | 8828771 |
| Construction Materials – 0.9% | Construction Materials – 0.9% | Construction Materials – 0.9% |
| 6670 | Martin Marietta Materials, Inc. | 4111388 |
| Consumer Finance – 2.7% | Consumer Finance – 2.7% | Consumer Finance – 2.7% |
| 12225 | American Express Co. | 4049898 |
| 34736 | Capital One Financial Corp. | 7892714 |
|  |  | 11942612 |
| Consumer Staples Distribution & Retail – 2.8% | Consumer Staples Distribution & Retail – 2.8% | Consumer Staples Distribution & Retail – 2.8% |
| 126506 | Walmart, Inc. | 12268552 |
| Containers & Packaging – 1.4% | Containers & Packaging – 1.4% | Containers & Packaging – 1.4% |
| 119490 | International Paper Co. | 5936263 |
| Electric Utilities – 3.7% | Electric Utilities – 3.7% | Electric Utilities – 3.7% |
| 88269 | Exelon Corp. | 3855590 |
| 91580 | NextEra Energy, Inc. | 6598339 |
| 154142 | PPL Corp. | 5621559 |
|  |  | 16075488 |
| Electrical Equipment – 4.7% | Electrical Equipment – 4.7% | Electrical Equipment – 4.7% |
| 27587 | Eaton Corp. PLC | 9631725 |
| 7941 | GE Vernova, Inc. | 4867595 |
| 17363 | Rockwell Automation, Inc. | 5962975 |
|  |  | 20462295 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Entertainment – 1.5% | Entertainment – 1.5% | Entertainment – 1.5% |
| 53647 | Walt Disney Co. (The) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350732 |
| Financial Services – 2.9% | Financial Services – 2.9% | Financial Services – 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18573 | Berkshire Hathaway, Inc., Class B\* | 9341847 |
| 24684 | Fiserv, Inc.\* | 3410835 |
|  |  | 12752682 |
| Ground Transportation – 2.2% | Ground Transportation – 2.2% | Ground Transportation – 2.2% |
| 33455 | Old Dominion Freight Line, Inc. | 5050701 |
| 20095 | Union Pacific Corp. | 4492639 |
|  |  | 9543340 |
| Health Care Equipment & Supplies – 3.8% | Health Care Equipment & Supplies – 3.8% | Health Care Equipment & Supplies – 3.8% |
| 67159 | Abbott Laboratories | 8909313 |
| 71112 | Boston Scientific Corp.\* | 7502316 |
|  |  | 16411629 |
| Health Care Providers & Services – 1.4% | Health Care Providers & Services – 1.4% | Health Care Providers & Services – 1.4% |
| 19525 | UnitedHealth Group, Inc. | 6050212 |
| Hotels, Restaurants & Leisure – 1.8% | Hotels, Restaurants & Leisure – 1.8% | Hotels, Restaurants & Leisure – 1.8% |
| 53081 | Chipotle Mexican Grill, Inc.\* | 2236833 |
| 62635 | Starbucks Corp. | 5523781 |
|  |  | 7760614 |
| Household Products – 2.1% | Household Products – 2.1% | Household Products – 2.1% |
| 57415 | Procter & Gamble Co. (The) | 9016451 |
| Industrial Conglomerates – 3.5% | Industrial Conglomerates – 3.5% | Industrial Conglomerates – 3.5% |
| 50437 | 3M Co. | 7844467 |
| 34565 | Honeywell International, Inc. | 7587017 |
|  |  | 15431484 |
| Industrial REITs – 1.9% | Industrial REITs – 1.9% | Industrial REITs – 1.9% |
| 74815 | Prologis, Inc. REIT | 8512451 |
| Insurance – 2.9% | Insurance – 2.9% | Insurance – 2.9% |
| 30781 | Marsh & McLennan Cos., Inc. | 6335038 |
| 23930 | Travelers Cos., Inc. (The) | 6497234 |
|  |  | 12832272 |
| Interactive Media & Services – 3.7% | Interactive Media & Services – 3.7% | Interactive Media & Services – 3.7% |
| 29249 | Alphabet, Inc., Class A | 6227404 |
| 13107 | Meta Platforms, Inc., Class A | 9682141 |
|  |  | 15909545 |
| Life Sciences Tools & Services – 2.6% | Life Sciences Tools & Services – 2.6% | Life Sciences Tools & Services – 2.6% |
| 19985 | Danaher Corp. | 4113313 |
| 14745 | Thermo Fisher Scientific, Inc. | 7265156 |
|  |  | 11378469 |
| Machinery – 1.8% | Machinery – 1.8% | Machinery – 1.8% |
| 18792 | Caterpillar, Inc. | 7874600 |
| Multi-Utilities – 1.2% | Multi-Utilities – 1.2% | Multi-Utilities – 1.2% |
| 52540 | Ameren Corp. | 5242441 |
| Office REITs – 1.0% | Office REITs – 1.0% | Office REITs – 1.0% |
| 59301 | BXP, Inc. REIT | 4299916 |
| Oil, Gas & Consumable Fuels – 5.4% | Oil, Gas & Consumable Fuels – 5.4% | Oil, Gas & Consumable Fuels – 5.4% |
| 45925 | Chevron Corp. | 7375555 |
| 30443 | DT Midstream, Inc. | 3171552 |
| 49628 | Expand Energy Corp. | 4802998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) | Oil, Gas & Consumable Fuels – (continued) |
| 70628 | Exxon Mobil Corp. | $8072074 |
|  |  | 23422179 |
| Personal Care Products – 1.3% | Personal Care Products – 1.3% | Personal Care Products – 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267076 | Kenvue, Inc. | 5531144 |
| Pharmaceuticals – 3.3% | Pharmaceuticals – 3.3% | Pharmaceuticals – 3.3% |
| 80693 | Johnson & Johnson | 14296379 |
| Residential REITs – 1.0% | Residential REITs – 1.0% | Residential REITs – 1.0% |
| 21870 | AvalonBay Communities, Inc. REIT | 4283239 |
| Semiconductors & Semiconductor Equipment – 3.5% | Semiconductors & Semiconductor Equipment – 3.5% | Semiconductors & Semiconductor Equipment – 3.5% |
| 47391 | Marvell Technology, Inc. | 2979235 |
| 34808 | NVIDIA Corp. | 6062857 |
| 30754 | Texas Instruments, Inc. | 6227070 |
|  |  | 15269162 |
| Software – 3.1% | Software – 3.1% | Software – 3.1% |
| 6963 | Cadence Design Systems, Inc.\* | 2440044 |
| 77002 | Dynatrace, Inc.\* | 3896301 |
| 28435 | Salesforce, Inc. | 7286469 |
|  |  | 13622814 |
| Specialty Retail – 2.6% | Specialty Retail – 2.6% | Specialty Retail – 2.6% |
| 28793 | Lowe's Cos., Inc. | 7430322 |
| 28274 | TJX Cos., Inc. (The) | 3862511 |
|  |  | 11292833 |
| Wireless Telecommunication Services – 1.5% | Wireless Telecommunication Services – 1.5% | Wireless Telecommunication Services – 1.5% |
| 26503 | T-Mobile US, Inc. | 6678491 |
| **TOTAL COMMON STOCKS**<br> **(Cost $344,032,071)** | **TOTAL COMMON STOCKS**<br> **(Cost $344,032,071)** | 433362996 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.3%<sup>(a)</sup> | Investment Company – 0.3%<sup>(a)</sup> | Investment Company – 0.3%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 1159423 | 4.154% | 1159423 |
| **(Cost $1,159,423)** | **(Cost $1,159,423)** |  |
| **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $345,191,494)** | **TOTAL INVESTMENTS – 99.8%**<br> **(Cost $345,191,494)** | $434522419 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | 916192 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435438611 |

---

---

| | |
|:---|:---|
| 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) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS MID CAP VALUE 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 – 98.9% | Common Stocks – 98.9% | Common Stocks – 98.9% |
| Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% | Aerospace & Defense – 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65030 | L3Harris Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18053629 |
| 34495 | Woodward, Inc. | 8514056 |
|  |  | 26567685 |
| Automobile Components – 1.1% | Automobile Components – 1.1% | Automobile Components – 1.1% |
| 157807 | Aptiv PLC (Jersey)\* | 12550391 |
| Banks – 4.8% | Banks – 4.8% | Banks – 4.8% |
| 282719 | Citizens Financial Group, Inc. | 14780549 |
| 312798 | Fifth Third Bancorp | 14316764 |
| 271156 | First Horizon Corp. | 6128126 |
| 95022 | SouthState Corp. | 9697945 |
| 63492 | Wintrust Financial Corp. | 8716817 |
|  |  | 53640201 |
| Beverages – 2.4% | Beverages – 2.4% | Beverages – 2.4% |
| 253097 | Coca-Cola Europacific Partners PLC (United Kingdom) | 22490200 |
| 80264 | Molson Coors Beverage Co., Class B | 4052529 |
|  |  | 26542729 |
| Broadline Retail – 0.4% | Broadline Retail – 0.4% | Broadline Retail – 0.4% |
| 47827 | eBay, Inc. | 4333604 |
| Building Products – 0.7% | Building Products – 0.7% | Building Products – 0.7% |
| 59116 | Builders FirstSource, Inc.\* | 8198207 |
| Capital Markets – 2.7% | Capital Markets – 2.7% | Capital Markets – 2.7% |
| 111589 | Nasdaq, Inc. | 10571942 |
| 114238 | Raymond James Financial, Inc. | 19356487 |
|  |  | 29928429 |
| Chemicals – 3.0% | Chemicals – 3.0% | Chemicals – 3.0% |
| 96338 | Celanese Corp. | 4588579 |
| 351580 | Chemours Co. (The) | 5414332 |
| 112248 | RPM International, Inc. | 14065797 |
| 107549 | Westlake Corp. | 9444953 |
|  |  | 33513661 |
| Construction Materials – 2.0% | Construction Materials – 2.0% | Construction Materials – 2.0% |
| 36063 | Martin Marietta Materials, Inc. | 22229233 |
| Consumer Staples Distribution & Retail – 3.1% | Consumer Staples Distribution & Retail – 3.1% | Consumer Staples Distribution & Retail – 3.1% |
| 200811 | BJ's Wholesale Club Holdings, Inc.\* | 19615218 |
| 141794 | Performance Food Group Co.\* | 14377912 |
|  |  | 33993130 |
| Containers & Packaging – 1.4% | Containers & Packaging – 1.4% | Containers & Packaging – 1.4% |
| 322127 | International Paper Co. | 16003269 |
| Electric Utilities – 3.9% | Electric Utilities – 3.9% | Electric Utilities – 3.9% |
| 118627 | Entergy Corp. | 10449852 |
| 134107 | Exelon Corp. | 5857794 |
| 31144 | NRG Energy, Inc. | 4533321 |
| 491425 | PG&E Corp. | 7508974 |
| 407416 | PPL Corp. | 14858461 |
|  |  | 43208402 |
| Electrical Equipment – 5.2% | Electrical Equipment – 5.2% | Electrical Equipment – 5.2% |
| 143953 | AMETEK, Inc. | 26602514 |
| 77514 | Rockwell Automation, Inc. | 26620633 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electrical Equipment – (continued) | Electrical Equipment – (continued) | Electrical Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34845 | Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444480 |
|  |  | 57667627 |
| Entertainment – 1.9% | Entertainment – 1.9% | Entertainment – 1.9% |
| 49617 | Live Nation Entertainment, Inc.\* | 8260734 |
| 70330 | TKO Group Holdings, Inc. | 13331755 |
|  |  | 21592489 |
| Financial Services – 3.3% | Financial Services – 3.3% | Financial Services – 3.3% |
| 239370 | Corebridge Financial, Inc. | 8322895 |
| 254091 | Fidelity National Information Services, Inc. | 17738093 |
| 111081 | Global Payments, Inc. | 9866214 |
|  |  | 35927202 |
| Food Products – 0.4% | Food Products – 0.4% | Food Products – 0.4% |
| 86226 | Lamb Weston Holdings, Inc. | 4960582 |
| Gas Utilities – 0.4% | Gas Utilities – 0.4% | Gas Utilities – 0.4% |
| 118142 | UGI Corp. | 4092439 |
| Ground Transportation – 0.7% | Ground Transportation – 0.7% | Ground Transportation – 0.7% |
| 24738 | Saia, Inc.\* | 7333827 |
| Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% | Health Care Equipment & Supplies – 0.8% |
| 135852 | Cooper Cos., Inc. (The)\* | 9155746 |
| Health Care Providers & Services – 2.6% | Health Care Providers & Services – 2.6% | Health Care Providers & Services – 2.6% |
| 35516 | Cencora, Inc. | 10356821 |
| 29545 | Humana, Inc. | 8971634 |
| 49900 | Quest Diagnostics, Inc. | 9063836 |
|  |  | 28392291 |
| Health Care REITs – 0.6% | Health Care REITs – 0.6% | Health Care REITs – 0.6% |
| 94226 | Ventas, Inc. REIT | 6414906 |
| Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% | Hotels, Restaurants & Leisure – 1.2% |
| 76010 | Boyd Gaming Corp. | 6526219 |
| 19120 | Royal Caribbean Cruises Ltd. | 6944766 |
|  |  | 13470985 |
| Household Durables – 3.2% | Household Durables – 3.2% | Household Durables – 3.2% |
| 134692 | D.R. Horton, Inc. | 22827600 |
| 97075 | Lennar Corp., Class A | 12924566 |
|  |  | 35752166 |
| Independent Power and Renewable Electricity Producers – 0.6% | Independent Power and Renewable Electricity Producers – 0.6% | Independent Power and Renewable Electricity Producers – 0.6% |
| 75147 | Ormat Technologies, Inc. | 6905258 |
| Industrial REITs – 0.5% | Industrial REITs – 0.5% | Industrial REITs – 0.5% |
| 383186 | Americold Realty Trust, Inc. REIT | 5533206 |
| Insurance – 5.6% | Insurance – 5.6% | Insurance – 5.6% |
| 63607 | Allstate Corp. (The) | 12940844 |
| 60210 | American Financial Group, Inc. | 8180131 |
| 94670 | Arch Capital Group Ltd. | 8665145 |
| 66667 | Globe Life, Inc. | 9330047 |
| 122832 | Prudential Financial, Inc. | 13469757 |
| 134900 | Unum Group | 9424114 |
|  |  | 62010038 |
| Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% |
| 39835 | Agilent Technologies, Inc. | 5005666 |

---

&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 MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) | Life Sciences Tools & Services – (continued) |
| 7703 | Mettler-Toledo International, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10021911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19432 | West Pharmaceutical Services, Inc. | 4798733 |
|  |  | 19826310 |
| Machinery – 3.3% | Machinery – 3.3% | Machinery – 3.3% |
| 35696 | IDEX Corp. | 5871992 |
| 141457 | Ingersoll Rand, Inc. | 11235930 |
| 44758 | ITT, Inc. | 7620049 |
| 162985 | Stanley Black & Decker, Inc. | 12108156 |
|  |  | 36836127 |
| Media – 0.8% | Media – 0.8% | Media – 0.8% |
| 114171 | Omnicom Group, Inc. | 8943014 |
| Metals & Mining – 1.2% | Metals & Mining – 1.2% | Metals & Mining – 1.2% |
| 100724 | Steel Dynamics, Inc. | 13186786 |
| Multi-Utilities – 4.2% | Multi-Utilities – 4.2% | Multi-Utilities – 4.2% |
| 187891 | CMS Energy Corp. | 13447359 |
| 420933 | NiSource, Inc. | 17792838 |
| 182840 | Public Service Enterprise Group, Inc. | 15053217 |
|  |  | 46293414 |
| Oil, Gas & Consumable Fuels – 8.6% | Oil, Gas & Consumable Fuels – 8.6% | Oil, Gas & Consumable Fuels – 8.6% |
| 416690 | BKV Corp. (Thailand)\* | 9713044 |
| 50211 | Cheniere Energy, Inc. | 12142024 |
| 171126 | Devon Energy Corp. | 6177649 |
| 89959 | Diamondback Energy, Inc. | 13382301 |
| 97986 | DT Midstream, Inc. | 10208181 |
| 117258 | Expand Energy Corp. | 11348229 |
| 114120 | Kinetik Holdings, Inc. | 4773640 |
| 832526 | Permian Resources Corp. | 11896796 |
| 113878 | Phillips 66 | 15211823 |
|  |  | 94853687 |
| Passenger Airlines – 2.0% | Passenger Airlines – 2.0% | Passenger Airlines – 2.0% |
| 212685 | United Airlines Holdings, Inc.\* | 22331925 |
| Personal Care Products – 0.9% | Personal Care Products – 0.9% | Personal Care Products – 0.9% |
| 463681 | Kenvue, Inc. | 9602834 |
| Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% |
| 139627 | Organon & Co. | 1315287 |
| 151633 | Royalty Pharma PLC, Class A | 5455755 |
|  |  | 6771042 |
| Professional Services – 0.8% | Professional Services – 0.8% | Professional Services – 0.8% |
| 77281 | Booz Allen Hamilton Holding Corp. | 8401990 |
| Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% | Real Estate Management & Development – 0.6% |
| 42195 | CBRE Group, Inc., Class A\* | 6840653 |
| Residential REITs – 3.0% | Residential REITs – 3.0% | Residential REITs – 3.0% |
| 205719 | American Homes 4 Rent, Class A REIT | 7368854 |
| 56316 | AvalonBay Communities, Inc.<br> REIT | 11029489 |
| 58883 | Camden Property Trust REIT | 6593718 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Residential REITs – (continued) | Residential REITs – (continued) | Residential REITs – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124353 | Equity LifeStyle Properties, Inc. REIT | $7497242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32489303 |
| Semiconductors & Semiconductor Equipment – 2.4% | Semiconductors & Semiconductor Equipment – 2.4% | Semiconductors & Semiconductor Equipment – 2.4% |
| 165048 | Marvell Technology, Inc. | 10375742 |
| 158211 | Microchip Technology, Inc. | 10283715 |
| 53970 | MKS, Inc. | 5577260 |
|  |  | 26236717 |
| Software – 1.6% | Software – 1.6% | Software – 1.6% |
| 161869 | Dynatrace, Inc.\* | 8190571 |
| 46687 | Monday.com Ltd.\* | 9010591 |
|  |  | 17201162 |
| Specialized REITs – 3.3% | Specialized REITs – 3.3% | Specialized REITs – 3.3% |
| 78738 | Digital Realty Trust, Inc. REIT | 13199638 |
| 73598 | Extra Space Storage, Inc. REIT | 10567201 |
| 405720 | VICI Properties, Inc. REIT | 13705222 |
|  |  | 37472061 |
| Specialty Retail – 2.8% | Specialty Retail – 2.8% | Specialty Retail – 2.8% |
| 1803 | AutoZone, Inc.\* | 7569950 |
| 19803 | Burlington Stores, Inc.\* | 5756336 |
| 52476 | Floor & Decor Holdings, Inc., Class A\* | 4298834 |
| 87925 | Ross Stores, Inc. | 12939043 |
|  |  | 30564163 |
| Technology Hardware, Storage & Peripherals – 2.5% | Technology Hardware, Storage & Peripherals – 2.5% | Technology Hardware, Storage & Peripherals – 2.5% |
| 480251 | Hewlett Packard Enterprise Co. | 10839265 |
| 209564 | Western Digital Corp.\* | 16836372 |
|  |  | 27675637 |
| Trading Companies & Distributors – 3.6% | Trading Companies & Distributors – 3.6% | Trading Companies & Distributors – 3.6% |
| 366418 | Fastenal Co. | 18196318 |
| 22397 | United Rentals, Inc. | 21419147 |
|  |  | 39615465 |
| **TOTAL COMMON STOCKS**<br> **(Cost $891,190,717)** | **TOTAL COMMON STOCKS**<br> **(Cost $891,190,717)** | 1095059993 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.1%<sup>(a)</sup> | Investment Company – 1.1%<sup>(a)</sup> | Investment Company – 1.1%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 11772742 | 4.154% | 11772742 |
| **(Cost $11,772,742)** | **(Cost $11,772,742)** |  |
| **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $902,963,459)** | **TOTAL INVESTMENTS – 100.0%**<br> **(Cost $902,963,459)** | $1106832735 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%** | 363809 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1107196544 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS MID CAP VALUE 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;

\* Non-income producing security. <br> (a) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE 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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% | Aerospace & Defense – 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72584 | Cadre Holdings, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236313 |
| 97970 | Mercury Systems, Inc.\* | 6617874 |
| 25290 | Moog, Inc., Class A | 4953046 |
| 15779 | VSE Corp. | 2562509 |
|  |  | 16369742 |
| Automobile Components – 3.7% | Automobile Components – 3.7% | Automobile Components – 3.7% |
| 185580 | Adient PLC\* | 4602384 |
| 94713 | Dana, Inc. | 1909414 |
| 61376 | Fox Factory Holding Corp.\* | 1775608 |
| 381220 | Goodyear Tire & Rubber Co. (The)\* | 3232746 |
| 42662 | LCI Industries | 4497428 |
| 48625 | Patrick Industries, Inc. | 5438706 |
| 125228 | Phinia, Inc. | 7323333 |
| 55681 | Visteon Corp.\* | 6902217 |
|  |  | 35681836 |
| Automobiles – 0.4% | Automobiles – 0.4% | Automobiles – 0.4% |
| 32911 | Thor Industries, Inc. | 3607046 |
| Banks – 20.1% | Banks – 20.1% | Banks – 20.1% |
| 218496 | Amerant Bancorp, Inc. | 4697664 |
| 187459 | Ameris Bancorp | 13736996 |
| 346060 | Atlantic Union Bankshares Corp. | 12364724 |
| 463450 | Banc of California, Inc. | 7841574 |
| 329241 | Cadence Bank | 12392631 |
| 137121 | CoastalSouth Bancshares, Inc. | 2972783 |
| 125461 | Community Financial System, Inc. | 7513859 |
| 338315 | ConnectOne Bancorp, Inc. | 8660864 |
| 143724 | FB Financial Corp. | 7715104 |
| 186323 | First Merchants Corp. | 7736131 |
| 261026 | Glacier Bancorp, Inc. | 12829428 |
| 215974 | MidWestOne Financial Group, Inc. | 6531054 |
| 268582 | Northpointe Bancshares, Inc. | 4786131 |
| 377741 | Old Second Bancorp, Inc. | 6973099 |
| 220986 | Origin Bancorp, Inc. | 8594146 |
| 289415 | Pacific Premier Bancorp, Inc. | 7087773 |
| 310082 | Renasant Corp. | 12133509 |
| 231679 | Seacoast Banking Corp. of Florida | 7207534 |
| 76357 | SouthState Corp. | 7792995 |
| 139256 | TriCo Bancshares | 6325008 |
| 122596 | UMB Financial Corp. | 14944452 |
| 934164 | Valley National Bancorp | 9771355 |
|  |  | 190608814 |
| Biotechnology – 3.0% | Biotechnology – 3.0% | Biotechnology – 3.0% |
| 128224 | Alkermes PLC\* | 3714649 |
| 29162 | Bridgebio Pharma, Inc.\* | 1509425 |
| 57869 | CG oncology, Inc.\* | 1552047 |
| 80298 | Cytokinetics, Inc.\* | 2836928 |
| 150014 | Dynavax Technologies Corp.\* | 1518142 |
| 59582 | Ideaya Biosciences, Inc.\* | 1462738 |
| 80279 | Immunovant, Inc.\* | 1179298 |
| 44102 | Ionis Pharmaceuticals, Inc.\* | 1880289 |
| 7374 | Madrigal Pharmaceuticals, Inc.\* | 3228706 |
| 65868 | Mineralys Therapeutics, Inc.\* | 1019637 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology – (continued) | Biotechnology – (continued) | Biotechnology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24078 | Protagonist Therapeutics, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421806 |
| 51490 | REVOLUTION Medicines, Inc.\* | 1955075 |
| 141476 | Syndax Pharmaceuticals, Inc.\* | 2310303 |
| 51987 | Ultragenyx Pharmaceutical, Inc.\* | 1557531 |
| 40862 | Xenon Pharmaceuticals, Inc. (Canada)\* | 1581768 |
|  |  | 28728342 |
| Building Products – 0.6% | Building Products – 0.6% | Building Products – 0.6% |
| 35082 | Griffon Corp. | 2671845 |
| 243970 | Masterbrand, Inc.\* | 3100859 |
|  |  | 5772704 |
| Capital Markets – 2.2% | Capital Markets – 2.2% | Capital Markets – 2.2% |
| 20611 | Bullish (Cayman Islands) | 1216667 |
| 34347 | Miami International Holdings, Inc. | 1290760 |
| 447986 | Perella Weinberg Partners | 9913930 |
| 25946 | Piper Sandler Cos. | 8660516 |
|  |  | 21081873 |
| Chemicals – 1.6% | Chemicals – 1.6% | Chemicals – 1.6% |
| 215799 | Avient Corp. | 8070883 |
| 123791 | HB Fuller Co. | 7557440 |
|  |  | 15628323 |
| Commercial Services & Supplies – 0.5% | Commercial Services & Supplies – 0.5% | Commercial Services & Supplies – 0.5% |
| 339762 | BrightView Holdings, Inc.\* | 4892573 |
| Communications Equipment – 0.2% | Communications Equipment – 0.2% | Communications Equipment – 0.2% |
| 57827 | Digi International, Inc.\* | 2007753 |
| Construction & Engineering – 2.5% | Construction & Engineering – 2.5% | Construction & Engineering – 2.5% |
| 88953 | Arcosa, Inc. | 8801899 |
| 143200 | Centuri Holdings, Inc. | 3041568 |
| 85327 | Fluor Corp.\* | 3500114 |
| 41165 | Granite Construction, Inc. | 4435529 |
| 22097 | MYR Group, Inc.\* | 4138105 |
|  |  | 23917215 |
| Construction Materials – 0.3% | Construction Materials – 0.3% | Construction Materials – 0.3% |
| 40562 | Knife River Corp.\* | 3285522 |
| Consumer Finance – 2.3% | Consumer Finance – 2.3% | Consumer Finance – 2.3% |
| 84410 | Bread Financial Holdings, Inc. | 5587098 |
| 111784 | Encore Capital Group, Inc.\* | 4677042 |
| 51783 | Enova International, Inc.\* | 6281278 |
| 269564 | Jefferson Capital, Inc. | 5070499 |
|  |  | 21615917 |
| Consumer Staples Distribution & Retail – 0.3% | Consumer Staples Distribution & Retail – 0.3% | Consumer Staples Distribution & Retail – 0.3% |
| 133763 | Grocery Outlet Holding Corp.\* | 2422448 |
| Containers & Packaging – 1.4% | Containers & Packaging – 1.4% | Containers & Packaging – 1.4% |
| 87151 | Greif, Inc., Class A | 5691832 |
| 322503 | O-I Glass, Inc.\* | 4189314 |
| 81277 | Silgan Holdings, Inc. | 3813517 |
|  |  | 13694663 |
| Diversified REITs – 0.7% | Diversified REITs – 0.7% | Diversified REITs – 0.7% |
| 227923 | Essential Properties Realty Trust, Inc. REIT | 7138548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS SMALL CAP VALUE 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** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electric Utilities – 1.8% | Electric Utilities – 1.8% | Electric Utilities – 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73435 | IDACORP, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9186719 |
| 42647 | MGE Energy, Inc. | 3631392 |
| 72808 | TXNM Energy, Inc. | 4123845 |
|  |  | 16941956 |
| Electronic Equipment, Instruments & Components – 4.3% | Electronic Equipment, Instruments & Components – 4.3% | Electronic Equipment, Instruments & Components – 4.3% |
| 30488 | Advanced Energy Industries, Inc. | 4563444 |
| 16390 | Bel Fuse, Inc., Class B | 2205438 |
| 35796 | Belden, Inc. | 4660639 |
| 13097 | Insight Enterprises, Inc.\* | 1704705 |
| 29065 | Itron, Inc.\* | 3573251 |
| 360802 | Knowles Corp.\* | 7703123 |
| 13802 | Littelfuse, Inc. | 3586174 |
| 26160 | Rogers Corp.\* | 2052514 |
| 52456 | Sanmina Corp.\* | 6164629 |
| 94032 | TTM Technologies, Inc.\* | 4191006 |
|  |  | 40404923 |
| Energy Equipment & Services – 2.0% | Energy Equipment & Services – 2.0% | Energy Equipment & Services – 2.0% |
| 145680 | Kodiak Gas Services, Inc. | 5213887 |
| 189370 | Liberty Energy, Inc. | 2130413 |
| 204383 | Noble Corp. PLC | 5890318 |
| 566387 | Patterson-UTI Energy, Inc. | 3290708 |
| 78566 | Seadrill Ltd. (Norway)\* | 2507041 |
|  |  | 19032367 |
| Financial Services – 2.6% | Financial Services – 2.6% | Financial Services – 2.6% |
| 124697 | NMI Holdings, Inc., Class A\* | 4906827 |
| 106378 | PennyMac Financial Services, Inc. | 11712218 |
| 94825 | Walker & Dunlop, Inc. | 8064866 |
|  |  | 24683911 |
| Food Products – 0.7% | Food Products – 0.7% | Food Products – 0.7% |
| 14740 | Marzetti Company (The) | 2691524 |
| 278906 | Utz Brands, Inc. | 3742918 |
|  |  | 6434442 |
| Gas Utilities – 1.9% | Gas Utilities – 1.9% | Gas Utilities – 1.9% |
| 52318 | Chesapeake Utilities Corp. | 6465458 |
| 184199 | MDU Resources Group, Inc. | 3000602 |
| 110737 | ONE Gas, Inc. | 8471381 |
|  |  | 17937441 |
| Ground Transportation – 0.5% | Ground Transportation – 0.5% | Ground Transportation – 0.5% |
| 14907 | Saia, Inc.\* | 4419329 |
| Health Care Equipment & Supplies – 1.3% | Health Care Equipment & Supplies – 1.3% | Health Care Equipment & Supplies – 1.3% |
| 52195 | Globus Medical, Inc., Class A\* | 3197988 |
| 97674 | LivaNova PLC\* | 5505883 |
| 41818 | Merit Medical Systems, Inc.\* | 3786202 |
|  |  | 12490073 |
| Health Care Providers & Services – 0.4% | Health Care Providers & Services – 0.4% | Health Care Providers & Services – 0.4% |
| 410974 | NeoGenomics, Inc.\* | 3608352 |
| Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% |
| 31219 | Cheesecake Factory, Inc. (The) | 1918720 |
| 35988 | Churchill Downs, Inc. | 3733035 |
| 22782 | Cracker Barrel Old Country Store, Inc. | 1362819 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| 158858 | First Watch Restaurant Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68644 | Red Rock Resorts, Inc., Class A | 4247004 |
|  |  | 14254463 |
| Household Durables – 4.1% | Household Durables – 4.1% | Household Durables – 4.1% |
| 17181 | Installed Building Products, Inc. | 4498329 |
| 135424 | La-Z-Boy, Inc. | 5006625 |
| 66007 | M/I Homes, Inc.\* | 9720191 |
| 121475 | Meritage Homes Corp. | 9437393 |
| 151958 | Taylor Morrison Home Corp.\* | 10237411 |
|  |  | 38899949 |
| Household Products – 0.5% | Household Products – 0.5% | Household Products – 0.5% |
| 69950 | Central Garden & Pet Co., Class A\* | 2310449 |
| 74304 | Energizer Holdings, Inc. | 2047818 |
|  |  | 4358267 |
| Industrial REITs – 1.7% | Industrial REITs – 1.7% | Industrial REITs – 1.7% |
| 170554 | STAG Industrial, Inc. REIT | 6284915 |
| 157723 | Terreno Realty Corp. REIT | 9111658 |
|  |  | 15396573 |
| Insurance – 3.0% | Insurance – 3.0% | Insurance – 3.0% |
| 617720 | Abacus Global Management, Inc.\* | 4416698 |
| 62772 | Accelerant Holdings, Class A (Cayman Islands) | 1258579 |
| 136509 | Aspen Insurance Holdings Ltd., Class A (Bermuda)\* | 4982578 |
| 166678 | CNO Financial Group, Inc. | 6578781 |
| 29128 | HCI Group, Inc. | 4855929 |
| 68265 | Kemper Corp. | 3662417 |
| 207858 | Slide Insurance Holdings, Inc. | 2781140 |
|  |  | 28536122 |
| IT Services – 0.5% | IT Services – 0.5% | IT Services – 0.5% |
| 93465 | ASGN, Inc.\* | 5070476 |
| Machinery – 5.5% | Machinery – 5.5% | Machinery – 5.5% |
| 39959 | Esab Corp. | 4610070 |
| 38001 | ESCO Technologies, Inc. | 7634781 |
| 25244 | Federal Signal Corp. | 3104759 |
| 365317 | Gates Industrial Corp. PLC\* | 9337502 |
| 73366 | Gorman-Rupp Co. (The) | 3137864 |
| 58753 | SPX Technologies, Inc.\* | 10993274 |
| 37624 | Standex International Corp. | 7677930 |
| 108386 | Terex Corp. | 5412797 |
|  |  | 51908977 |
| Media – 0.4% | Media – 0.4% | Media – 0.4% |
| 187096 | TEGNA, Inc. | 3966435 |
| Metals & Mining – 2.2% | Metals & Mining – 2.2% | Metals & Mining – 2.2% |
| 698755 | Coeur Mining, Inc.\* | 9188628 |
| 141156 | Commercial Metals Co. | 8140467 |
| 256903 | Constellium SE\* | 3722524 |
|  |  | 21051619 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.7% | Mortgage Real Estate Investment Trusts (REITs) – 0.7% | Mortgage Real Estate Investment Trusts (REITs) – 0.7% |
| 565900 | Ladder Capital Corp. REIT | 6575758 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Office REITs – 1.4% | Office REITs – 1.4% | Office REITs – 1.4% |
| 196806 | COPT Defense Properties REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664077 |
| 247981 | Cousins Properties, Inc. REIT | 7312960 |
|  |  | 12977037 |
| Oil, Gas & Consumable Fuels – 4.6% | Oil, Gas & Consumable Fuels – 4.6% | Oil, Gas & Consumable Fuels – 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99850 | California Resources Corp. | 4960548 |
| 105677 | CNX Resources Corp.\* | 3085768 |
| 385737 | Crescent Energy Co., Class A | 3679931 |
| 112246 | Delek US Holdings, Inc. | 3110337 |
| 306370 | DHT Holdings, Inc. | 3590656 |
| 24530 | Gulfport Energy Corp.\* | 4268956 |
| 82742 | Kinetik Holdings, Inc. | 3461098 |
| 324929 | Magnolia Oil & Gas Corp., Class A | 8084234 |
| 109318 | Matador Resources Co. | 5505254 |
| 70369 | Scorpio Tankers, Inc. (Monaco) | 3546598 |
|  |  | 43293380 |
| Passenger Airlines – 0.7% | Passenger Airlines – 0.7% | Passenger Airlines – 0.7% |
| 53291 | SkyWest, Inc.\* | 6469527 |
| Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% |
| 20920 | Ligand Pharmaceuticals, Inc.\* | 3382973 |
| 69379 | Prestige Consumer Healthcare, Inc.\* | 4720547 |
|  |  | 8103520 |
| Professional Services – 1.2% | Professional Services – 1.2% | Professional Services – 1.2% |
| 6972 | CACI International, Inc., Class A\* | 3344608 |
| 107740 | Korn Ferry | 7987844 |
|  |  | 11332452 |
| Real Estate Management & Development – 2.5% | Real Estate Management & Development – 2.5% | Real Estate Management & Development – 2.5% |
| 608904 | Cushman & Wakefield PLC\* | 9602416 |
| 109834 | Forestar Group, Inc.\* | 3039107 |
| 595051 | Newmark Group, Inc., Class A | 10835879 |
|  |  | 23477402 |
| Residential REITs – 1.3% | Residential REITs – 1.3% | Residential REITs – 1.3% |
| 527775 | Independence Realty Trust, Inc. REIT | 9558005 |
| 172106 | UMH Properties, Inc. REIT | 2700343 |
|  |  | 12258348 |
| Retail REITs – 1.2% | Retail REITs – 1.2% | Retail REITs – 1.2% |
| 211103 | InvenTrust Properties Corp. REIT | 6284536 |
| 152026 | Tanger, Inc. REIT | 5196249 |
|  |  | 11480785 |
| Semiconductors & Semiconductor Equipment – 2.6% | Semiconductors & Semiconductor Equipment – 2.6% | Semiconductors & Semiconductor Equipment – 2.6% |
| 56187 | Axcelis Technologies, Inc.\* | 4497207 |
| 151388 | Cohu, Inc.\* | 3012621 |
| 42278 | Qorvo, Inc.\* | 3834615 |
| 66197 | Rambus, Inc.\* | 4883353 |
| 44242 | Semtech Corp.\* | 2570018 |
| 27190 | Silicon Laboratories, Inc.\* | 3652976 |
| 105480 | Ultra Clean Holdings, Inc.\* | 2533630 |
|  |  | 24984420 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software – 0.8% | Software – 0.8% | Software – 0.8% |
| 68178 | BlackLine, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10267 | Commvault Systems, Inc.\* | 1916284 |
| 141399 | PagerDuty, Inc.\* | 2367019 |
|  |  | 7990141 |
| Specialized REITs – 1.1% | Specialized REITs – 1.1% | Specialized REITs – 1.1% |
| 213333 | Four Corners Property Trust, Inc. REIT | 5523191 |
| 133602 | Smartstop Self Storage REIT, Inc. REIT | 4861777 |
|  |  | 10384968 |
| Specialty Retail – 2.9% | Specialty Retail – 2.9% | Specialty Retail – 2.9% |
| 86374 | Academy Sports & Outdoors, Inc. | 4625328 |
| 62547 | Advance Auto Parts, Inc. | 3814742 |
| 19311 | Group 1 Automotive, Inc. | 8975367 |
| 53042 | Urban Outfitters, Inc.\* | 3558057 |
| 163562 | Valvoline, Inc.\* | 6342934 |
|  |  | 27316428 |
| Textiles, Apparel & Luxury Goods – 0.7% | Textiles, Apparel & Luxury Goods – 0.7% | Textiles, Apparel & Luxury Goods – 0.7% |
| 139930 | Capri Holdings Ltd.\* | 2881158 |
| 55235 | Kontoor Brands, Inc. | 4266904 |
|  |  | 7148062 |
| Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% | Trading Companies & Distributors – 0.4% |
| 227813 | MRC Global, Inc.\* | 3435420 |
| **TOTAL COMMON STOCKS**<br> **(Cost $744,436,106)** | **TOTAL COMMON STOCKS**<br> **(Cost $744,436,106)** | 943076642 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.8%<sup>(a)</sup> | Investment Company – 0.8%<sup>(a)</sup> | Investment Company – 0.8%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 8029450 | 4.154% | 8029450 |
| **(Cost $8,029,450)** | **(Cost $8,029,450)** |  |
| **TOTAL INVESTMENTS – 100.3%**<br> **(Cost $752,465,556)** | **TOTAL INVESTMENTS – 100.3%**<br> **(Cost $752,465,556)** | $951106092 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%** | (2915953) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $948190139 |

---

---

| | |
|:---|:---|
| 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) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS SMALL/MID CAP EQUITY 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;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.0% | Common Stocks – 99.0% | Common Stocks – 99.0% |
| Aerospace & Defense – 4.0% | Aerospace & Defense – 4.0% | Aerospace & Defense – 4.0% |
| 4385 | AeroVironment, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058320 |
| 18309 | ATI, Inc.\* | 1419680 |
| 3570 | Curtiss-Wright Corp. | 1706995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36251 | Leonardo DRS, Inc. | 1510217 |
|  |  | 5695212 |
| Banks – 7.3% | Banks – 7.3% | Banks – 7.3% |
| 23281 | East West Bancorp, Inc. | 2447764 |
| 73939 | First Horizon Corp. | 1671022 |
| 20902 | Prosperity Bancshares, Inc. | 1444955 |
| 17490 | SouthState Corp. | 1785030 |
| 13099 | UMB Financial Corp. | 1596768 |
| 11177 | Wintrust Financial Corp. | 1534490 |
|  |  | 10480029 |
| Beverages – 0.6% | Beverages – 0.6% | Beverages – 0.6% |
| 34858 | Primo Brands Corp., Class A | 875284 |
| Biotechnology – 3.8% | Biotechnology – 3.8% | Biotechnology – 3.8% |
| 46179 | Alkermes PLC\* | 1337806 |
| 9732 | Blueprint Medicines Corp.\*<sup>(a)</sup> | 4477 |
| 3167 | Madrigal Pharmaceuticals, Inc.\* | 1386671 |
| 7590 | Natera, Inc.\* | 1277017 |
| 9863 | Neurocrine Biosciences, Inc.\* | 1376875 |
|  |  | 5382846 |
| Building Products – 2.0% | Building Products – 2.0% | Building Products – 2.0% |
| 14611 | AAON, Inc. | 1211982 |
| 9280 | Allegion PLC | 1575744 |
|  |  | 2787726 |
| Capital Markets – 5.9% | Capital Markets – 5.9% | Capital Markets – 5.9% |
| 5696 | Evercore, Inc., Class A | 1831549 |
| 13132 | Hamilton Lane, Inc., Class A | 2026793 |
| 32254 | Jefferies Financial Group, Inc. | 2091672 |
| 21159 | Stifel Financial Corp. | 2439421 |
|  |  | 8389435 |
| Chemicals – 2.6% | Chemicals – 2.6% | Chemicals – 2.6% |
| 30131 | Avient Corp. | 1126899 |
| 33684 | Element Solutions, Inc. | 866353 |
| 13416 | RPM International, Inc. | 1681159 |
|  |  | 3674411 |
| Construction & Engineering – 3.3% | Construction & Engineering – 3.3% | Construction & Engineering – 3.3% |
| 20098 | AECOM | 2510039 |
| 11985 | MasTec, Inc.\* | 2177555 |
|  |  | 4687594 |
| Consumer Finance – 0.9% | Consumer Finance – 0.9% | Consumer Finance – 0.9% |
| 21201 | OneMain Holdings, Inc. | 1311494 |
| Consumer Staples Distribution & Retail – 1.4% | Consumer Staples Distribution & Retail – 1.4% | Consumer Staples Distribution & Retail – 1.4% |
| 10778 | BJ's Wholesale Club Holdings, Inc.\* | 1052795 |
| 2153 | Casey's General Stores, Inc. | 1064701 |
|  |  | 2117496 |
| Containers & Packaging – 1.5% | Containers & Packaging – 1.5% | Containers & Packaging – 1.5% |
| 5330 | Avery Dennison Corp. | 914895 |
| 12335 | Crown Holdings, Inc. | 1225852 |
|  |  | 2140747 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Distributors – 1.2% | Distributors – 1.2% | Distributors – 1.2% |
| 5632 | Pool Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749919 |
| Diversified Telecommunication Services – –% | Diversified Telecommunication Services – –% | Diversified Telecommunication Services – –% |
| 3739 | GCI Liberty, Inc., Class A\*<sup>(a)</sup> |  |
| Electric Utilities – 1.0% | Electric Utilities – 1.0% | Electric Utilities – 1.0% |
| 10808 | IDACORP, Inc. | 1352081 |
| Electrical Equipment – 2.4% | Electrical Equipment – 2.4% | Electrical Equipment – 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24191 | nVent Electric PLC | 2186625 |
| 8731 | Regal Rexnord Corp. | 1303800 |
|  |  | 3490425 |
| Electronic Equipment, Instruments & Components – 3.0% | Electronic Equipment, Instruments & Components – 3.0% | Electronic Equipment, Instruments & Components – 3.0% |
| 14639 | Coherent Corp.\* | 1324390 |
| 27323 | Flex Ltd.\* | 1465059 |
| 9766 | TD SYNNEX Corp. | 1446052 |
|  |  | 4235501 |
| Energy Equipment & Services – 1.2% | Energy Equipment & Services – 1.2% | Energy Equipment & Services – 1.2% |
| 29484 | Archrock, Inc. | 730024 |
| 25380 | TechnipFMC PLC (United Kingdom) | 932969 |
|  |  | 1662993 |
| Entertainment – 0.9% | Entertainment – 0.9% | Entertainment – 0.9% |
| 13181 | Liberty Media Corp.-Liberty Formula One, Class C\* | 1316782 |
| Financial Services – 2.1% | Financial Services – 2.1% | Financial Services – 2.1% |
| 6814 | Chime Financial, Inc., Class A\*<sup>(b)</sup> | 179958 |
| 40636 | MGIC Investment Corp. | 1130900 |
| 12207 | Shift4 Payments, Inc., Class A\* | 1103879 |
| 8058 | Voya Financial, Inc. | 605075 |
|  |  | 3019812 |
| Ground Transportation – 0.7% | Ground Transportation – 0.7% | Ground Transportation – 0.7% |
| 3213 | Saia, Inc.\* | 952526 |
| Health Care Equipment & Supplies – 2.2% | Health Care Equipment & Supplies – 2.2% | Health Care Equipment & Supplies – 2.2% |
| 22464 | Globus Medical, Inc., Class A\* | 1376369 |
| 9801 | Merit Medical Systems, Inc.\* | 887383 |
| 3017 | Penumbra, Inc.\* | 822555 |
|  |  | 3086307 |
| Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% | Health Care Providers & Services – 0.7% |
| 5788 | Ensign Group, Inc. (The) | 994262 |
| Hotels, Restaurants & Leisure – 3.8% | Hotels, Restaurants & Leisure – 3.8% | Hotels, Restaurants & Leisure – 3.8% |
| 16000 | Churchill Downs, Inc. | 1659680 |
| 19606 | Red Rock Resorts, Inc., Class A | 1213023 |
| 8973 | Shake Shack, Inc., Class A\* | 951138 |
| 9478 | Texas Roadhouse, Inc. | 1635429 |
|  |  | 5459270 |
| Household Durables – 3.3% | Household Durables – 3.3% | Household Durables – 3.3% |
| 5912 | Installed Building Products, Inc. | 1547880 |
| 13034 | SharkNinja, Inc.\* | 1524456 |
| 11811 | Toll Brothers, Inc. | 1641729 |
|  |  | 4714065 |
| Industrial REITs – 1.0% | Industrial REITs – 1.0% | Industrial REITs – 1.0% |
| 37298 | STAG Industrial, Inc. REIT | 1374431 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Insurance – 4.7% | Insurance – 4.7% | Insurance – 4.7% |
| 12711 | American Financial Group, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726916 |
| 7794 | Hanover Insurance Group, Inc. (The) | 1352103 |
| 18824 | Kemper Corp. | 1009908 |
| 4090 | RenaissanceRe Holdings Ltd. (Bermuda) | 993829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29100 | Ryan Specialty Holdings, Inc. | 1645023 |
|  |  | 6727779 |
| Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% | Life Sciences Tools & Services – 1.8% |
| 17893 | Bio-Techne Corp. | 977495 |
| 4743 | ICON PLC\* | 843969 |
| 6653 | Repligen Corp.\* | 813795 |
|  |  | 2635259 |
| Machinery – 8.0% | Machinery – 8.0% | Machinery – 8.0% |
| 10367 | Crane Co. | 1921005 |
| 15816 | Esab Corp. | 1824692 |
| 7650 | Lincoln Electric Holdings, Inc. | 1856120 |
| 7239 | RBC Bearings, Inc.\* | 2822920 |
| 15810 | SPX Technologies, Inc.\* | 2958209 |
|  |  | 11382946 |
| Metals & Mining – 1.0% | Metals & Mining – 1.0% | Metals & Mining – 1.0% |
| 4701 | Reliance, Inc. | 1389897 |
| Multi-Utilities – 0.8% | Multi-Utilities – 0.8% | Multi-Utilities – 0.8% |
| 27251 | NiSource, Inc. | 1151900 |
| Oil, Gas & Consumable Fuels – 2.7% | Oil, Gas & Consumable Fuels – 2.7% | Oil, Gas & Consumable Fuels – 2.7% |
| 6223 | Chord Energy Corp. | 683846 |
| 114043 | Permian Resources Corp. | 1629674 |
| 44012 | Range Resources Corp. | 1508291 |
|  |  | 3821811 |
| Professional Services – 2.8% | Professional Services – 2.8% | Professional Services – 2.8% |
| 2960 | CACI International, Inc., Class A\* | 1419971 |
| 25523 | KBR, Inc. | 1287891 |
| 7438 | Paylocity Holding Corp.\* | 1333113 |
|  |  | 4040975 |
| Real Estate Management & Development – 0.9% | Real Estate Management & Development – 0.9% | Real Estate Management & Development – 0.9% |
| 4413 | Jones Lang LaSalle, Inc.\* | 1348480 |
| Retail REITs – 0.9% | Retail REITs – 0.9% | Retail REITs – 0.9% |
| 18767 | Regency Centers Corp. REIT | 1360608 |
| Semiconductors & Semiconductor Equipment – 4.2% | Semiconductors & Semiconductor Equipment – 4.2% | Semiconductors & Semiconductor Equipment – 4.2% |
| 15430 | Lattice Semiconductor Corp.\* | 1024243 |
| 20203 | MACOM Technology Solutions Holdings, Inc.\* | 2589014 |
| 4088 | Nova Ltd. (Israel)\* | 1076534 |
| 5158 | SiTime Corp.\* | 1246534 |
|  |  | 5936325 |
| Software – 5.7% | Software – 5.7% | Software – 5.7% |
| 3729 | CyberArk Software Ltd.\* | 1690206 |
| 43715 | Dynatrace, Inc.\* | 2211979 |
| 10315 | Guidewire Software, Inc.\* | 2238561 |
| 43259 | SailPoint, Inc.\* | 892866 |
| 9085 | ServiceTitan, Inc., Class A\* | 974185 |
|  |  | 8007797 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – 1.0% | Specialized REITs – 1.0% | Specialized REITs – 1.0% |
| 35765 | CubeSmart REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463504 |
| Specialty Retail – 3.8% | Specialty Retail – 3.8% | Specialty Retail – 3.8% |
| 11403 | Boot Barn Holdings, Inc.\* | 2027111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10730 | Five Below, Inc.\* | 1556923 |
| 3816 | Group 1 Automotive, Inc. | 1773601 |
|  |  | 5357635 |
| Textiles, Apparel & Luxury Goods – 2.3% | Textiles, Apparel & Luxury Goods – 2.3% | Textiles, Apparel & Luxury Goods – 2.3% |
| 32954 | Amer Sports, Inc. (Finland)\* | 1295751 |
| 25343 | Birkenstock Holding PLC (Germany)\* | 1321131 |
| 5991 | Deckers Outdoor Corp.\* | 716703 |
|  |  | 3333585 |
| Trading Companies & Distributors – 1.6% | Trading Companies & Distributors – 1.6% | Trading Companies & Distributors – 1.6% |
| 8560 | Applied Industrial Technologies, Inc. | 2256245 |
| **TOTAL COMMON STOCKS**<br> **(Cost $117,130,635)** | **TOTAL COMMON STOCKS**<br> **(Cost $117,130,635)** | 141165394 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.8%<sup>(c)</sup> | Investment Company – 0.8%<sup>(c)</sup> | Investment Company – 0.8%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 1088254 | 4.154% | 1088254 |
| (Cost $1,088,254) | (Cost $1,088,254) |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $118,218,889)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $118,218,889)** | 142253648 |
| Securities Lending Reinvestment Vehicle – 0.1%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.1%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 179668 | 4.154% | 179668 |
| **(Cost $179,668)** | **(Cost $179,668)** |  |
| **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $118,398,557)** | **TOTAL INVESTMENTS – 99.9%**<br> **(Cost $118,398,557)** | $142433316 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%** | 205137 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $142638453 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (b) | All or a portion of security is on loan. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Focused Value Fund** | **Large Cap Value Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $307,866,256, $51,098,650 and $344,032,071, respectively)<sup>(a)</sup> | $415155009 | $58459442 | $433362996 |
|  Investments in affiliated issuers, at value (cost $341, $527,566 and $1,159,423, respectively) | 341 | 527566 | 1159423 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1867020 |  |  |
|  Cash | 175341 | 57973 | 538202 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 871465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 769045 | 103695 | 729048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 22002 | 18074 | 36285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 10637 | 445 | 24112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 9189 | 249 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1184 |  |  |
|  Other assets | 42353 | 54230 | 29387 |
|  **Total assets** | 418923586 | 59221674 | 435879453 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1867020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 109637 | 15671 | 124746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 47058 | 8321 | 180632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 41809 | 913 | 21344 |
|  Accrued expenses | 119856 | 73369 | 114120 |
|  **Total liabilities** | 2185380 | 98274 | 440842 |
| Net Assets: |  |  |  |
|  Paid-in capital | 277781487 | 45934281 | 302506913 |
|  Total distributable earnings | 138956719 | 13189119 | 132931698 |
|  **NET ASSETS** | $416738206 | $59123400 | $435438611 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $322503779 | $1562940 | $85382030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 3707103 | 272226 | 4657426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 19648291 | 5252583 | 126743656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 47218 |  | 1148724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3643959 | 5021342 | 5193734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 8128657 | 1843515 | 3002305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 877831 | 18402 | 2507431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 58181368 | 45152392 | 206803305 |
|  Total Net Assets | $416738206 | $59123400 | $435438611 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 6516927 | 97404 | 5084586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 80133 | 17265 | 302177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 387317 | 324761 | 7409721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 947 |  | 68832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 73803 | 311826 | 308885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 160212 | 114316 | 169180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 17856 | 1145 | 156922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 1147049 | 2798562 | 11654721 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $49.49 | $16.05 | $16.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 46.26 | 15.77 | 15.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 50.73 | 16.17 | 17.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 49.86 |  | 16.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 49.37 | 16.10 | 16.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 50.74 | 16.13 | 17.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 49.16 | 16.07 | 15.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 50.72 | 16.13 | 17.74 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $1,817,319, $– and $– for Equity Income Fund, Focused Value Fund and Large Cap Value Fund, respectively. 

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Equity Income Fund, Focused Value Fund and Large Cap Value Fund is $52.37, $16.98 and $17.77, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Small Cap Value Fund** | **Small/Mid Cap Equity <br>Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $891,190,717, $744,436,106 and $117,130,635, respectively)<sup>(a)</sup> | $1095059993 | $943076642 | $141165394 |
|  Investments in affiliated issuers, at value (cost $11,772,742, $8,029,450 and $1,088,254, respectively) | 11772742 | 8029450 | 1088254 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost |  |  | 179668 |
|  Cash | 676422 | 611513 | 526685 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1175897 | 893713 | 46957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 303804 | 134956 | 35750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2607 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 124858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 7261 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser |  | 34689 | 40901 |
|  Other assets | 48484 | 50207 | 31480 |
|  **Total assets** | 1109039949 | 952963289 | 143115690 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1232628 | 4031389 | 176800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 315639 | 351381 | 43230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 94259 | 44626 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned |  |  | 179668 |
|  Accrued expenses | 200879 | 345754 | 75179 |
|  **Total liabilities** | 1843405 | 4773150 | 477237 |
| Net Assets: |  |  |  |
|  Paid-in capital | 797722922 | 637825861 | 113720463 |
|  Total distributable earnings | 309473622 | 310364278 | 28917990 |
|  **NET ASSETS** | $1107196544 | $948190139 | $142638453 |
|  Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $418207952 | $205964637 | $2431820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4844932 | 658012 | 484434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 285901348 | 185337413 | 15244633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 27223147 | 6683515 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 91695258 | 19287307 | 4483850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 100266757 | 258263583 | 23653490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 17306166 | 30170143 | 42554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 161750984 | 241825529 | 96297672 |
|  Total Net Assets | $1107196544 | $948190139 | $142638453 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 10908381 | 5614008 | 145620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 160686 | 42672 | 30435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 7300836 | 4256300 | 896332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 735480 | 196304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 2486027 | 534608 | 265447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 2563139 | 5938207 | 1392013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 477922 | 872605 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 4135361 | 5560582 | 5670917 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $38.34 | $36.69 | $16.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 30.15 | 15.42 | 15.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 39.16 | 43.54 | 17.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 37.01 | 34.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 36.88 | 36.08 | 16.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 39.12 | 43.49 | 16.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 36.21 | 34.57 | 16.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 39.11 | 43.49 | 16.98 |

---

 <sup>(a)</sup> Includes loaned securities having a market value of $–, $– and $174,544 for Mid Cap Value Fund, Small Cap Value Fund and Small/Mid Cap Equity Fund, respectively. 

 <sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Mid Cap Value Fund, Small Cap Value Fund and Small/Mid Cap Equity Fund is $40.57, $38.83 and $17.67, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Focused Value Fund** | **Large Cap Value**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $15,949, $– and $1,854, respectively) | $9196811 | $1124233 | $8035967 |
|  Dividends — affiliated issuers | 16127 | 29552 | 91744 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 5875 |  |  |
|  **Total Investment Income** | 9218813 | 1153785 | 8127711 |
| Expenses: |  |  |  |
|  Management fees | 2795282 | 402679 | 3306359 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 829636 | 5837 | 275441 |
|  Transfer Agency fees<sup>(a)</sup> | 515299 | 26110 | 265024 |
|  Registration fees | 122352 | 103697 | 119156 |
|  Professional fees | 121990 | 121544 | 122263 |
|  Custody, accounting and administrative services | 63895 | 25156 | 61650 |
|  Printing and mailing costs | 63390 | 46691 | 46989 |
|  Trustee fees | 29543 | 28775 | 29615 |
|  Service fees — Class C | 9807 | 595 | 13909 |
|  Shareholder Administration fees — Service Shares | 224 |  | 2671 |
|  Other | 11847 | 5667 | 12623 |
|  **Total expenses** | 4563265 | 766751 | 4255700 |
|  Less — expense reductions | (755417) | (357498) | (834729) |
|  **Net expenses** | 3807848 | 409253 | 3420971 |
|  **NET INVESTMENT INCOME** | 5410965 | 744532 | 4706740 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 31693224 | 6809999 | 49401177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2600 |  | (20) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 150885 | (2965637) | (24940677) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | (5) |  |
|  **Net realized and unrealized gain** | 31846709 | 3844357 | 24460480 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $37257674 | $4588889 | $29167220 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Equity Income Fund | $795807 | $29422 | $224 | $4183 | $477487 | $5884 | $7702 | $36 | $5162 | $2220 | $1255 | $15553 |
|  Focused Value Fund | 3921 | 1785 |  | 131 | 2352 | 357 | 2056 |  | 7363 | 586 | 39 | 13357 |
|  Large Cap Value Fund  | 217601 | 41726 | 2670 | 13444 | 130562 | 8345 | 50881 | 427 | 6989 | 936 | 4033 | 62851 |

---

&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 FUNDAMENTAL EQUITY VALUE 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Small Cap Value<br> Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Fund** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,812, $44,008 and $–, respectively) | $20262453 | $16050518 | $2140304 |
|  Dividends — affiliated issuers | 459498 | 367244 | 66841 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 1355 | 32638 | 1484 |
|  **Total Investment Income** | 20723306 | 16450400 | 2208629 |
| Expenses: |  |  |  |
|  Management fees | 8346618 | 9854982 | 1169217 |
|  Distribution and/or Service (12b-1) fees<sup>(a)</sup> | 1249165 | 698750 | 10952 |
|  Transfer Agency fees<sup>(a)</sup> | 1009417 | 640321 | 55058 |
|  Registration fees | 138455 | 140328 | 99475 |
|  Custody, accounting and administrative services | 124100 | 139001 | 36668 |
|  Professional fees | 123658 | 121982 | 145387 |
|  Printing and mailing costs | 115413 | 102262 | 47015 |
|  Shareholder Administration fees — Service Shares | 67234 | 18109 |  |
|  Trustee fees | 31004 | 30812 | 28993 |
|  Service fees — Class C | 12817 | 2197 | 1452 |
|  Other | 24155 | 35726 | 9227 |
|  **Total expenses** | 11242036 | 11784470 | 1603444 |
|  Less — expense reductions | (70431) | (1143713) | (365774) |
|  **Net expenses** | 11171605 | 10640757 | 1237670 |
|  **NET INVESTMENT INCOME** | 9551701 | 5809643 | 970959 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 130693289 | 161561274 | 8155929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 13040 |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (42423029) | (108734301) | (6587609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 66 |  |  |
|  **Net realized and unrealized gain** | 88283366 | 52826973 | 1568320 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $97835067 | $58636616 | $2539279 |

---

<sup>(a)</sup> Class specific Distribution and/or Service and Transfer Agency fees were as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Class C** | **Service** | **Class R** | **Class A** | **Class C** | **Institutional** | **Service** | **Investor** | **Class R6** | **Class R** | **Class P** |
|  Mid Cap Value Fund | $1051197 | $38450 | $67234 | $92284 | $630721 | $7690 | $116076 | $10757 | $138710 | $31542 | $27685 | $46236 |
|  Small Cap Value Fund | 521690 | 6591 | 18109 | 152360 | 313016 | 1318 | 95099 | 2897 | 32635 | 81234 | 45708 | 68414 |
|  Small/Mid Cap Equity Fund | 6108 | 4355 |  | 489 | 3665 | 871 | 6662 |  | 7252 | 7567 | 147 | 28894 |

---

&nbsp;&nbsp;&nbsp;&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 FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Focused Value Fund** | **Focused Value Fund** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $5410965 | $5913092 | $744532 | $760950 |
|  Net realized gain | 31695824 | 32675373 | 6809999 | 3886118 |
|  Net change in unrealized gain (loss) | 150885 | 37288629 | (2965642) | 5833608 |
| **Net increase in net assets resulting from operations** | 37257674 | 75877094 | 4588889 | 10480676 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (29043804) | (13432507) | (122318) | (8993) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (362053) | (166369) | (13203) | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (1779993) | (962141) | (460339) | (40641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (7735) | (4012) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (316410) | (178617) | (402420) | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (656544) | (286056) | (176320) | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (73209) | (30475) | (1334) | (533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (4965019) | (1802226) | (3864721) | (695465) |
|  **Total distributions to shareholders** | (37204767) | (16862403) | (5040655) | (746619) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 25024980 | 15471112 | 10430799 | 12927412 |
|  Reinvestment of distributions | 36468242 | 16554956 | 5040654 | 746619 |
|  Cost of shares redeemed | (50235893) | (89022011) | (12580800) | (13703967) |
| **Net increase (decrease) in net assets resulting from share transactions** | 11257329 | (56995943) | 2890653 | (29936) |
|  **TOTAL INCREASE** | 11310236 | 2018748 | 2438887 | 9704121 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $405427970 | $403409222 | $56684513 | $46980392 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416738206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405427970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59123400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56684513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $4706740 | $5360377 | $9551701 | $9097651 |
|  Net realized gain | 49401157 | 38709683 | 130706329 | 51391771 |
|  Net change in unrealized gain (loss) | (24940677) | 50462721 | (42422963) | 125701137 |
| **Net increase in net assets resulting from operations** | 29167220 | 94532781 | 97835067 | 186190559 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (9784589) | (4718280) | (29533099) | (19926417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (683220) | (415123) | (424563) | (313678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (14500655) | (7608539) | (20756025) | (15261356) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (117532) | (53526) | (1850239) | (1276414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (517026) | (189186) | (6863791) | (3882128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (352060) | (140563) | (7436609) | (4565476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (311391) | (232201) | (1352197) | (928135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (23325551) | (11344187) | (10635540) | (7704303) |
|  **Total distributions to shareholders** | (49592024) | (24701605) | (78852063) | (53857907) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 21766877 | 20032017 | 125119190 | 208881145 |
|  Reinvestment of distributions | 48770592 | 24310006 | 74519264 | 51092460 |
|  Cost of shares redeemed | (68075025) | (82173605) | (327062123) | (328371525) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2462444 | (37831582) | (127423669) | (68397920) |
|  **TOTAL INCREASE (DECREASE)** | (17962360) | 31999594 | (108440665) | 63934732 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $453400971 | $421401377 | $1215637209 | $1151702477 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435438611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453400971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107196544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215637209 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the Fiscal**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $5809643 | $7339359 | $970959 | $935802 |
|  Net realized gain | 161561274 | 230675283 | 8155929 | 12944840 |
|  Net change in unrealized gain (loss) | (108734301) | (49605839) | (6587609) | 8295025 |
| **Net increase in net assets resulting from operations** | 58636616 | 188408803 | 2539279 | 22175667 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (44600975) | (10561785) | (45131) | (14532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (385634) | (82198) | (7756) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (47622163) | (22662987) | (386678) | (206693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Shares | (1630463) | (578093) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (4696033) | (2216137) | (106671) | (70022) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (51317108) | (18226558) | (599514) | (238483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares | (6534651) | (1602322) | (1679) | (393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (39897883) | (8853867) | (2055339) | (845088) |
|  **Total distributions to shareholders** | (196684910) | (64783947) | (3202768) | (1375211) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 151106414 | 236999084 | 28849212 | 26351934 |
|  Reinvestment of distributions | 190677413 | 62580861 | 3202641 | 1375161 |
|  Cost of shares redeemed | (467655443) | (920311288) | (43926929) | (114268720) |
| **Net decrease in net assets resulting from share transactions** | (125871616) | (620731343) | (11875076) | (86541625) |
|  **TOTAL DECREASE** | (263919910) | (497106487) | (12538565) | (65741169) |
| Net Assets: |  |  |  |  |
|  Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212110049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709216536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155177018 | $220918187 |
|  End of year | $948190139 | $1212110049 | $142638453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155177018 |

---

&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 EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $49.46 | $42.36 | $41.89 | $47.25 | $37.94 |
|  Net investment income<sup>(a)</sup> | 0.61 | 0.67 | 0.78 | 0.71 | 0.59 |
|  Net realized and unrealized gain (loss) | 3.90 | 8.41 | 1.93 | (2.31) | 9.28 |
|  Total from investment operations | 4.51 | 9.08 | 2.71 | (1.60) | 9.87 |
|  Distributions to shareholders from net investment income | (0.64) | (0.69) | (0.77) | (0.73) | (0.56) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.48) | (1.98) | (2.24) | (3.76) | (0.56) |
|  Net asset value, end of year | $49.49 | $49.46 | $42.36 | $41.89 | $47.25 |
|  **Total Return<sup>(b)</sup>** | 9.66% | 22.17% | 6.55% | (3.79)% | 26.23% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300621 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334886 |
|  Ratio of net expenses to average net assets | 0.99% | 1.01% | 1.04% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.19% | 1.20% | 1.19% | 1.18% | 1.20% |
|  Ratio of net investment income to average net assets | 1.28% | 1.50% | 1.86% | 1.58% | 1.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $46.51 | $39.95 | $39.62 | $44.89 | $36.06 |
|  Net investment income<sup>(a)</sup> | 0.24 | 0.31 | 0.44 | 0.36 | 0.26 |
|  Net realized and unrealized gain (loss) | 3.65 | 7.91 | 1.83 | (2.19) | 8.82 |
|  Total from investment operations | 3.89 | 8.22 | 2.27 | (1.83) | 9.08 |
|  Distributions to shareholders from net investment income | (0.30) | (0.37) | (0.47) | (0.41) | (0.25) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.14) | (1.66) | (1.94) | (3.44) | (0.25) |
|  Net asset value, end of year | $46.26 | $46.51 | $39.95 | $39.62 | $44.89 |
|  **Total Return<sup>(b)</sup>** | 8.85% | 21.24% | 5.75% | (4.51)% | 25.26% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026 |
|  Ratio of net expenses to average net assets | 1.74% | 1.76% | 1.79% | 1.79% | 1.79% |
|  Ratio of total expenses to average net assets | 1.94% | 1.95% | 1.94% | 1.93% | 1.95% |
|  Ratio of net investment income to average net assets | 0.53% | 0.75% | 1.11% | 0.84% | 0.65% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income 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 | $50.59 | $43.28 | $42.76 | $48.15 | $38.65 |
|  Net investment income<sup>(a)</sup> | 0.77 | 0.81 | 0.93 | 0.87 | 0.75 |
|  Net realized and unrealized gain (loss) | 3.99 | 8.61 | 1.96 | (2.37) | 9.44 |
|  Total from investment operations | 4.76 | 9.42 | 2.89 | (1.50) | 10.19 |
|  Distributions to shareholders from net investment income | (0.78) | (0.82) | (0.90) | (0.86) | (0.69) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.62) | (2.11) | (2.37) | (3.89) | (0.69) |
|  Net asset value, end of year | $50.73 | $50.59 | $43.28 | $42.76 | $48.15 |
|  **Total Return<sup>(b)</sup>** | 9.98% | 22.54% | 6.86% | (3.49)% | 26.63% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33660 |
|  Ratio of net expenses to average net assets | 0.69% | 0.71% | 0.74% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 0.83% | 0.84% | 0.82% | 0.81% | 0.83% |
|  Ratio of net investment income to average net assets | 1.58% | 1.80% | 2.18% | 1.90% | 1.73% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $49.70 | $42.56 | $42.08 | $47.45 | $38.08 |
|  Net investment income<sup>(a)</sup> | 0.56 | 0.58 | 0.70 | 0.63 | 0.48 |
|  Net realized and unrealized gain (loss) | 3.90 | 8.44 | 1.94 | (2.33) | 9.35 |
|  Total from investment operations | 4.46 | 9.02 | 2.64 | (1.70) | 9.83 |
|  Distributions to shareholders from net investment income | (0.46) | (0.59) | (0.69) | (0.64) | (0.46) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.30) | (1.88) | (2.16) | (3.67) | (0.46) |
|  Net asset value, end of year | $49.86 | $49.70 | $42.56 | $42.08 | $47.45 |
|  **Total Return<sup>(b)</sup>** | 9.44% | 21.93% | 6.33% | (3.98)% | 26.01% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  Ratio of net expenses to average net assets | 1.19% | 1.21% | 1.24% | 1.23% | 1.23% |
|  Ratio of total expenses to average net assets | 1.33% | 1.34% | 1.31% | 1.31% | 1.33% |
|  Ratio of net investment income to average net assets | 1.17% | 1.30% | 1.67% | 1.39% | 1.16% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $49.35 | $42.27 | $41.82 | $47.18 | $37.88 |
|  Net investment income<sup>(a)</sup> | 0.73 | 0.77 | 0.88 | 0.83 | 0.69 |
|  Net realized and unrealized gain (loss) | 3.89 | 8.39 | 1.92 | (2.32) | 9.27 |
|  Total from investment operations | 4.62 | 9.16 | 2.80 | (1.49) | 9.96 |
|  Distributions to shareholders from net investment income | (0.76) | (0.79) | (0.88) | (0.84) | (0.66) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.60) | (2.08) | (2.35) | (3.87) | (0.66) |
|  Net asset value, end of year | $49.37 | $49.35 | $42.27 | $41.82 | $47.18 |
|  **Total Return<sup>(b)</sup>** | 9.93% | 22.47% | 6.78% | (3.55)% | 26.54% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 |
|  Ratio of net expenses to average net assets | 0.74% | 0.76% | 0.79% | 0.79% | 0.80% |
|  Ratio of total expenses to average net assets | 0.94% | 0.95% | 0.94% | 0.93% | 0.95% |
|  Ratio of net investment income to average net assets | 1.53% | 1.74% | 2.10% | 1.86% | 1.66% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income 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 | $50.59 | $43.28 | $42.76 | $48.15 | $38.65 |
|  Net investment income<sup>(a)</sup> | 0.78 | 0.82 | 0.93 | 0.87 | 0.75 |
|  Net realized and unrealized gain (loss) | 4.00 | 8.60 | 1.96 | (2.36) | 9.44 |
|  Total from investment operations | 4.78 | 9.42 | 2.89 | (1.49) | 10.19 |
|  Distributions to shareholders from net investment income | (0.79) | (0.82) | (0.90) | (0.87) | (0.69) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.63) | (2.11) | (2.37) | (3.90) | (0.69) |
|  Net asset value, end of year | $50.74 | $50.59 | $43.28 | $42.76 | $48.15 |
|  **Total Return<sup>(b)</sup>** | 10.01% | 22.55% | 6.87% | (3.48)% | 26.64% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981 |
|  Ratio of net expenses to average net assets | 0.68% | 0.69% | 0.73% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.82% | 0.83% | 0.81% | 0.80% | 0.82% |
|  Ratio of net investment income to average net assets | 1.60% | 1.82% | 2.17% | 1.90% | 1.73% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $49.17 | $42.12 | $41.62 | $46.98 | $37.73 |
|  Net investment income<sup>(a)</sup> | 0.49 | 0.55 | 0.67 | 0.60 | 0.49 |
|  Net realized and unrealized gain (loss) | 3.86 | 8.37 | 1.92 | (2.31) | 9.22 |
|  Total from investment operations | 4.35 | 8.92 | 2.59 | (1.71) | 9.71 |
|  Distributions to shareholders from net investment income | (0.52) | (0.58) | (0.62) | (0.62) | (0.46) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.36) | (1.87) | (2.09) | (3.65) | (0.46) |
|  Net asset value, end of year | $49.16 | $49.17 | $42.12 | $41.62 | $46.98 |
|  **Total Return<sup>(b)</sup>** | 9.37% | 21.89% | 6.23% | (4.02)% | 25.91% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 |
|  Ratio of net expenses to average net assets | 1.24% | 1.26% | 1.29% | 1.29% | 1.29% |
|  Ratio of total expenses to average net assets | 1.44% | 1.45% | 1.44% | 1.43% | 1.45% |
|  Ratio of net investment income to average net assets | 1.03% | 1.26% | 1.61% | 1.34% | 1.15% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS EQUITY INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income 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 | $50.58 | $43.27 | $42.75 | $48.14 | $38.64 |
|  Net investment income<sup>(a)</sup> | 0.78 | 0.81 | 0.93 | 0.88 | 0.76 |
|  Net realized and unrealized gain (loss) | 3.99 | 8.61 | 1.96 | (2.37) | 9.43 |
|  Total from investment operations | 4.77 | 9.42 | 2.89 | (1.49) | 10.19 |
|  Distributions to shareholders from net investment income | (0.79) | (0.82) | (0.90) | (0.87) | (0.69) |
|  Distributions to shareholders from net realized gains | (3.84) | (1.29) | (1.47) | (3.03) |  |
|  Total distributions | (4.63) | (2.11) | (2.37) | (3.90) | (0.69) |
|  Net asset value, end of year | $50.72 | $50.58 | $43.27 | $42.75 | $48.14 |
|  **Total Return<sup>(b)</sup>** | 9.99% | 22.55% | 6.87% | (3.48)% | 26.65% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40099 |
|  Ratio of net expenses to average net assets | 0.68% | 0.70% | 0.73% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.82% | 0.83% | 0.81% | 0.80% | 0.82% |
|  Ratio of net investment income to average net assets | 1.59% | 1.81% | 2.17% | 1.94% | 1.74% |
|  Portfolio turnover rate<sup>(c)</sup> | 35% | 31% | 32% | 17% | 44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $16.19 | $13.39 | $13.07 | $14.86 | $11.25 |
|  Net investment income<sup>(a)</sup> | 0.16 | 0.17 | 0.15 | 0.10 | 0.07 |
|  Net realized and unrealized gain (loss) | 1.13 | 2.84 | 1.47 | (0.96) | 3.76 |
|  Total from investment operations | 1.29 | 3.01 | 1.62 | (0.86) | 3.83 |
|  Distributions to shareholders from net investment income | (0.17) | (0.18) | (0.13) | (0.07) | (0.08) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (1.43) | (0.21) | (1.30) | (0.93) | (0.22) |
|  Net asset value, end of year | $16.05 | $16.19 | $13.39 | $13.07 | $14.86 |
|  **Total Return<sup>(b)</sup>** | 8.13% | 22.68% | 12.87% | (6.29)% | 34.43% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
|  Ratio of net expenses to average net assets | 0.97% | 1.01% | 1.03% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.66% | 1.68% | 1.72% | 1.72% | 2.27% |
|  Ratio of net investment income to average net assets | 1.01% | 1.17% | 1.13% | 0.73% | 0.51% |
|  Portfolio turnover rate<sup>(c)</sup> | 109% | 85% | 82% | 78% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $15.93 | $13.10 | $12.85 | $14.65 | $11.11 |
|  Net investment income (loss)<sup>(a)</sup> | 0.06 | 0.06 | 0.06 |  | (0.03) |
|  Net realized and unrealized gain (loss) | 1.11 | 2.80 | 1.42 | (0.94) | 3.71 |
|  Total from investment operations | 1.17 | 2.86 | 1.48 | (0.94) | 3.68 |
|  Distributions to shareholders from net investment income | (0.07) |  | (0.06) |  |  |
|  Distributions to shareholders from net realized gains | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (1.33) | (0.03) | (1.23) | (0.86) | (0.14) |
|  Net asset value, end of year | $15.77 | $15.93 | $13.10 | $12.85 | $14.65 |
|  **Total Return<sup>(b)</sup>** | 7.43% | 21.85% | 11.91% | (6.93)% | 33.34% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
|  Ratio of net expenses to average net assets | 1.56% | 1.76% | 1.78% | 1.79% | 1.79% |
|  Ratio of total expenses to average net assets | 2.41% | 2.46% | 2.48% | 2.43% | 2.99% |
|  Ratio of net investment income (loss) to average net assets | 0.42% | 0.46% | 0.44% | 0.04% | (0.24)% |
|  Portfolio turnover rate<sup>(c)</sup> | 109% | 85% | 82% | 78% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value 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 | $16.31 | $13.46 | $13.14 | $14.92 | $11.29 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.22 | 0.19 | 0.16 | 0.11 |
|  Net realized and unrealized gain (loss) | 1.13 | 2.86 | 1.46 | (0.97) | 3.77 |
|  Total from investment operations | 1.33 | 3.08 | 1.65 | (0.81) | 3.88 |
|  Distributions to shareholders from net investment income | (0.21) | (0.20) | (0.16) | (0.11) | (0.11) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (1.47) | (0.23) | (1.33) | (0.97) | (0.25) |
|  Net asset value, end of year | $16.17 | $16.31 | $13.46 | $13.14 | $14.92 |
|  **Total Return<sup>(b)</sup>** | 8.33% | 23.16% | 13.13% | (5.98)% | 34.80% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 |
|  Ratio of net expenses to average net assets | 0.69% | 0.69% | 0.71% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 1.30% | 1.33% | 1.36% | 1.41% | 1.65% |
|  Ratio of net investment income to average net assets | 1.29% | 1.50% | 1.46% | 1.10% | 0.82% |
|  Portfolio turnover rate<sup>(c)</sup> | 109% | 85% | 82% | 78% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $16.24 | $13.41 | $13.09 | $14.88 | $11.26 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.23 | 0.18 | 0.14 | 0.09 |
|  Net realized and unrealized gain (loss) | 1.14 | 2.82 | 1.47 | (0.96) | 3.77 |
|  Total from investment operations | 1.33 | 3.05 | 1.65 | (0.82) | 3.86 |
|  Distributions to shareholders from net investment income | (0.21) | (0.19) | (0.16) | (0.11) | (0.10) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (1.47) | (0.22) | (1.33) | (0.97) | (0.24) |
|  Net asset value, end of year | $16.10 | $16.24 | $13.41 | $13.09 | $14.88 |
|  **Total Return<sup>(b)</sup>** | 8.31% | 23.01% | 13.11% | (6.06)% | 34.71% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  Ratio of net expenses to average net assets | 0.76% | 0.76% | 0.78% | 0.80% | 0.80% |
|  Ratio of total expenses to average net assets | 1.41% | 1.39% | 1.47% | 1.47% | 2.61% |
|  Ratio of net investment income to average net assets | 1.21% | 1.51% | 1.38% | 0.97% | 0.69% |
|  Portfolio turnover rate<sup>(c)</sup> | 109% | 85% | 82% | 78% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value 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 | $16.26 | $13.43 | $13.11 | $14.89 | $11.27 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.22 | 0.19 | 0.15 | 0.10 |
|  Net realized and unrealized gain (loss) | 1.14 | 2.84 | 1.47 | (0.95) | 3.77 |
|  Total from investment operations | 1.34 | 3.06 | 1.66 | (0.80) | 3.87 |
|  Distributions to shareholders from net investment income | (0.21) | (0.20) | (0.17) | (0.12) | (0.11) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (1.47) | (0.23) | (1.34) | (0.98) | (0.25) |
|  Net asset value, end of year | $16.13 | $16.26 | $13.43 | $13.11 | $14.89 |
|  **Total Return<sup>(b)</sup>** | 8.42% | 23.08% | 13.17% | (5.90)% | 34.79% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.69% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 1.29% | 1.25% | 1.34% | 1.33% | 2.48% |
|  Ratio of net investment income to average net assets | 1.29% | 1.46% | 1.47% | 1.05% | 0.77% |
|  Portfolio turnover rate<sup>(c)</sup> | 109% | 85% | 82% | 78% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $16.08 | $13.28 | $12.98 | $14.76 | $11.20 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.13 | 0.12 | 0.07 | 0.03 |
|  Net realized and unrealized gain (loss) | 1.12 | 2.83 | 1.44 | (0.95) | 3.74 |
|  Total from investment operations | 1.25 | 2.96 | 1.56 | (0.88) | 3.77 |
|  Distributions to shareholders from net investment income |  | (0.13) | (0.09) | (0.04) | (0.07) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (1.26) | (0.16) | (1.26) | (0.90) | (0.21) |
|  Net asset value, end of year | $16.07 | $16.08 | $13.28 | $12.98 | $14.76 |
|  **Total Return<sup>(b)</sup>** | 7.87% | 22.44% | 12.51% | (6.47)% | 34.04% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
|  Ratio of net expenses to average net assets | 1.20% | 1.26% | 1.28% | 1.29% | 1.29% |
|  Ratio of total expenses to average net assets | 1.89% | 1.93% | 1.97% | 1.96% | 2.69% |
|  Ratio of net investment income to average net assets | 0.83% | 0.93% | 0.89% | 0.47% | 0.23% |
|  Portfolio turnover rate<sup>(c)</sup> | 109% | 85% | 82% | 78% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FOCUSED VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value 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 | $16.27 | $13.43 | $13.11 | $14.90 | $11.28 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.22 | 0.19 | 0.15 | 0.11 |
|  Net realized and unrealized gain (loss) | 1.13 | 2.85 | 1.47 | (0.96) | 3.76 |
|  Total from investment operations | 1.33 | 3.07 | 1.66 | (0.81) | 3.87 |
|  Distributions to shareholders from net investment income | (0.21) | (0.20) | (0.17) | (0.12) | (0.11) |
|  Distributions to shareholders from net realized gains | (1.26) | (0.03) | (1.17) | (0.86) | (0.14) |
|  Total distributions | (1.47) | (0.23) | (1.34) | (0.98) | (0.25) |
|  Net asset value, end of year | $16.13 | $16.27 | $13.43 | $13.11 | $14.90 |
|  **Total Return<sup>(b)</sup>** | 8.35% | 23.14% | 13.17% | (5.96)% | 34.76% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33202 |
|  Ratio of net expenses to average net assets | 0.68% | 0.68% | 0.70% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 1.29% | 1.32% | 1.35% | 1.33% | 1.80% |
|  Ratio of net investment income to average net assets | 1.29% | 1.51% | 1.47% | 1.04% | 0.82% |
|  Portfolio turnover rate<sup>(c)</sup> | 109% | 85% | 82% | 78% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $17.64 | $15.02 | $15.03 | $17.86 | $13.92 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.16 | 0.15 | 0.15 | 0.12 |
|  Net realized and unrealized gain (loss) | 0.97 | 3.37 | 1.15 | (0.95) | 4.31 |
|  Total from investment operations | 1.11 | 3.53 | 1.30 | (0.80) | 4.43 |
|  Distributions to shareholders from net investment income | (0.19) | (0.17) | (0.16) | (0.12) | (0.16) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (1.96) | (0.91) | (1.31) | (2.03) | (0.49) |
|  Net asset value, end of year | $16.79 | $17.64 | $15.02 | $15.03 | $17.86 |
|  **Total Return<sup>(b)</sup>** | 6.62% | 24.71% | 8.88% | (5.23)% | 32.64% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87359 |
|  Ratio of net expenses to average net assets | 1.00% | 1.01% | 1.04% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.24% | 1.25% | 1.24% | 1.22% | 1.24% |
|  Ratio of net investment income to average net assets | 0.84% | 1.04% | 1.04% | 0.93% | 0.74% |
|  Portfolio turnover rate<sup>(c)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $16.33 | $13.94 | $14.04 | $16.80 | $13.12 |
|  Net investment income<sup>(a)</sup> | 0.01 | 0.05 | 0.04 | 0.03 |  |
|  Net realized and unrealized gain (loss) | 0.89 | 3.12 | 1.06 | (0.88) | 4.06 |
|  Total from investment operations | 0.90 | 3.17 | 1.10 | (0.85) | 4.06 |
|  Distributions to shareholders from net investment income | (0.05) | (0.04) | (0.05) |  | (0.05) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (1.82) | (0.78) | (1.20) | (1.91) | (0.38) |
|  Net asset value, end of year | $15.41 | $16.33 | $13.94 | $14.04 | $16.80 |
|  **Total Return<sup>(b)</sup>** | 5.80% | 23.78% | 8.03% | (5.87)% | 31.59% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8198 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12948 |
|  Ratio of net expenses to average net assets | 1.75% | 1.76% | 1.79% | 1.79% | 1.79% |
|  Ratio of total expenses to average net assets | 1.99% | 2.00% | 1.99% | 1.97% | 1.99% |
|  Ratio of net investment income to average net assets | 0.09% | 0.31% | 0.30% | 0.18% | – %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&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) Amount is less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value 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 | $17.93 | $15.25 | $15.25 | $18.08 | $14.08 |
|  Net investment income<sup>(a)</sup> | 0.19 | 0.21 | 0.20 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 0.99 | 3.43 | 1.15 | (0.96) | 4.37 |
|  Total from investment operations | 1.18 | 3.64 | 1.35 | (0.75) | 4.54 |
|  Distributions to shareholders from net investment income | (0.23) | (0.22) | (0.20) | (0.17) | (0.21) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.00) | (0.96) | (1.35) | (2.08) | (0.54) |
|  Net asset value, end of year | $17.11 | $17.93 | $15.25 | $15.25 | $18.08 |
|  **Total Return<sup>(b)</sup>** | 6.98% | 25.08% | 9.16% | (4.88)% | 33.08% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127436 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181806 |
|  Ratio of net expenses to average net assets | 0.70% | 0.71% | 0.73% | 0.73% | 0.73% |
|  Ratio of total expenses to average net assets | 0.88% | 0.89% | 0.87% | 0.85% | 0.87% |
|  Ratio of net investment income to average net assets | 1.14% | 1.35% | 1.35% | 1.24% | 1.04% |
|  Portfolio turnover rate<sup>(c)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $17.54 | $14.95 | $14.97 | $17.78 | $13.86 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.13 | 0.12 | 0.12 | 0.09 |
|  Net realized and unrealized gain (loss) | 0.96 | 3.34 | 1.14 | (0.93) | 4.29 |
|  Total from investment operations | 1.07 | 3.47 | 1.26 | (0.81) | 4.38 |
|  Distributions to shareholders from net investment income | (0.15) | (0.14) | (0.13) | (0.09) | (0.13) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (1.92) | (0.88) | (1.28) | (2.00) | (0.46) |
|  Net asset value, end of year | $16.69 | $17.54 | $14.95 | $14.97 | $17.78 |
|  **Total Return<sup>(b)</sup>** | 6.45% | 24.38% | 8.66% | (5.33)% | 32.36% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
|  Ratio of net expenses to average net assets | 1.20% | 1.21% | 1.23% | 1.23% | 1.23% |
|  Ratio of total expenses to average net assets | 1.38% | 1.39% | 1.37% | 1.35% | 1.37% |
|  Ratio of net investment income to average net assets | 0.64% | 0.84% | 0.85% | 0.74% | 0.55% |
|  Portfolio turnover rate<sup>(c)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $17.66 | $15.04 | $15.05 | $17.87 | $13.93 |
|  Net investment income<sup>(a)</sup> | 0.18 | 0.20 | 0.19 | 0.19 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.97 | 3.37 | 1.15 | (0.94) | 4.31 |
|  Total from investment operations | 1.15 | 3.57 | 1.34 | (0.75) | 4.47 |
|  Distributions to shareholders from net investment income | (0.23) | (0.21) | (0.20) | (0.16) | (0.20) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.00) | (0.95) | (1.35) | (2.07) | (0.53) |
|  Net asset value, end of year | $16.81 | $17.66 | $15.04 | $15.05 | $17.87 |
|  **Total Return<sup>(b)</sup>** | 6.87% | 24.94% | 9.16% | (4.94)% | 32.92% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 |
|  Ratio of net expenses to average net assets | 0.75% | 0.76% | 0.79% | 0.79% | 0.79% |
|  Ratio of total expenses to average net assets | 0.99% | 1.00% | 0.99% | 0.97% | 0.99% |
|  Ratio of net investment income to average net assets | 1.09% | 1.27% | 1.27% | 1.19% | 0.99% |
|  Portfolio turnover rate<sup>(c)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value 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 | $18.53 | $15.73 | $15.69 | $18.54 | $14.43 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.22 | 0.21 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.03 | 3.54 | 1.19 | (0.97) | 4.48 |
|  Total from investment operations | 1.23 | 3.76 | 1.40 | (0.76) | 4.65 |
|  Distributions to shareholders from net investment income | (0.24) | (0.22) | (0.21) | (0.18) | (0.21) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.01) | (0.96) | (1.36) | (2.09) | (0.54) |
|  Net asset value, end of year | $17.75 | $18.53 | $15.73 | $15.69 | $18.54 |
|  **Total Return<sup>(b)</sup>** | 6.98% | 25.10% | 9.17% | (4.86)% | 33.05% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 |
|  Ratio of net expenses to average net assets | 0.69% | 0.70% | 0.72% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.87% | 0.88% | 0.86% | 0.84% | 0.86% |
|  Ratio of net investment income to average net assets | 1.16% | 1.35% | 1.36% | 1.26% | 1.06% |
|  Portfolio turnover rate<sup>(c)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $16.86 | $14.40 | $14.47 | $17.27 | $13.47 |
|  Net investment income<sup>(a)</sup> | 0.09 | 0.12 | 0.11 | 0.11 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.93 | 3.22 | 1.10 | (0.91) | 4.18 |
|  Total from investment operations | 1.02 | 3.34 | 1.21 | (0.80) | 4.25 |
|  Distributions to shareholders from net investment income | (0.13) | (0.14) | (0.13) | (0.09) | (0.12) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (1.90) | (0.88) | (1.28) | (2.00) | (0.45) |
|  Net asset value, end of year | $15.98 | $16.86 | $14.40 | $14.47 | $17.27 |
|  **Total Return<sup>(b)</sup>** | 6.39% | 24.38% | 8.60% | (5.46)% | 32.32% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269 |
|  Ratio of net expenses to average net assets | 1.25% | 1.26% | 1.29% | 1.29% | 1.29% |
|  Ratio of total expenses to average net assets | 1.49% | 1.50% | 1.49% | 1.47% | 1.49% |
|  Ratio of net investment income to average net assets | 0.59% | 0.80% | 0.78% | 0.69% | 0.49% |
|  Portfolio turnover rate<sup>(c)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS LARGE CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value 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 | $18.53 | $15.73 | $15.68 | $18.54 | $14.43 |
|  Net investment income<sup>(a)</sup> | 0.20 | 0.22 | 0.21 | 0.21 | 0.17 |
|  Net realized and unrealized gain (loss) | 1.02 | 3.54 | 1.20 | (0.98) | 4.48 |
|  Total from investment operations | 1.22 | 3.76 | 1.41 | (0.77) | 4.65 |
|  Distributions to shareholders from net investment income | (0.24) | (0.22) | (0.21) | (0.18) | (0.21) |
|  Distributions to shareholders from net realized gains | (1.77) | (0.74) | (1.15) | (1.91) | (0.33) |
|  Total distributions | (2.01) | (0.96) | (1.36) | (2.09) | (0.54) |
|  Net asset value, end of year | $17.74 | $18.53 | $15.73 | $15.68 | $18.54 |
|  **Total Return<sup>(b)</sup>** | 6.92% | 25.10% | 9.24% | (4.92)% | 33.05% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213570 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207926 |
|  Ratio of net expenses to average net assets | 0.69% | 0.70% | 0.72% | 0.72% | 0.72% |
|  Ratio of total expenses to average net assets | 0.87% | 0.88% | 0.86% | 0.84% | 0.86% |
|  Ratio of net investment income to average net assets | 1.15% | 1.36% | 1.36% | 1.26% | 1.05% |
|  Portfolio turnover rate<sup>(c)</sup> | 74% | 51% | 57% | 46% | 53% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $37.67 | $33.63 | $36.32 | $44.72 | $31.22 |
|  Net investment income<sup>(a)</sup> | 0.25 | 0.21 | 0.19 | 0.13 |  |
|  Net realized and unrealized gain (loss) | 3.03 | 5.43 | 1.57 | (1.59) | 13.63 |
|  Total from investment operations | 3.28 | 5.64 | 1.76 | (1.46) | 13.63 |
|  Distributions to shareholders from net investment income | (0.27) | (0.20) | (0.17) | (0.11) | (0.13) |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (2.61) | (1.60) | (4.45) | (6.94) | (0.13) |
|  Net asset value, end of year | $38.34 | $37.67 | $33.63 | $36.32 | $44.72 |
|  **Total Return<sup>(b)</sup>** | 8.89% | 17.34% | 4.97% | (4.46)% | 43.77% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458090 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536384 |
|  Ratio of net expenses to average net assets | 1.19% | 1.19% | 1.19% | 1.20% | 1.21% |
|  Ratio of total expenses to average net assets | 1.20% | 1.20% | 1.21% | 1.21% | 1.21% |
|  Ratio of net investment income to average net assets | 0.67% | 0.60% | 0.57% | 0.33% | 0.01% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $30.17 | $27.25 | $30.26 | $38.53 | $27.00 |
|  Net investment loss<sup>(a)</sup> | (0.02) | (0.04) | (0.05) | (0.14) | (0.24) |
|  Net realized and unrealized gain (loss) | 2.40 | 4.36 | 1.32 | (1.30) | 11.77 |
|  Total from investment operations | 2.38 | 4.32 | 1.27 | (1.44) | 11.53 |
|  Distributions to shareholders from net investment income | (0.06) |  | (4.28) | (6.83) |  |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) |  |  |  |
|  Total distributions | (2.40) | (1.40) | (4.28) | (6.83) |  |
|  Net asset value, end of year | $30.15 | $30.17 | $27.25 | $30.26 | $38.53 |
|  **Total Return<sup>(b)</sup>** | 8.09% | 16.40% | 4.24% | (5.20)% | 42.70% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12836 |
|  Ratio of net expenses to average net assets | 1.94% | 1.94% | 1.94% | 1.95% | 1.96% |
|  Ratio of total expenses to average net assets | 1.95% | 1.95% | 1.96% | 1.96% | 1.96% |
|  Ratio of net investment loss to average net assets | (0.07)% | (0.13)% | (0.17)% | (0.42)% | (0.73)% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value 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 | $38.42 | $34.27 | $36.92 | $45.34 | $31.65 |
|  Net investment income<sup>(a)</sup> | 0.38 | 0.34 | 0.32 | 0.28 | 0.15 |
|  Net realized and unrealized gain (loss) | 3.09 | 5.53 | 1.61 | (1.62) | 13.80 |
|  Total from investment operations | 3.47 | 5.87 | 1.93 | (1.34) | 13.95 |
|  Distributions to shareholders from net investment income | (0.39) | (0.32) | (0.30) | (0.25) | (0.26) |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (2.73) | (1.72) | (4.58) | (7.08) | (0.26) |
|  Net asset value, end of year | $39.16 | $38.42 | $34.27 | $36.92 | $45.34 |
|  **Total Return<sup>(b)</sup>** | 9.26% | 17.74% | 5.39% | (4.12)% | 44.27% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331383 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.83% | 0.84% |
|  Ratio of total expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
|  Ratio of net investment income to average net assets | 1.02% | 0.95% | 0.93% | 0.71% | 0.38% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $36.45 | $32.59 | $35.32 | $43.69 | $30.50 |
|  Net investment income (loss)<sup>(a)</sup> | 0.18 | 0.15 | 0.14 | 0.08 | (0.04) |
|  Net realized and unrealized gain (loss) | 2.93 | 5.25 | 1.54 | (1.55) | 13.31 |
|  Total from investment operations | 3.11 | 5.40 | 1.68 | (1.47) | 13.27 |
|  Distributions to shareholders from net investment income | (0.21) | (0.14) | (0.13) | (0.07) | (0.08) |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (2.55) | (1.54) | (4.41) | (6.90) | (0.08) |
|  Net asset value, end of year | $37.01 | $36.45 | $32.59 | $35.32 | $43.69 |
|  **Total Return<sup>(b)</sup>** | 8.72% | 17.13% | 4.86% | (4.60)% | 43.57% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34533 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34851 |
|  Ratio of net expenses to average net assets | 1.34% | 1.34% | 1.33% | 1.33% | 1.34% |
|  Ratio of total expenses to average net assets | 1.34% | 1.34% | 1.34% | 1.34% | 1.34% |
|  Ratio of net investment income (loss) to average net assets | 0.52% | 0.45% | 0.42% | 0.20% | (0.12)% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $36.33 | $32.50 | $35.26 | $43.60 | $30.44 |
|  Net investment income<sup>(a)</sup> | 0.33 | 0.28 | 0.27 | 0.25 | 0.10 |
|  Net realized and unrealized gain (loss) | 2.92 | 5.24 | 1.52 | (1.55) | 13.28 |
|  Total from investment operations | 3.25 | 5.52 | 1.79 | (1.30) | 13.38 |
|  Distributions to shareholders from net investment income | (0.36) | (0.29) | (0.27) | (0.21) | (0.22) |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (2.70) | (1.69) | (4.55) | (7.04) | (0.22) |
|  Net asset value, end of year | $36.88 | $36.33 | $32.50 | $35.26 | $43.60 |
|  **Total Return<sup>(b)</sup>** | 9.17% | 17.61% | 5.24% | (4.21)% | 44.11% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42206 |
|  Ratio of net expenses to average net assets | 0.94% | 0.94% | 0.94% | 0.95% | 0.96% |
|  Ratio of total expenses to average net assets | 0.95% | 0.95% | 0.96% | 0.96% | 0.96% |
|  Ratio of net investment income to average net assets | 0.93% | 0.85% | 0.82% | 0.65% | 0.26% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value 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 | $38.38 | $34.24 | $36.90 | $45.31 | $31.62 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.34 | 0.32 | 0.29 | 0.15 |
|  Net realized and unrealized gain (loss) | 3.09 | 5.52 | 1.60 | (1.61) | 13.80 |
|  Total from investment operations | 3.48 | 5.86 | 1.92 | (1.32) | 13.95 |
|  Distributions to shareholders from net investment income | (0.40) | (0.32) | (0.30) | (0.26) | (0.26) |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (2.74) | (1.72) | (4.58) | (7.09) | (0.26) |
|  Net asset value, end of year | $39.12 | $38.38 | $34.24 | $36.90 | $45.31 |
|  **Total Return<sup>(b)</sup>** | 9.29% | 17.74% | 5.38% | (4.09)% | 44.33% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80114 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.82% | 0.83% |
|  Ratio of total expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of net investment income to average net assets | 1.03% | 0.96% | 0.94% | 0.72% | 0.39% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $35.72 | $31.99 | $34.76 | $43.09 | $30.09 |
|  Net investment income (loss)<sup>(a)</sup> | 0.15 | 0.12 | 0.10 | 0.04 | (0.09) |
|  Net realized and unrealized gain (loss) | 2.86 | 5.15 | 1.51 | (1.52) | 13.14 |
|  Total from investment operations | 3.01 | 5.27 | 1.61 | (1.48) | 13.05 |
|  Distributions to shareholders from net investment income | (0.18) | (0.14) | (0.10) | (0.02) | (0.05) |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (2.52) | (1.54) | (4.38) | (6.85) | (0.05) |
|  Net asset value, end of year | $36.21 | $35.72 | $31.99 | $34.76 | $43.09 |
|  **Total Return<sup>(b)</sup>** | 8.62% | 17.03% | 4.72% | (4.68)% | 43.41% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18760 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21249 |
|  Ratio of net expenses to average net assets | 1.44% | 1.44% | 1.44% | 1.45% | 1.46% |
|  Ratio of total expenses to average net assets | 1.45% | 1.45% | 1.46% | 1.46% | 1.46% |
|  Ratio of net investment income (loss) to average net assets | 0.42% | 0.35% | 0.32% | 0.09% | (0.23)% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MID CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value 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 | $38.37 | $34.23 | $36.89 | $45.30 | $31.62 |
|  Net investment income<sup>(a)</sup> | 0.39 | 0.34 | 0.32 | 0.29 | 0.15 |
|  Net realized and unrealized gain (loss) | 3.09 | 5.52 | 1.60 | (1.61) | 13.79 |
|  Total from investment operations | 3.48 | 5.86 | 1.92 | (1.32) | 13.94 |
|  Distributions to shareholders from net investment income | (0.40) | (0.32) | (0.30) | (0.26) | (0.26) |
|  Distributions to shareholders from net realized gains | (2.34) | (1.40) | (4.28) | (6.83) |  |
|  Total distributions | (2.74) | (1.72) | (4.58) | (7.09) | (0.26) |
|  Net asset value, end of year | $39.11 | $38.37 | $34.23 | $36.89 | $45.30 |
|  **Total Return<sup>(b)</sup>** | 9.28% | 17.74% | 5.38% | (4.09)% | 44.30% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191790 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.82% | 0.83% |
|  Ratio of total expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of net investment income to average net assets | 1.04% | 0.96% | 0.94% | 0.71% | 0.39% |
|  Portfolio turnover rate<sup>(c)</sup> | 73% | 56% | 64% | 69% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $42.27 | $38.16 | $44.45 | $60.69 | $40.60 |
|  Net investment income (loss)<sup>(a)</sup> | 0.12 | 0.12 | 0.20 | 0.10 | (0.08) |
|  Net realized and unrealized gain (loss) | 2.64 | 5.74 | 0.98 | (4.46) | 20.27 |
|  Total from investment operations | 2.76 | 5.86 | 1.18 | (4.36) | 20.19 |
|  Distributions to shareholders from net investment income | (0.47) | (0.29) | (0.17) | (0.03) | (0.10) |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.34) | (1.75) | (7.47) | (11.88) | (0.10) |
|  Net asset value, end of year | $36.69 | $42.27 | $38.16 | $44.45 | $60.69 |
|  **Total Return<sup>(b)</sup>** | 6.86% | 15.90% | 2.71% | (9.33)% | 49.77% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205965 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468122 |
|  Ratio of net expenses to average net assets | 1.26% | 1.27% | 1.29% | 1.29% | 1.30% |
|  Ratio of total expenses to average net assets | 1.44% | 1.43% | 1.41% | 1.36% | 1.36% |
|  Ratio of net investment income (loss) to average net assets | 0.32% | 0.32% | 0.52% | 0.20% | (0.15)% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $22.41 | $21.07 | $27.87 | $42.63 | $28.68 |
|  Net investment loss<sup>(a)</sup> | (0.04) | (0.09) | (0.05) | (0.18) | (0.33) |
|  Net realized and unrealized gain (loss) | 1.31 | 3.07 | 0.61 | (2.73) | 14.28 |
|  Total from investment operations | 1.27 | 2.98 | 0.56 | (2.91) | 13.95 |
|  Distributions to shareholders from net investment income | (0.39) | (0.18) | (0.06) |  |  |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.26) | (1.64) | (7.36) | (11.85) |  |
|  Net asset value, end of year | $15.42 | $22.41 | $21.07 | $27.87 | $42.63 |
|  **Total Return<sup>(b)</sup>** | 6.06% | 15.01% | 1.96% | (10.00)% | 48.69% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 |
|  Ratio of net expenses to average net assets | 2.01% | 2.02% | 2.04% | 2.04% | 2.05% |
|  Ratio of total expenses to average net assets | 2.19% | 2.18% | 2.15% | 2.11% | 2.11% |
|  Ratio of net investment loss to average net assets | (0.26)% | (0.43)% | (0.23)% | (0.54)% | (0.89)% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value 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 | $48.64 | $43.64 | $49.82 | $66.58 | $44.52 |
|  Net investment income<sup>(a)</sup> | 0.36 | 0.25 | 0.36 | 0.30 | 0.11 |
|  Net realized and unrealized gain (loss) | 2.97 | 6.60 | 1.07 | (5.02) | 22.22 |
|  Total from investment operations | 3.33 | 6.85 | 1.43 | (4.72) | 22.33 |
|  Distributions to shareholders from net investment income | (0.56) | (0.39) | (0.31) | (0.19) | (0.27) |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.43) | (1.85) | (7.61) | (12.04) | (0.27) |
|  Net asset value, end of year | $43.54 | $48.64 | $43.64 | $49.82 | $66.58 |
|  **Total Return<sup>(b)</sup>** | 7.13% | 16.22% | 2.96% | (9.02)% | 50.29% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630611 | $1446222 | $2331482 |
|  Ratio of net expenses to average net assets | 0.99% | 1.02% | 1.00% | 0.97% | 0.96% |
|  Ratio of total expenses to average net assets | 1.08% | 1.07% | 1.03% | 0.99% | 0.99% |
|  Ratio of net investment income to average net assets | 0.84% | 0.58% | 0.79% | 0.51% | 0.19% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service 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 | $39.75 | $35.99 | $42.36 | $58.44 | $39.10 |
|  Net investment income (loss)<sup>(a)</sup> | 0.10 | 0.03 | 0.11 | 0.01 | (0.15) |
|  Net realized and unrealized gain (loss) | 2.42 | 5.40 | 0.93 | (4.24) | 19.51 |
|  Total from investment operations | 2.52 | 5.43 | 1.04 | (4.23) | 19.36 |
|  Distributions to shareholders from net investment income | (0.35) | (0.21) | (0.11) |  | (0.02) |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.22) | (1.67) | (7.41) | (11.85) | (0.02) |
|  Net asset value, end of year | $34.05 | $39.75 | $35.99 | $42.36 | $58.44 |
|  **Total Return<sup>(b)</sup>** | 6.61% | 15.63% | 2.46% | (9.48)% | 49.53% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14083 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27102 |
|  Ratio of net expenses to average net assets | 1.49% | 1.52% | 1.51% | 1.47% | 1.46% |
|  Ratio of total expenses to average net assets | 1.58% | 1.57% | 1.54% | 1.49% | 1.49% |
|  Ratio of net investment income (loss) to average net assets | 0.28% | 0.08% | 0.29% | 0.01% | (0.31)% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $41.69 | $37.66 | $43.99 | $60.18 | $40.26 |
|  Net investment income<sup>(a)</sup> | 0.34 | 0.21 | 0.31 | 0.24 | 0.05 |
|  Net realized and unrealized gain (loss) | 2.48 | 5.67 | 0.94 | (4.41) | 20.09 |
|  Total from investment operations | 2.82 | 5.88 | 1.25 | (4.17) | 20.14 |
|  Distributions to shareholders from net investment income | (0.56) | (0.39) | (0.28) | (0.17) | (0.22) |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.43) | (1.85) | (7.58) | (12.02) | (0.22) |
|  Net asset value, end of year | $36.08 | $41.69 | $37.66 | $43.99 | $60.18 |
|  **Total Return<sup>(b)</sup>** | 7.13% | 16.20% | 2.94% | (9.07)% | 50.14% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140918 |
|  Ratio of net expenses to average net assets | 1.01% | 1.02% | 1.04% | 1.04% | 1.04% |
|  Ratio of total expenses to average net assets | 1.19% | 1.18% | 1.15% | 1.11% | 1.11% |
|  Ratio of net investment income to average net assets | 0.95% | 0.57% | 0.78% | 0.46% | 0.09% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value 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 | $48.60 | $43.61 | $49.78 | $66.55 | $44.50 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.26 | 0.37 | 0.31 | 0.11 |
|  Net realized and unrealized gain (loss) | 3.07 | 6.59 | 1.08 | (5.02) | 22.22 |
|  Total from investment operations | 3.33 | 6.85 | 1.45 | (4.71) | 22.33 |
|  Distributions to shareholders from net investment income | (0.57) | (0.40) | (0.32) | (0.21) | (0.28) |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.44) | (1.86) | (7.62) | (12.06) | (0.28) |
|  Net asset value, end of year | $43.49 | $48.60 | $43.61 | $49.78 | $66.55 |
|  **Total Return<sup>(b)</sup>** | 7.16% | 16.21% | 2.99% | (9.02)% | 50.31% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443791 | $1145840 | $1436954 |
|  Ratio of net expenses to average net assets | 0.97% | 1.01% | 0.99% | 0.96% | 0.95% |
|  Ratio of total expenses to average net assets | 1.07% | 1.06% | 1.02% | 0.98% | 0.98% |
|  Ratio of net investment income to average net assets | 0.62% | 0.60% | 0.82% | 0.54% | 0.19% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $40.29 | $36.47 | $42.82 | $58.98 | $39.48 |
|  Net investment income (loss)<sup>(a)</sup> | 0.03 | 0.03 | 0.10 | (0.03) | (0.21) |
|  Net realized and unrealized gain (loss) | 2.51 | 5.47 | 0.94 | (4.28) | 19.71 |
|  Total from investment operations | 2.54 | 5.50 | 1.04 | (4.31) | 19.50 |
|  Distributions to shareholders from net investment income | (0.39) | (0.22) | (0.09) |  |  |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.26) | (1.68) | (7.39) | (11.85) |  |
|  Net asset value, end of year | $34.57 | $40.29 | $36.47 | $42.82 | $58.98 |
|  **Total Return<sup>(b)</sup>** | 6.56% | 15.62% | 2.44% | (9.53)% | 49.39% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30170 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34566 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62339 |
|  Ratio of net expenses to average net assets | 1.51% | 1.52% | 1.54% | 1.54% | 1.55% |
|  Ratio of total expenses to average net assets | 1.69% | 1.68% | 1.66% | 1.61% | 1.61% |
|  Ratio of net investment income (loss) to average net assets | 0.07% | 0.07% | 0.26% | (0.06)% | (0.40)% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL CAP VALUE FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value 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 | $48.60 | $43.61 | $49.79 | $66.55 | $44.50 |
|  Net investment income<sup>(a)</sup> | 0.22 | 0.25 | 0.35 | 0.31 | 0.11 |
|  Net realized and unrealized gain (loss) | 3.11 | 6.60 | 1.09 | (5.01) | 22.22 |
|  Total from investment operations | 3.33 | 6.85 | 1.44 | (4.70) | 22.33 |
|  Distributions to shareholders from net investment income | (0.57) | (0.40) | (0.32) | (0.21) | (0.28) |
|  Distributions to shareholders from net realized gains | (7.87) | (1.46) | (7.30) | (11.85) |  |
|  Total distributions | (8.44) | (1.86) | (7.62) | (12.06) | (0.28) |
|  Net asset value, end of year | $43.49 | $48.60 | $43.61 | $49.79 | $66.55 |
|  **Total Return<sup>(b)</sup>** | 7.17% | 16.21% | 2.97% | (9.01)% | 50.28% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333524 |
|  Ratio of net expenses to average net assets | 0.97% | 1.01% | 1.00% | 0.96% | 0.95% |
|  Ratio of total expenses to average net assets | 1.07% | 1.06% | 1.03% | 0.98% | 0.98% |
|  Ratio of net investment income to average net assets | 0.52% | 0.58% | 0.80% | 0.53% | 0.18% |
|  Portfolio turnover rate<sup>(c)</sup> | 82% | 83% | 71% | 65% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $16.75 | $14.37 | $14.86 | $17.26 | $11.50 |
|  Net investment income<sup>(a)</sup> | 0.05 | 0.04 | 0.06 | 0.05 | 0.01 |
|  Net realized and unrealized gain (loss) | 0.20 | 2.43 | 0.50 | (1.48) | 5.80 |
|  Total from investment operations | 0.25 | 2.47 | 0.56 | (1.43) | 5.81 |
|  Distributions to shareholders from net investment income | (0.13) | (0.09) | (0.08) | (0.04) | (0.05) |
|  Distributions to shareholders from net realized gains | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.30) | (0.09) | (1.05) | (0.97) | (0.05) |
|  Net asset value, end of year | $16.70 | $16.75 | $14.37 | $14.86 | $17.26 |
|  **Total Return<sup>(b)</sup>** | 1.50% | 17.29% | 4.03% | (8.91)% | 50.62% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034 |
|  Ratio of net expenses to average net assets | 1.17% | 1.18% | 1.20% | 1.21% | 1.21% |
|  Ratio of total expenses to average net assets | 1.45% | 1.44% | 1.35% | 1.34% | 1.42% |
|  Ratio of net investment income to average net assets | 0.32% | 0.28% | 0.43% | 0.33% | 0.07% |
|  Portfolio turnover rate<sup>(c)</sup> | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C 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 | $15.98 | $13.73 | $14.26 | $16.68 | $11.17 |
|  Net investment loss<sup>(a)</sup> | (0.06) | (0.06) | (0.04) | (0.07) | (0.10) |
|  Net realized and unrealized gain (loss) | 0.18 | 2.31 | 0.48 | (1.42) | 5.61 |
|  Total from investment operations | 0.12 | 2.25 | 0.44 | (1.49) | 5.51 |
|  Distributions to shareholders from net investment income | (0.01) |  |  |  |  |
|  Distributions to shareholders from net realized gains | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.18) |  | (0.97) | (0.93) |  |
|  Net asset value, end of year | $15.92 | $15.98 | $13.73 | $14.26 | $16.68 |
|  **Total Return<sup>(b)</sup>** | 0.70% | 16.46% | 3.25% | (9.56)% | 49.46% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 |
|  Ratio of net expenses to average net assets | 1.92% | 1.93% | 1.95% | 1.96% | 1.96% |
|  Ratio of total expenses to average net assets | 2.20% | 2.19% | 2.10% | 2.09% | 2.17% |
|  Ratio of net investment loss to average net assets | (0.37)% | (0.45)% | (0.32)% | (0.44)% | (0.69)% |
|  Portfolio turnover rate<sup>(c)</sup> | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity 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 | $17.05 | $14.62 | $15.11 | $17.51 | $11.67 |
|  Net investment income<sup>(a)</sup> | 0.14 | 0.10 | 0.11 | 0.12 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.18 | 2.47 | 0.50 | (1.50) | 5.87 |
|  Total from investment operations | 0.32 | 2.57 | 0.61 | (1.38) | 5.94 |
|  Distributions to shareholders from net investment income | (0.19) | (0.14) | (0.13) | (0.09) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.36) | (0.14) | (1.10) | (1.02) | (0.10) |
|  Net asset value, end of year | $17.01 | $17.05 | $14.62 | $15.11 | $17.51 |
|  **Total Return<sup>(b)</sup>** | 1.86% | 17.72% | 4.33% | (8.56)% | 51.16% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18472 |
|  Ratio of net expenses to average net assets | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
|  Ratio of total expenses to average net assets | 1.09% | 1.08% | 0.99% | 0.97% | 1.05% |
|  Ratio of net investment income to average net assets | 0.87% | 0.63% | 0.79% | 0.72% | 0.44% |
|  Portfolio turnover rate<sup>(c)</sup> | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor 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 | $16.94 | $14.52 | $15.00 | $17.41 | $11.59 |
|  Net investment income<sup>(a)</sup> | 0.10 | 0.08 | 0.10 | 0.09 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.19 | 2.46 | 0.50 | (1.49) | 5.82 |
|  Total from investment operations | 0.29 | 2.54 | 0.60 | (1.40) | 5.89 |
|  Distributions to shareholders from net investment income | (0.17) | (0.12) | (0.11) | (0.08) | (0.07) |
|  Distributions to shareholders from net realized gains | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.34) | (0.12) | (1.08) | (1.01) | (0.07) |
|  Net asset value, end of year | $16.89 | $16.94 | $14.52 | $15.00 | $17.41 |
|  **Total Return<sup>(b)</sup>** | 1.72% | 17.64% | 4.28% | (8.68)% | 50.98% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13553 |
|  Ratio of net expenses to average net assets | 0.92% | 0.93% | 0.95% | 0.96% | 0.96% |
|  Ratio of total expenses to average net assets | 1.20% | 1.18% | 1.10% | 1.08% | 1.15% |
|  Ratio of net investment income to average net assets | 0.61% | 0.53% | 0.69% | 0.55% | 0.40% |
|  Portfolio turnover rate<sup>(c)</sup> | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity 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 | $17.04 | $14.61 | $15.09 | $17.50 | $11.66 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.10 | 0.11 | 0.12 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.20 | 2.47 | 0.51 | (1.51) | 5.87 |
|  Total from investment operations | 0.31 | 2.57 | 0.62 | (1.39) | 5.94 |
|  Distributions to shareholders from net investment income | (0.19) | (0.14) | (0.13) | (0.09) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.36) | (0.14) | (1.10) | (1.02) | (0.10) |
|  Net asset value, end of year | $16.99 | $17.04 | $14.61 | $15.09 | $17.50 |
|  **Total Return<sup>(b)</sup>** | 1.82% | 17.69% | 4.41% | (8.56)% | 51.12% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24928 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91082 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97324 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.08% | 1.06% | 0.98% | 0.96% | 1.04% |
|  Ratio of net investment income to average net assets | 0.65% | 0.66% | 0.80% | 0.70% | 0.44% |
|  Portfolio turnover rate<sup>(c)</sup> | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** |
|  | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R Shares** | **Class R 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 | $16.69 | $14.32 | $14.82 | $17.21 | $11.46 |
|  Net investment income (loss)<sup>(a)</sup> | 0.01 | 0.01 | 0.03 | 0.01 | (0.03) |
|  Net realized and unrealized gain (loss) | 0.20 | 2.41 | 0.49 | (1.47) | 5.78 |
|  Total from investment operations | 0.21 | 2.42 | 0.52 | (1.46) | 5.75 |
|  Distributions to shareholders from net investment income | (0.09) | (0.05) | (0.05) |  |  |
|  Distributions to shareholders from net realized gains | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.26) | (0.05) | (1.02) | (0.93) |  |
|  Net asset value, end of year | $16.64 | $16.69 | $14.32 | $14.82 | $17.21 |
|  **Total Return<sup>(b)</sup>** | 1.27% | 16.97% | 3.75% | (9.07)% | 50.17% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
|  Ratio of net expenses to average net assets | 1.42% | 1.43% | 1.45% | 1.45% | 1.46% |
|  Ratio of total expenses to average net assets | 1.69% | 1.69% | 1.60% | 1.58% | 1.67% |
|  Ratio of net investment income (loss) to average net assets | 0.09% | 0.04% | 0.18% | 0.07% | (0.19)% |
|  Portfolio turnover rate<sup>(c)</sup> | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS SMALL/MID CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity 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 | $17.03 | $14.60 | $15.09 | $17.49 | $11.66 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.10 | 0.11 | 0.12 | 0.07 |
|  Net realized and unrealized gain (loss) | 0.20 | 2.47 | 0.50 | (1.50) | 5.86 |
|  Total from investment operations | 0.31 | 2.57 | 0.61 | (1.38) | 5.93 |
|  Distributions to shareholders from net investment income | (0.19) | (0.14) | (0.13) | (0.09) | (0.10) |
|  Distributions to shareholders from net realized gains | (0.17) |  | (0.97) | (0.93) |  |
|  Total distributions | (0.36) | (0.14) | (1.10) | (1.02) | (0.10) |
|  Net asset value, end of year | $16.98 | $17.03 | $14.60 | $15.09 | $17.49 |
|  **Total Return<sup>(b)</sup>** | 1.82% | 17.76% | 4.34% | (8.51)% | 51.04% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96298 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92056 |
|  Ratio of net expenses to average net assets | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
|  Ratio of total expenses to average net assets | 1.08% | 1.07% | 0.98% | 0.96% | 1.04% |
|  Ratio of net investment income to average net assets | 0.65% | 0.63% | 0.80% | 0.70% | 0.44% |
|  Portfolio turnover rate<sup>(c)</sup> | 100% | 67% | 56% | 90% | 78% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;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/**<br> **Non-Diversified** |
| Goldman Sachs Equity Income Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Focused Value Fund | A, C, Institutional, Investor, R6, R and P | Non-Diversified |
| Goldman Sachs Large Cap Value Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Mid Cap Value Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Small Cap Value Fund | A, C, Institutional, Service, Investor, R6, R and P | Diversified |
| Goldman Sachs Small/Mid Cap Equity Fund | A, C, Institutional, Investor, R6, R and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' and underlying funds' ("Underlying Funds") valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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)

incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions Declared/Paid** |
| Equity Income Fund | Quarterly | Annually |
| Focused Value Fund | Annually | Annually |
| Large Cap Value Fund | Annually | Annually |
| Mid Cap Value Fund | Annually | Annually |
| Small Cap Value Fund | Annually | Annually |
| Small/Mid Cap Equity Fund | Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. In-Kind Transactions — Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor's shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund's NAV, in accordance with each Fund's valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds' prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectuses. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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)

monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant 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 the Valuation Procedures, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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)

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 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.

&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 classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **Equity Income Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $7454409 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 402901893 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 4798707 |  |  |
|  Investment Company | 341 |  |  |
|  Securities Lending Reinvestment Vehicle | 1867020 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417022370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **Focused Value Fund** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $58459442 | $— | $— |
|  Investment Company | 527566 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58987008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **Large Cap Value Fund** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $6450315 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 426912681 |  |  |
|  Investment Company | 1159423 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434522419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **Mid Cap Value 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 | $9713044 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 35040591 |  |  |
|  North America | 1050306358 |  |  |
|  Investment Company | 11772742 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106832735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **Small Cap Value Fund** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $6053639 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 937023003 |  |  |
|  Investment Company | 8029450 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951106092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | $— | $— | $— |
| **Small/Mid Cap Equity Fund** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $1076534 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3549851 |  |  |
|  North America | 136534532 |  | 4477 |
|  Investment Company | 1088254 |  |  |
|  Securities Lending Reinvestment Vehicle | 179668 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142428839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $4477 |

---

<sup>(a)</sup> Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. 

For further information regarding security characteristics, see the Schedules of Investments.

**73**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended 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  | Contractual Management Rate  | | |
| Fund | First<br>$1 billion | Next<br>$1 billion | Next<br>$3 billion | Next<br>$3 billion | Over<br>$8 billion | Effective<br>Rate | Effective Net<br>Management<br>Rate^ |
|  Equity Income Fund | 0.69% | 0.62% | 0.59% | 0.58% | 0.57% | 0.69% | 0.65%\* |
|  Focused Value Fund | 0.69 | 0.62 | 0.59 | 0.58 | 0.57 | 0.69 | 0.65\* |
|  Large Cap Value Fund | 0.75 | 0.68 | 0.65 | 0.64 | 0.63 | 0.75 | 0.66\* |
|  Mid Cap Value Fund | 0.75 | 0.75 | 0.68 | 0.65 | 0.64 | 0.75 | 0.75 |
|  Small Cap Value Fund | 0.98 | 0.98 | 0.88 | 0.84 | 0.82 | 0.98 | 0.94\* |
|  Small/Mid Cap Equity Fund | 0.80 | 0.80 | 0.72 | 0.68 | 0.67 | 0.80 | 0.80 |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

\* GSAM agreed to waive a portion of its management fee with respect to the Equity Income Fund, Focused Value Fund, and Large Cap Value Fund, in order to achieve an effective net management fee rate of 0.65%, 0.65%, and 0.66% respectively, as an annual percentage of each Fund's average daily net assets. Effective December 29, 2024, GSAM agreed to waive a portion of its management fee with respect to the Small Cap Value Fund to achieve an effective net management fee rate of 0.92% as an annual percentage of the Fund's average daily net assets. This arrangement will remain in effect through at least December 29, 2025, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. 

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the fiscal year ended August 31, 2025, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management** <br> **Fee Waived** |
|  Equity Income Fund | $649 |
|  Focused Value Fund | 1080 |
|  Large Cap Value Fund | 3309 |
|  Mid Cap Value Fund | 16772 |
|  Small Cap Value Fund | 13167 |
|  Small/Mid Cap Equity Fund | 2462 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | **Class A\*** | **Class C** | **Service** | **Class R\*** |
|  Distribution and/or Service Plan | 0.25% | 0.75% | 0.25% | 0.50% |

---

\* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

Effective on July 1, 2025, all Distribution and/or Service (Rule 12b-1) Plan fees on all applicable share classes of Focused Value Fund were waived.

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended August 31, 2025, Goldman Sachs retained the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Front End<br>Sales Charge**  | **Contingent Deferred<br>Sales Charge**  |
| **Fund** | **Class A** | **Class C** |
|  Equity Income Fund | $6669 | $— |
|  Focused Value Fund | 3520 |  |
|  Large Cap Value Fund | 2502 |  |
|  Mid Cap Value Fund | 5785 |  |
|  Small Cap Value Fund | 893 |  |
|  Small/Mid Cap Equity Fund | 396 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

Effective on July 1, 2025, all Service and/or Shareholder Administration Plan fees on all applicable share classes of Focused Value Fund were waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

For the fiscal year ended August 31, 2025, the transfer agency fee waivers were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Focused Value Fund** | **Large Cap Value Fund** | **Mid Cap Value Fund** |
| Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) <sup>\*</sup> | 0.06% | 0.04% | 0.06% | 0.01% |

---

\* These arrangements will remain in effect through at least December 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

---

| | |
|:---|:---|
|  | **Small/Mid Cap Equity<br>Fund** |
|  Transfer Agency Waivers (Class A, Class C, Investor, and Class R Shares) <sup>\*</sup><br> 0.07%<sup>\*\*</sup> | 0.03% |

---

\* These arrangements will remain in effect through at least December 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

\*\* Effective December 29, 2024, the transfer agency fee waiver for the Small Cap Value Fund was decreased from 0.11% to 0.07%. 

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Equity Income, Focused Value, Large Cap Value, Small Cap Value and Small/Mid Cap Equity Funds is 0.004% and for Mid Cap Value Fund is 0.104%. 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.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund's Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)<br>

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** | **Transfer Agency<br>Waiver/Credits** | **Distribution and<br>Service Fee Waiver** | **Other Expense<br>Reimbursements** | **Total Expense** <br> **Reductions**  |
|  Equity Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162696 | $195910 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396811 | $755417 |
|  Focused Value Fund | 24424 | 2696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | 329198 | 357498 |
|  Large Cap Value Fund | 400080 | 59970 |  | 374679 | 834729 |
|  Mid Cap Value Fund | 16772 | 53659 |  |  | 70431 |
|  Small Cap Value Fund | 392049 | 221739 |  | 529925 | 1143713 |
|  Small/Mid Cap Equity Fund | 2462 | 2387 |  | 360925 | 365774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. 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;H. Other Transactions with Affiliates — For the fiscal year ended August 31, 2025, Goldman Sachs earned the following amounts in brokerage commissions from portfolio transactions, on behalf of the Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | **Goldman Sachs Focused<br>Value Fund** | **Goldman Sachs Mid Cap <br>Value Fund** | **Goldman Sachs Small Cap<br>Value Fund** |
|  Brokerage commissions paid | $448 | $8373 | $170 |

---

The tables below show the transactions in and earnings from investments in the Financial Square Government Money Market Fund — Institutional Shares for the fiscal year ended August 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Equity Income Fund | Equity Income Fund |  |  |  |  |  |
|  | **Beginning value** |  |  |  |  |  |
|  | **as of August 31,** |  |  | **Ending value as of** | **Shares as of August** |  |
| **Underlying Fund** | **2024** | **Purchases at Cost** | **Proceeds from Sales** | **August 31, 2025** | **31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $430066 | $25270083 | $(25699808) | $341 | 341 | $16127 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Focused Value Fund | Focused Value Fund |  |  |  |  |  |
|  | **Beginning value** |  |  |  |  |  |
|  | **as of August 31,** |  |  | **Ending value as of** | **Shares as of August** |  |
| **Underlying Fund** | **2024** | **Purchases at Cost** | **Proceeds from Sales** | **August 31, 2025** | **31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 537511 | 13294933 | (13304878) | 527566 | 527566 | 29552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**77**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Large Cap Value Fund | Large Cap Value Fund | Large Cap Value Fund |  |  |  |  |
|  | **Beginning value** |  |  |  |  |  |
|  | **as of August 31,** |  |  | **Ending value as of** | **Shares as of August** |  |
| **Underlying Fund** | **2024** | **Purchases at Cost** | **Proceeds from Sales** | **August 31, 2025** | **31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | $3906237 | $48725993 | $(51472807) | $1159423 | 1159423 | $91744 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Mid Cap Value Fund | Mid Cap Value Fund | Mid Cap Value Fund |  |  |  |  |
|  | **Beginning value** |  |  |  |  |  |
|  | **as of August 31,** |  |  | **Ending value as of** | **Shares as of August** |  |
| **Underlying Fund** | **2024** | **Purchases at Cost** | **Proceeds from Sales** | **August 31, 2025** | **31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 4642905 | 154780135 | (147650298) | 11772742 | 11772742 | 459498 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Small Cap Value Fund | Small Cap Value Fund | Small Cap Value Fund |  |  |  |  |
|  | **Beginning value** |  |  |  |  |  |
|  | **as of August 31,** |  |  | **Ending value as of** | **Shares as of August** |  |
| **Underlying Fund** | **2024** | **Purchases at Cost** | **Proceeds from Sales** | **August 31, 2025** | **31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 3859680 | 344097853 | (339928083) | 8029450 | 8029450 | 367244 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Small/Mid Cap Equity Fund | Small/Mid Cap Equity Fund | Small/Mid Cap Equity Fund |  |  |  |  |
|  | **Beginning value** |  |  |  |  |  |
|  | **as of August 31,** |  |  | **Ending value as of** | **Shares as of August** |  |
| **Underlying Fund** | **2024** | **Purchases at Cost** | **Proceeds from Sales** | **August 31, 2025** | **31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  |  | 41538705 | (40450451) | 1088254 | 1088254 | 66841 |

---

As of August 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following Fund:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class C** | **Class R** |
|  Focused Value Fund | 7% | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Equity Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141171217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161733793 |
|  Focused Value Fund | 63306630 | 64673161 |
|  Large Cap Value Fund | 326646181 | 366030006 |
|  Mid Cap Value Fund | 805504842 | 1007372349 |
|  Small Cap Value Fund | 823042256 | 1128257628 |
|  Small/Mid Cap Equity Fund | 144834255 | 158960193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. SECURITIES LENDING

The Funds 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 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 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 Statements of Assets and Liabilities, where applicable.

Each of 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 Statements of Operations.

The following table provides information about the Funds' investments in the Government Money Market Fund for the fiscal year ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Ending value as<br>of August 31, 2025** |
|  Equity Income Fund | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29534123 | $(27667103) | $1867020 |
|  Mid Cap Value Fund | – | 19690090 | (19690090) |  |
|  Small Cap Value Fund | – | 78481589 | (78481589) |  |
|  Small/Mid Cap Equity Fund | – | 8275872 | (8096204) | 179668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**79**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;7. TAX INFORMATION (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Focused Value Fund** | **Large Cap Value**<br> **Fund** | **Mid Cap Value Fund** | **Small Cap Value** <br> **Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $12767071 | $1846300 | $19448219 | $30112810 | $40992218 |
|  Long-term capital gains | 24437696 | 3194355 | 30143805 | 48739253 | 155692692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $37204767 | $5040655 | $49592024 | $78852063 | $196684910 |

---

---

| | |
|:---|:---|
|  | **Small/Mid Cap** <br> **Equity Fund** |
|  Distributions paid from: |  |
|  Ordinary Income | $1388259 |
|  Long-term capital gains | 1814509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;3202768 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Focused Value Fund** | **Large Cap Value**<br> **Fund** | **Mid Cap Value Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value** <br> **Fund** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $6078185 | $660040 | $9315185 | $13466354 | $13235592 |
|  Long-term capital gains | 10784218 | 86579 | 15386420 | 40391553 | 51548355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $16862403 | $746619 | $24701605 | $53857907 | $64783947 |

---

---

| | |
|:---|:---|
|  | **Small/Mid Cap** <br> **Equity Fund** |
|  Distributions paid from: |  |
|  Ordinary Income | $1375211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $1375211 |

---

As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Income** <br> **Fund** | **Focused Value** <br> **Fund** | **Large Cap Value** <br> **Fund** | **Mid Cap Value** <br> **Fund** |
|  Undistributed ordinary income — net | $2215054 | $665970 | $3216226 | $16333838 |
|  Undistributed long-term capital gains | 29894662 | 5514604 | 42486367 | 94995892 |
|  Total undistributed earnings | $32109716 | $6180574 | $45702593 | $111329730 |
|  Timing differences — (Qualified Late Year Ordinary Loss Deferral and Post October Losses) |  |  | (1202156) |  |
|  Unrealized gains (losses) — net | 106847003 | 7008545 | 88431261 | 198143892 |
|  Total accumulated earnings (losses) — net | $138956719 | $13189119 | $132931698 | $309473622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | **Small Cap Value**<br> **Fund** | **Small/Mid Cap <br>Equity Fund** |
|  Undistributed long-term capital gains | 125006944 | 7365823 |
|  Timing differences — (Qualified Late Year Loss Deferral and Post October Losses) |  | (1989681) |
|  Unrealized gains (losses) — net | 185357334 | 23541848 |
|  Total accumulated earnings (losses) — net | $310364278 | $28917990 |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Income Fund** | **Focused Value Fund** | **Large Cap Value Fund** | **Mid Cap Value Fund** |
|  Tax Cost | $310175367 | $51978458 | $346091158 | $908688909 |
|  Gross unrealized gain | 117518509 | 7765708 | 97630246 | 227156552 |
|  Gross unrealized loss | (10671506) | (757163) | (9198985) | (29012660) |
|  Net unrealized gain (loss) | $106847003 | $7008545 | $88431261 | $198143892 |
|  |  |  | **Small Cap Value Fund** | **Small/Mid Cap Equity**<br> **Fund** |
|  Tax Cost |  |  | $765748758 | $118891468 |
|  Gross unrealized gain |  |  | 205042034 | 26671578 |
|  Gross unrealized loss |  |  | (19684700) | (3129730) |
|  Net unrealized gain (loss) |  |  | $185357334 | $23541848 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of passive foreign investment company investments and underlying fund investments. GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**81**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;8. OTHER RISKS (continued)

securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks are those believed to be undervalued in comparison to their peers, due to market, company-specific or other factors.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Non-Diversification Risk — The Focused Value Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

REIT Risk — Risks associated with investments in the real estate industry (such as REITs) include, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage financing, variations in rental income, neighborhood values or the appeal of property to tenants; interest rates; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; and changes in zoning laws. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER MATTERS

Effective after the close of business on June 20, 2025, the Goldman Sachs Small/Mid Cap Value Fund was renamed the Goldman Sachs Small/Mid Cap Equity Fund and changes were made to the Fund's principal investment strategy and performance benchmark.

Reorganization — At a meeting held on June 17-18, 2025, the Board of Trustees of Goldman Sachs Trust approved the reorganization (the "Reorganization") of Goldman Sachs Focused Value Fund (the "Acquired Fund") with and into Goldman Sachs Value Opportunities ETF, a newly-created shell series of Goldman Sachs ETF Trust (the "Acquiring Fund"). Accordingly, effective on or about November 14, 2025, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund; except that (i) Acquired Fund shareholders who do not hold Acquired Fund shares through a brokerage account that can accept Acquiring Fund shares will receive a distribution of cash equal to the NAV of their Acquired Fund shares; and (ii) Acquired Fund shareholders whose Acquired Fund shares are held through a fund direct individual retirement account will have their shares exchanged for the equivalent share class of Goldman Sachs Financial Square Government Fund equal in value to the NAV of such Acquired Fund shares. The Reorganization is intended to be a tax-free reorganization for federal income tax purposes.

&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;

**83**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **Equity Income Fund** | **Equity Income Fund** | **Equity Income Fund** | **Equity Income 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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105963 | $5031739 | 107321 | $4722651 |
|  Reinvestment of distributions | 600921 | 28374868 | 305149 | 13153613 |
|  Shares redeemed | (804054) | (38249933) | (749949) | (33161786) |
|  | (97170) | (4843326) | (337479) | (15285522) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 8408 | 371535 | 8427 | 349517 |
|  Reinvestment of distributions | 8196 | 361898 | 4114 | 166308 |
|  Shares redeemed | (25768) | (1144195) | (31551) | (1291603) |
|  | (9164) | (410762) | (19010) | (775778) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 41664 | 2022341 | 50740 | 2244260 |
|  Reinvestment of distributions | 35409 | 1713353 | 21224 | 933996 |
|  Shares redeemed | (79581) | (3851281) | (279312) | (12109172) |
|  | (2508) | (115587) | (207348) | (8930916) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 5660 | 270257 |  |  |
|  Reinvestment of distributions | 146 | 6941 | 85 | 3664 |
|  Shares redeemed | (6685) | (322622) | (439) | (19602) |
|  | (879) | (45424) | (354) | (15938) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 20270 | 954955 | 19982 | 883959 |
|  Reinvestment of distributions | 6715 | 316410 | 4159 | 178617 |
|  Shares redeemed | (23878) | (1144553) | (52723) | (2290606) |
|  | 3107 | 126812 | (28582) | (1228030) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 43695 | 2109464 | 24784 | 1125121 |
|  Reinvestment of distributions | 13566 | 656544 | 6478 | 286056 |
|  Shares redeemed | (36535) | (1779176) | (26175) | (1197720) |
|  | 20726 | 986832 | 5087 | 213457 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 301 | 14324 | 315 | 13834 |
|  Reinvestment of distributions | 1561 | 73209 | 711 | 30476 |
|  Shares redeemed | (654) | (30754) | (434) | (19737) |
|  | 1208 | 56779 | 592 | 24573 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 270583 | 14250365 | 126159 | 6131770 |
|  Reinvestment of distributions | 102665 | 4965019 | 41041 | 1802226 |
|  Shares redeemed | (76068) | (3713379) | (888841) | (38931785) |
|  | 297180 | 15502005 | (721641) | (30997789) |
|  **NET INCREASE (DECREASE) IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11257329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1308735) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56995943) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **Focused Value Fund** | **Focused Value Fund** | **Focused Value Fund** | **Focused Value 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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833568 |
|  Reinvestment of distributions | 7682 | 122318 | 647 | 8993 |
|  Shares redeemed | (49371) | (761135) | (1848) | (26671) |
|  | 11152 | 186274 | 54968 | 815890 |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 9447 | 146301 | 6778 | 92956 |
|  Reinvestment of distributions | 844 | 13202 | 38 | 514 |
|  Shares redeemed | (3050) | (48033) | (12971) | (176939) |
|  | 7241 | 111470 | (6155) | (83469) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 129578 | 2029248 | 151217 | 2319258 |
|  Reinvestment of distributions | 28683 | 460339 | 2908 | 40641 |
|  Shares redeemed | (130101) | (1989197) | (29136) | (415241) |
|  | 28160 | 500390 | 124989 | 1944658 |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 84276 | 1334235 | 312574 | 4779347 |
|  Reinvestment of distributions | 25183 | 402420 | 17 | 230 |
|  Shares redeemed | (98967) | (1582082) | (12310) | (188628) |
|  | 10492 | 154573 | 300281 | 4590949 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 34001 | 518513 | 125651 | 1809672 |
|  Reinvestment of distributions | 11022 | 176320 | 17 | 243 |
|  Shares redeemed | (51315) | (786673) | (6113) | (92910) |
|  | (6292) | (91840) | 119555 | 1717005 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold |  | 10 |  |  |
|  Reinvestment of distributions | 83 | 1334 | 39 | 533 |
|  Shares redeemed | (2416) | (41252) |  |  |
|  | (2333) | (39908) | 39 | 533 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 353596 | 5577401 | 217830 | 3092611 |
|  Reinvestment of distributions | 241434 | 3864721 | 49898 | 695465 |
|  Shares redeemed | (463288) | (7372428) | (874438) | (12803578) |
|  | 131742 | 2069694 | (606710) | (9015502) |
|  **NET INCREASE (DECREASE) IN SHARES** | 180162 | $2890653 | (13033) | $(29936) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Value 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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 437253 | $7065284 | 344463 | $5403999 |
|  Reinvestment of distributions | 562664 | 9236001 | 296987 | 4442952 |
|  Shares redeemed | (1007437) | (16526645) | (736201) | (11599398) |
|  | (7520) | (225360) | (94751) | (1752447) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 73330 | 1114150 | 48605 | 736964 |
|  Reinvestment of distributions | 43841 | 660006 | 30053 | 415122 |
|  Shares redeemed | (229894) | (3496323) | (251894) | (3628036) |
|  | (112723) | (1722167) | (173236) | (2475950) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 266240 | 4463890 | 392968 | 6343160 |
|  Reinvestment of distributions | 856268 | 14317751 | 494896 | 7521953 |
|  Shares redeemed | (1088268) | (18349356) | (1868269) | (29688601) |
|  | 34240 | 432285 | (980405) | (15823488) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 13982 | 222692 | 9983 | 152585 |
|  Reinvestment of distributions | 3227 | 52631 | 1742 | 25914 |
|  Shares redeemed | (8542) | (136606) | (16068) | (242477) |
|  | 8667 | 138717 | (4343) | (63978) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 90654 | 1469546 | 77587 | 1250862 |
|  Reinvestment of distributions | 31444 | 517027 | 12636 | 189187 |
|  Shares redeemed | (56805) | (929605) | (306031) | (4451999) |
|  | 65293 | 1056968 | (215808) | (3011950) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 68467 | 1199806 | 35750 | 600130 |
|  Reinvestment of distributions | 20199 | 350235 | 8816 | 138491 |
|  Shares redeemed | (76868) | (1309716) | (29157) | (491814) |
|  | 11798 | 240325 | 15409 | 246807 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 22207 | 344632 | 35203 | 513426 |
|  Reinvestment of distributions | 19937 | 311390 | 16230 | 232201 |
|  Shares redeemed | (47766) | (740064) | (174534) | (2691534) |
|  | (5622) | (84042) | (123101) | (1945907) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 325268 | 5886877 | 309649 | 5030891 |
|  Reinvestment of distributions | 1345220 | 23325551 | 722502 | 11344186 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1544375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26586710) | (1813864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29379746) |
|  | 126113 | 2625718 | (781713) | (13004669) |
|  **NET INCREASE (DECREASE) IN SHARES** | 120246 | $2462444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2357948) | $(37831582) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value Fund** | **Mid Cap Value 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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 505914 | $18601843 | 630930 | $21805852 |
|  Reinvestment of distributions | 749704 | 28105608 | 558190 | 18845414 |
|  Shares redeemed | (1971595) | (72097041) | (2511602) | (86709785) |
|  | (715977) | (25389590) | (1322482) | (46058519) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 16187 | 454999 | 30140 | 839830 |
|  Reinvestment of distributions | 13115 | 387465 | 10568 | 285540 |
|  Shares redeemed | (53637) | (1555842) | (96401) | (2670827) |
|  | (24335) | (713378) | (55693) | (1545457) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 991125 | 36622600 | 1696862 | 59849317 |
|  Reinvestment of distributions | 483544 | 18500876 | 406823 | 14013508 |
|  Shares redeemed | (2666488) | (101107593) | (2890239) | (101407420) |
|  | (1191819) | (45984117) | (786554) | (27544595) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 124742 | 4329394 | 98388 | 3278317 |
|  Reinvestment of distributions | 49933 | 1807695 | 38391 | 1253628 |
|  Shares redeemed | (214245) | (7594914) | (208132) | (6982875) |
|  | (39570) | (1457825) | (71353) | (2450930) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 610274 | 21728547 | 1564445 | 51810907 |
|  Reinvestment of distributions | 190325 | 6863688 | 119050 | 3880840 |
|  Shares redeemed | (1018421) | (36043797) | (1342971) | (44385305) |
|  | (217822) | (7451562) | 340524 | 11306442 |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 493607 | 18391173 | 744902 | 26259452 |
|  Reinvestment of distributions | 179978 | 6878422 | 121694 | 4188239 |
|  Shares redeemed | (828347) | (31129683) | (765684) | (26932155) |
|  | (154762) | (5860088) | 100912 | 3515536 |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 132283 | 4681678 | 204958 | 6730670 |
|  Reinvestment of distributions | 37817 | 1339970 | 28760 | 920988 |
|  Shares redeemed | (246724) | (8593725) | (284740) | (9408097) |
|  | (76624) | (2572077) | (51022) | (1756439) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 556841 | 20308956 | 1101662 | 38306800 |
|  Reinvestment of distributions | 278271 | 10635540 | 223922 | 7704303 |
|  Shares redeemed | (1790906) | (68939528) | (1443284) | (49875061) |
|  | (955794) | (37995032) | (117700) | (3863958) |
|  **NET DECREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3376703) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127423669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1963368) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68397920) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value 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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 378421 | $13493566 | 440593 | $16807932 |
|  Reinvestment of distributions | 1152029 | 42127895 | 259721 | 9905261 |
|  Shares redeemed | (1503419) | (54083865) | (1633110) | (61632459) |
|  | 27031 | 1537596 | (932796) | (34919266) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 10034 | 166393 | 11199 | 229457 |
|  Reinvestment of distributions | 23092 | 361223 | 3784 | 76963 |
|  Shares redeemed | (41976) | (657105) | (17867) | (367233) |
|  | (8850) | (129489) | (2884) | (60813) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 900464 | 38661863 | 1980539 | 86028443 |
|  Reinvestment of distributions | 1048246 | 45389636 | 487797 | 21396553 |
|  Shares redeemed | (4866519) | (210343012) | (9743615) | (423411051) |
|  | (2917809) | (126291513) | (7275279) | (315986055) |
|  **Service Shares** |  |  |  |  |
|  Shares sold | 30658 | 1031028 | 51522 | 1844136 |
|  Reinvestment of distributions | 43889 | 1488686 | 15558 | 557766 |
|  Shares redeemed | (127462) | (4546967) | (209157) | (7412798) |
|  | (52915) | (2027253) | (142077) | (5010896) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 79428 | 2863928 | 169807 | 6336137 |
|  Reinvestment of distributions | 130419 | 4690677 | 58846 | 2214960 |
|  Shares redeemed | (467595) | (17878310) | (1344061) | (50933977) |
|  | (257748) | (10323705) | (1115408) | (42382880) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 711511 | 29757664 | 1600956 | 70039926 |
|  Reinvestment of distributions | 1161664 | 50239202 | 410240 | 17982756 |
|  Shares redeemed | (2316889) | (97185503) | (5805480) | (257956435) |
|  | (443714) | (17188637) | (3794284) | (169933753) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 264893 | 9639031 | 351873 | 13116740 |
|  Reinvestment of distributions | 188010 | 6482211 | 43815 | 1592735 |
|  Shares redeemed | (438201) | (15910435) | (522307) | (19305024) |
|  | 14702 | 210807 | (126619) | (4595549) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1322785 | 55492941 | 984371 | 42596313 |
|  Reinvestment of distributions | 922527 | 39897883 | 201994 | 8853867 |
|  Shares redeemed | (1585808) | (67050246) | (2317580) | (99292311) |
|  | 659504 | 28340578 | (1131215) | (47842131) |
|  **NET DECREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2979799) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125871616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14520562) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620731343) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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;12. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— |
|  | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity Fund** | **Small/Mid Cap Equity 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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 19284 | $310630 | 34599 | $521803 |
|  Reinvestment of distributions | 2631 | 45131 | 983 | 14532 |
|  Shares redeemed | (31284) | (512511) | (39252) | (593281) |
|  | (9369) | (156750) | (3670) | (56946) |
|  **Class C Shares** |  |  |  |  |
|  Shares sold | 534 | 8019 | 6040 | 84985 |
|  Reinvestment of distributions | 470 | 7756 |  |  |
|  Shares redeemed | (13129) | (202583) | (28588) | (411618) |
|  | (12125) | (186808) | (22548) | (326633) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 144043 | 2379182 | 551447 | 8029084 |
|  Reinvestment of distributions | 22210 | 386551 | 13767 | 206643 |
|  Shares redeemed | (658592) | (11004148) | (836465) | (12281360) |
|  | (492339) | (8238415) | (271251) | (4045633) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 29390 | 477040 | 90724 | 1359775 |
|  Reinvestment of distributions | 6167 | 106671 | 4696 | 70023 |
|  Shares redeemed | (94332) | (1540362) | (406241) | (6128396) |
|  | (58775) | (956651) | (310821) | (4698598) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 603869 | 10228894 | 766940 | 11479505 |
|  Reinvestment of distributions | 34472 | 599514 | 15899 | 238483 |
|  Shares redeemed | (709278) | (11468081) | (5556199) | (79985375) |
|  | (70937) | (639673) | (4773360) | (68267387) |
|  **Class R Shares** |  |  |  |  |
|  Shares sold | 1053 | 16632 | 400 | 5821 |
|  Reinvestment of distributions | 98 | 1679 | 27 | 393 |
|  Shares redeemed | (4902) | (79784) | (1599) | (24359) |
|  | (3751) | (61473) | (1172) | (18145) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 972766 | 15428815 | 317547 | 4870961 |
|  Reinvestment of distributions | 118284 | 2055339 | 56377 | 845087 |
|  Shares redeemed | (1157373) | (19119460) | (1009632) | (14844331) |
|  | (66323) | (1635306) | (635708) | (9128283) |
|  **NET DECREASE IN SHARES** | **(713619)** | $**(11875076)** | **(6018530)** | $**(86541625)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Equity Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Equity Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements 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, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025, and each of the financial highlights for each of the five years in the period ended August 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of 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;

**93**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Equity Income Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, and Goldman Sachs Small/Mid Cap Equity Fund (the "Funds") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), a benchmark performance index, and (in the case of the Mid Cap Value Fund and Small Cap Value Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser's soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

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GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Mid Cap Value Fund's and Small Cap Value Fund's performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Equity Income 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 ten-year period, and in the fourth quartile for the five-year period, and had outperformed the Fund's benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2025. The Trustees considered that the Focused Value Fund's Institutional Shares had placed in the top half of the Fund's peer group for the three- and five-year periods and in the third quartile for the one-year period, and had outperformed the Fund's benchmark index for the three- and five-year periods and underperformed for the one-year period ended March 31, 2025. The Trustees noted that the Large Cap Value Fund's Institutional Shares had placed in the in the top half of the Fund's peer group for the three-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund's benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. The Trustees observed that the Mid Cap Value Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods, and had outperformed the Fund's benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. The Trustees considered that the Small Cap Value Fund's Institutional Shares had placed in the top half of the Fund's peer group for the one-year period and in the fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Fund's benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2025. They observed that the Small Cap Value Fund had experienced certain portfolio management changes in 2022 and 2023. The Trustees noted that the Small/Mid Cap Equity Fund's Institutional Shares had placed in the third quartile of the Fund's peer group for the five-year period and in the fourth quartile for the one-, three-, and ten-year periods, and had underperformed the Fund's benchmark index for one-, three-, five-, and ten-year periods ended March 31, 2025. They also considered that the former Goldman Sachs Small/Mid Cap Value Fund had experienced certain portfolio management changes in 2022 and 2023, and that the Board had previously approved that the Fund would be repositioned as the Small/Mid Cap Equity Fund in 2025, which would involve changes to the Fund's name, principal investment strategy and performance benchmark.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Daily**<br> **Net Assets** | **Equity Income<br>Fund** | **Focused Value<br>Fund** | **Large Cap Value<br>Fund** | **Mid Cap Value<br>Fund** | **Small Cap Value<br>Fund** | **Small/Mid Cap<br>Equity Fund** |
|  First $1 billion | 0.69% | 0.69% | 0.75% | 0.75% | 0.98% | 0.80% |
|  Next $1 billion | 0.62 | 0.62 | 0.68 | 0.75 | 0.98 | 0.80 |
|  Next $3 billion | 0.59 | 0.59 | 0.65 | 0.68 | 0.88 | 0.72 |
|  Next $3 billion | 0.58 | 0.58 | 0.64 | 0.65 | 0.84 | 0.68 |
|  Over $8 billion | 0.57 | 0.57 | 0.63 | 0.64 | 0.82 | 0.67 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee for the Equity Income Fund, Focused Value Fund, Large Cap Value Fund, and Small Cap Value Fund and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of the transfer agency fees paid by each of the Funds' Class A, Class C, Investor, and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage commissions earned by Goldman Sachs for executing securities transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by the Investment Adviser for managing the fund in which the 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; (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' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) 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;

98.0 ------

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Trust – Fundamental Equity Value Funds - Tax Information (Unaudited)
For the fiscal year ended August 31, 2025, 74.84%, 59.45%, 51.73%, 59.82%, 49.01%, and 74.38% of the dividends paid from net investment company taxable income by the Equity Income Fund, Focused Value Fund, Large Cap Value Fund, Mid Cap Value Fund, Small Cap Value Fund, and Small/Mid Cap Equity Fund, respectively, qualify for the dividends received deduction available to corporations.

Pursuant to Section 852 of the Internal Revenue Code, the Equity Income Fund, Focused Value Fund, Large Cap Value Fund, Mid Cap Value Fund, Small Cap Value Fund, and Small/Mid Cap Equity Fund designate $24,437,697, $3,194,354, $30,143,805, $48,739,253, $153,735,415, and $1,293,432 respectively or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2025.

For the fiscal year ended August 31, 2025, the Equity Income Fund, Focused Value Fund, Large Cap Value Fund, Mid Cap Value Fund, Small Cap Value Fund, and Small/Mid Cap Equity Fund designate 67.40%, 56.87%, 40.48%, 56.32%, 40.33%, and 88.68%, 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.

During the fiscal year ended August 31, 2025, the Equity Income Fund, Focused Value Fund, Large Cap Value Fund, Mid Cap Value Fund, Small Cap Value Fund, and Small/Mid Cap Equity Fund, designate $7,128,005, $1,087,497, $13,474,672, $19,843,251, $28,449,127, and $237,158 respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the fiscal year ended August 31, 2025, 3.69%, 2.31%, 2.94%, 10.08%, 7.50%, 11.32% of the dividends paid from net investment company taxable income by the Equity Income Fund, Focused Value Fund, Large Cap Value Fund, Mid Cap Value Fund, Small Cap Value Fund, and Small/Mid Cap Equity Fund, respectively, qualify as section 199A dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

------

![LOGO](g15322dsp100.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. EQVALAR-25

------

![LOGO](g66128dsp001.jpg)

------

## Goldman Sachs Global Tax-Aware Equity Portfolios

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Dividend Global Equity Portfolio](#gta66128_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tax-Advantaged Global Equity Portfolio](#gta66128_2) | 7 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#gta66128_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#gta66128_4) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#gta66128_5) | 14 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Enhanced Dividend Global Equity Portfolio](#gta66128_6) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Tax-Advantaged Global Equity Portfolio](#gta66128_7) | 19 |
|  **[Notes to Financial Statements](#gta66128_8)** | 23 |
|  **[Report of Independent Registered Public Accounting Firm](#gta66128_9)** | 41 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#gta66128_10)** | 42 |

---

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&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** |
| Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 86.1% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 86.1% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 86.1% |
| Equity – 86.1% | Equity – 86.1% | Equity – 86.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15857088 | Goldman Sachs U.S. Equity Dividend and Premium Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288281853 |
| 8737842 | Goldman Sachs International Equity Dividend and Premium Fund | 71126030 |
| 838374 | Goldman Sachs Small Cap Equity Insights Fund | 25335668 |
| 770308 | Goldman Sachs International Small Cap Insights Fund | 12478991 |
| 832990 | Goldman Sachs Emerging Markets Equity Insights Fund | 8521488 |
| 40688 | Goldman Sachs Energy Infrastructure Fund | 568004 |
| TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) |
| (Cost $232,161,688) | (Cost $232,161,688) | 406312034 |
| Exchange-Traded Funds – 5.8% | Exchange-Traded Funds – 5.8% | Exchange-Traded Funds – 5.8% |
| 360213 | iShares Core S&P Mid-Cap ETF | 23471479 |
| 14058 | Health Care Select Sector SPDR Fund | 1931991 |
| 30700 | Sprott Physical Uranium Trust\* | 561758 |
| 8246 | iShares MSCI Mexico ETF | 510757 |
| 1476 | iShares 7-10 Year Treasury Bond ETF | 141917 |
| 4690 | Sprott Physical Gold Trust\* | 124379 |
| 1974 | iShares Core MSCI Emerging Markets ETF | 122566 |
| 1288 | Vanguard Russell 2000 ETF | 122528 |
| 181 | iShares Core S&P 500 ETF | 117346 |
| 478 | Invesco Nasdaq 100 ETF | 112239 |
| **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $24,819,500)** | **TOTAL EXCHANGE-TRADED FUNDS**<br> **(Cost $24,819,500)** | 27216960 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 6.3%<sup>(a)</sup> | Investment Company – 6.3%<sup>(a)</sup> | Investment Company – 6.3%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund -<br>Institutional Shares | Goldman Sachs Financial Square Government Fund -<br>Institutional Shares | Goldman Sachs Financial Square Government Fund -<br>Institutional Shares |
| 29846434 | 4.154% | $29846434 |
| (Cost $29,846,434) | (Cost $29,846,434) |  |
| **TOTAL INVESTMENTS – 98.2%**<br> **(Cost $286,827,622)** | **TOTAL INVESTMENTS – 98.2%**<br> **(Cost $286,827,622)** | $463375428 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%** | 8507709 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471883137 |

---

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) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazilian Real |
| CHF | —Swiss Franc |
| COP | —Colombian Peso |
| DKK | —Danish Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli New Shekel |
| JPY | —Japanese Yen |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| TRY | —Turkish Lira |
| USD | —United States Dollar |

---

ADDITIONAL INVESTMENT INFORMATION

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At August 31, 2025, the Portfolio had the following forward foreign currency exchange contracts:

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | TRY | 20539000 | USD | 474153 | 9/17/2025 | $18432 |
|  | USD | 5962421 | GBP | 4394415 | 9/17/2025 | 22075 |
|  | USD | 697320 | HKD | 5430000 | 9/17/2025 | 403 |
|  | USD | 9033005 | JPY | 1278272100 | 9/17/2025 | 320117 |
|  | USD | 78658 | NZD | 130000 | 9/17/2025 | 1923 |
|  | USD | 548108 | SGD | 700000 | 9/17/2025 | 1877 |
| TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364827 |

---

&nbsp;&nbsp;&nbsp;&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 ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&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 LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | USD | 2598084 | AUD | 3989962 | 9/17/2025 | $(13835) |
|  | USD | 4127658 | CHF | 3340844 | 9/17/2025 | (55360) |
|  | USD | 965808 | DKK | 6260000 | 9/17/2025 | (16365) |
|  | USD | 14024968 | EUR | 12194225 | 9/17/2025 | (254821) |
|  | USD | 207097 | ILS | 720000 | 9/17/2025 | (8634) |
|  | USD | 418646 | MXN | 8125000 | 9/17/2025 | (15982) |
|  | USD | 257595 | NOK | 2600000 | 9/17/2025 | (1079) |
|  | USD | 1292012 | SEK | 12300000 | 9/17/2025 | (8822) |
|  | USD | 484834 | TRY | 20539000 | 9/17/2025 | (7751) |
| TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382649) |

---

**FUTURES CONTRACTS** — At August 31, 2025, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  FTSE/JSE Top 40 Index | 5 | 09/18/25 | $266823 | $15397 |
|  IFSC NIFTY 50 | 11 | 09/30/25 | 540166 | (11328) |
|  Long Gilt Future | 5 | 12/29/25 | 612208 | (490) |
|  Mini MDAX Index | 12 | 09/19/25 | 425797 | (1791) |
|  U.S. Treasury 10 Year Note | 78 | 12/19/25 | 8777437 | 42203 |
|  U.S. Treasury 2 Year Note | 54 | 12/31/25 | 11263641 | 17203 |
|  U.S. Treasury 5 Year Note | 62 | 12/31/25 | 6789484 | 29921 |
| Total Futures Contracts |  |  |  | $91115 |

---

**SWAP CONTRACTS** — At August 31, 2025, the Fund had the following swap contracts:

#### CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the**<br> **Fund<sup>(a)</sup>**  | **Payments Received by**<br> **the Fund** | **Termination**<br> **Date** | **Notional<br>Amounts<br>(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  0.000%<sup>(b)</sup>  | 1 Day BZDIO | 1/2/2030 | BRL 5,597 | $3217 | $– | $3217 |
| 8.620 <sup>(c)</sup>  | COOVIBR | 2/18/2030 | COP 2,350,000 | (289) |  | (289) |
| 3.815 <sup>(b)</sup>  | 1 Day SONIO | 4/10/2030 | GBP 1,900 | 726 |  | 726 |
| 3.815 <sup>(b)</sup>  | 1 Day SONIO | 4/14/2030 | GBP 2,300 | 829 |  | 829 |
|  **TOTAL** |  |  |  | $**4483** | $**–** | $**4483** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made quarterly.

#### OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/<br>Index** | **Counterparty** | **Termination**<br> **Date<sup>(a)</sup>**  | **Notional<br>Amount (000's)** | **Upfront<br>Premium<br>(Received) Paid** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  SXDR<br> ESTR+48.000% <sup>(b)</sup> | JPMorgan Chase | 02/04/2026 | EUR 1,049 | $– | $34,268\* |
|  SXDR<br> ESTR+49.500%<sup>(b)</sup> | Morgan Stanley Co., Inc. | 02/04/2026 | EUR 537 |  | 8,024\* |
|  SXDR<br> ESTR+47.000% <sup>(b)</sup> | JPMorgan Chase | 02/04/2026 | EUR 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18888 | (5485) |
|  TOTAL |  |  |  |  | $36807 |

---

&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 ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund pays/receives annual coupon payments in accordance with the swap contract. 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).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

PURCHASED & WRITTEN OPTIONS CONTRACTS — At August 31, 2025, the Fund had the following purchased and written option contracts:

#### OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid**<br> (Received) by the<br>Fund | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Health Care Select Sector SPDR Fund | Morgan Stanley Co., Inc. | $135.00 | 06/19/2026 | 6281 | $6281 | $66133 | $64887 | $1246 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX USD 31OCT25 P458.72 | Bank of America | $458.72 | 11/03/2025 | 456 | $456 | $56547 | $56547 | $– |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 6737 | $6737 | $122680 | $121434 | $1246 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid**<br> (Received) by the<br>Fund | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Health Care Select Sector SPDR Fund | Morgan Stanley Co., Inc. | $146.00 | 06/19/2026 | (12561) | $(12561) | $(58044) | $(64245) | $6201 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  TOPX JPY 19DEC25 P2503.36 | JPMorgan Chase | JPY<br>2,503.36 | 12/22/2025 | (90178) | $(90178) | $(9167) | $(58341) | $49174 |
|  SPX USD 31OCT25 P812.85 | Bank of America | $812.85 | 11/03/2025 | (456) | (456) | (12900) | (12900) |  |
| Total written option contracts | Total written option contracts | Total written option contracts |  | (103195) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103195) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135486) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55375 |

---

#### OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of**<br> **Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid**<br> (Received) by the<br>Fund | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/ GBP 0.8743 11/12/25 | Morgan Stanley Co., Inc. | EUR 0.87 | 12/12/2025 | 750000 | $750000 | $8502 | $12930 | $(4428) |

---

&nbsp;&nbsp;&nbsp;&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 ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&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)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/ GBP 0.905 11/12/25 | Morgan Stanley Co., Inc. | EUR 0.91 | 12/12/2025 | (750000) | $(750000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2008) | $(4080) | $2072 |

---

**OVER-THE-COUNTER - INTEREST RATE SWAPTIONS** — At August 31, 2025, the Portfolio had the following purchased and written option contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | Morgan Stanley Co., Inc. | 3.45% | 01/19/2026 | 5800000 | $5800000 | $40620 | $33350 | $7270 |
|  3M IRS | Morgan Stanley Co., Inc. | 3.45 | 01/19/2026 | 5800000 | 5800000 | 40620 | 27898 | 12722 |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 11600000 | $11600000 | $81240 | $61248 | $19992 |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | Morgan Stanley Co., Inc. | 3.05% | 01/19/2026 | (5800000) | $(5800000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18050) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16530) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520) |
|  3M IRS | Morgan Stanley Co., Inc. | 3.05 | 01/19/2026 | (5800000) | (5800000) | (18051) | (13398) | (4653) |
| Total written option contracts | Total written option contracts | Total written option contracts |  | (11600000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11600000) | $(36101) | $(29928) | $6173) |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| BZDIO | —Brazil Interbank Rate |
| COOVIBR | —Colombia Overnight Interbank Rate |
| SONIO | —Sterling Overnight Index Average |

---

&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 TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

&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** |
| Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 91.5% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 91.5% | Underlying Funds (Class R6 Shares)<sup>(a)</sup> – 91.5% |
| Equity – 91.5% | Equity – 91.5% |  |
| 72143287 | Goldman Sachs U.S. Tax- Managed Equity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685800547 |
| 50362197 | Goldman Sachs International Tax-Managed Equity Fund | 787161136 |
| 8126310 | Goldman Sachs International Small Cap Insights Fund | 131646220 |
| 8826888 | Goldman Sachs Emerging Markets Equity Insights Fund | 90299067 |
| 332970 | Goldman Sachs Energy Infrastructure Fund | 4648256 |
| TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)<br>(Cost $2,098,372,839) | TOTAL UNDERLYING FUNDS (CLASS R6 SHARES)<br>(Cost $2,098,372,839) | 4699555226 |
| Exchange - Traded Funds – 0.8% | Exchange - Traded Funds – 0.8% | Exchange - Traded Funds – 0.8% |
| 147535 | Health Care Select Sector SPDR Fund | 20275735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307200 | Sprott Physical Uranium Trust\* | 5621244 |
| 79716 | iShares MSCI Mexico ETF | 4937609 |
| 16106 | iShares 7-10 Year Treasury Bond ETF | 1548592 |
| 51152 | Sprott Physical Gold Trust\* | 1356551 |
| 14055 | Vanguard Russell 2000 ETF | 1337052 |
| 21533 | iShares Core MSCI Emerging Markets ETF | 1336984 |
| 2059 | iShares Core S&P 500 ETF | 1334891 |
| 5218 | Invesco Nasdaq 100 ETF | 1225239 |
| TOTAL EXCHANGE-TRADED FUNDS<br>(Cost $39,372,409) | TOTAL EXCHANGE-TRADED FUNDS<br>(Cost $39,372,409) | 38973897 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 5.9%<sup>(a)</sup> | Investment Company – 5.9%<sup>(a)</sup> | Investment Company – 5.9%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 305012766 | 4.154% | $305012766 |
|  **(Cost $305,012,766)** | **(Cost $305,012,766)** | **(Cost $305,012,766)** |
| TOTAL INVESTMENTS – 98.2%<br>(Cost $2,442,758,014) | TOTAL INVESTMENTS – 98.2%<br>(Cost $2,442,758,014) | $5043541889 |
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8% | OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8% | 94413203 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137955092 |

---

---

| | |
|:---|:---|
| 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) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | —Australian Dollar |
| BRL | —Brazilian Real |
| CHF | —Swiss Franc |
| COP | —Colombian Peso |
| DKK | —Danish Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli New Shekel |
| JPY | —Japanese Yen |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| TRY | —Turkish Lira |
| USD | —United States Dollar |

---

ADDITIONAL INVESTMENT INFORMATION

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At August 31, 2025, the Portfolio had the following forward foreign currency exchange contracts:

#### FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Gain** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | TRY | 217127000 | USD | 5012485 | 9/17/2025 | $194850 |
|  | USD | 63161455 | GBP | 46551169 | 9/17/2025 | 233847 |
|  | USD | 7382856 | HKD | 57490000 | 9/17/2025 | 4265 |
|  | USD | 95717842 | JPY | 13545154282 | 9/17/2025 | 3392106 |
|  | USD | 810784 | NZD | 1340000 | 9/17/2025 | 19824 |
|  | USD | 5778627 | SGD | 7380000 | 9/17/2025 | 19789 |
| TOTAL |  |  |  |  |  | $3864681 |

---

&nbsp;&nbsp;&nbsp;&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 TAX - ADVANTAGED GLOBAL EQUITY PORT FOLIO

&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 LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Settlement Date** | **Unrealized Loss** |
|  Morgan Stanley Co., Inc. |  |  |  |  |  |  |
|  | USD | 27494877 | AUD | 42224774 | 9/17/2025 | $(146412) |
|  | USD | 43728513 | CHF | 35392984 | 9/17/2025 | (586487) |
|  | USD | 10238184 | DKK | 66360000 | 9/17/2025 | (173477) |
|  | USD | 148647612 | EUR | 129243958 | 9/17/2025 | (2700786) |
|  | USD | 2139999 | ILS | 7440000 | 9/17/2025 | (89221) |
|  | USD | 4315271 | MXN | 83750000 | 9/17/2025 | (164739) |
|  | USD | 2724565 | NOK | 27500000 | 9/17/2025 | (11415) |
|  | USD | 13707934 | SEK | 130500000 | 9/17/2025 | (93599) |
|  | USD | 5125392 | TRY | 217127000 | 9/17/2025 | (81942) |
| TOTAL |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4048078) |

---

**FUTURES CONTRACTS** — At August 31, 2025, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  FTSE/JSE Top 40 Index | 59 | 09/18/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148506 | $181681 |
|  IFSC NIFTY 50 | 121 | 09/30/25 | 5941826 | (124604) |
|  Long Gilt Future | 58 | 12/29/25 | 7101607 | (5679) |
|  Mini MDAX Index | 128 | 09/19/25 | 4541838 | (19109) |
|  U.S. Treasury 10 Year Note | 845 | 12/19/25 | 95088906 | 457214 |
|  U.S. Treasury 2 Year Note | 596 | 12/31/25 | 124317219 | 189864 |
|  U.S. Treasury 5 Year Note | 671 | 12/31/25 | 73479742 | 323827 |
| Total |  |  |  | $1003194 |
|  **Short position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | (209) | 09/19/25 | (67640238) | (2309108) |
| Total Futures Contracts |  |  |  | $(1305914) |

---

**SWAP CONTRACTS** — At August 31, 2025, the Fund had the following swap contracts:

#### CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the<br>Fund<sup>(a)</sup>** | **Payments Received by the<br>Fund** | **Termination<br>Date** | **Notional Amounts<br>(000's)** | **Value** | **Upfront Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  0.000%<sup>(b)</sup>  | 1 Day BZDIO | 1/2/2030 | BRL 60,127 | $34564 | $– | $34564 |
| 8.630 <sup>(c)</sup>  | COOVIBR | 2/18/2030 | COP 24,940,000 | (774) |  | (774) |
| 3.815 <sup>(b)</sup>  | 1 Day SONIO | 4/10/2030 | GBP 22,700 | 8677 |  | 8677 |
| 3.815 <sup>(b)</sup>  | 1 Day SONIO | 4/14/2030 | GBP 24,200 | 8727 |  | 8727 |
| TOTAL |  |  |  | $**51194** | $**–** | $**51194** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made quarterly.

&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 TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (CONTINUED)

#### OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Obligation/Index** | **Financing Rate<br>Paid (Received) by<br>the Fund** | **Counterparty** | **Termination<br>Date<sup>(a)</sup>** | **Notional<br>Amount (000's)** | **Upfront<br>Premium<br>(Received) Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  SXDR | ESTR+48.000% <sup>(b)</sup> | JPMorgan Chase | 02/04/2026 | EUR 11,231 | $– | $366884 \* |
|  SXDR | ESTR+49.500% <sup>(b)</sup> | Morgan Stanley Co., Inc. | 02/04/2026 | EUR 6,168 |  | 92195 \* |
|  SXDR | ESTR+47.000% <sup>(b)</sup> | JPMorgan Chase | 02/04/2026 | EUR 4,424 | 203665 | (59139) |
|  TOTAL |  |  |  |  |  | $399940 |

---

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund pays/receives annual coupon payments in accordance with the swap contract. 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).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

**PURCHASED & WRITTEN OPTIONS CONTRACTS** — At August 31, 2025, the Fund had the following purchased and written option contracts:

#### OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Health Care |  |  |  |  |  |  |  |  |
|  Select Sector SPDR Fund | Morgan Stanley Co., Inc. | $135.00 | 06/19/2026 | 67328 | $67328 | $708900 | $695545 | $13355 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPX USD 31OCT25 P458.72 | Bank of America | $458.72 | 11/03/2025 | 4965 | $4965 | $615697 | $615697 | $– |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 72293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13355 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number<br>of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  Health Care Select Sector SPDR Fund | Morgan Stanley Co., Inc. | $146.00 | 06/19/2026 | (134655) | $(134655) | $(622238) | $(688706) | $66468 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  TOPX JPY 19DEC25 P503.35 | JPMorgan Chase | JPY 503.36 | 12/22/2025 | (949258) | $(949258) | $(96494) | $(610591) | $514097 |
|  SPX USD 31OCT25 P812.85 | Bank of America | $812.85 | 11/03/2025 | (4965) | (4965) | (140456) | (140456) |  |
| Total written option contracts | Total written option contracts | Total written option contracts |  | (1088878) | $(1088878) | $(859188) | $(1439753) | $580565 |

---

**OVER-THE-COUNTER - INTEREST RATE SWAPTIONS**— At August 31, 2025, the Portfolio had the following purchased and written option contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | Morgan Stanley Co., Inc. | 3.45% | 01/19/2026 | 61800000 | $61800000 | $432816 | $297258 | $135558 |

---

&nbsp;&nbsp;&nbsp;&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 TAX - ADVANTAGED GLOBAL EQUITY PORTFOLIO

&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)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  3M IRS | Morgan Stanley Co., Inc. | 3.45% | 01/19/2026 | 61800000 | $61800000 | $432816 | $355350 | $77466 |
| Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 123600000 | $123600000 | $865632 | $652608 | $213024 |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by the<br>Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  3M IRS | Morgan Stanley Co., Inc. | 3.05% | 01/19/2026 | (61800000) | $(61800000) | $(192334) | $(142758) | $(49576) |
|  3M IRS | Morgan Stanley Co., Inc. | 3.05 | 01/19/2026 | (61800000) | (61800000) | (192334) | (176130) | (16204) |
|  Total written option contracts | Total written option contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123600000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384668) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318888) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65780) |

---

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/ GBP 0.8743 11/12/25 | Morgan Stanley Co., Inc. | EUR 0.87 | 12/12/2025 | 8010000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137957 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47158) |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/ <br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  CALL EUR/ GBP 0.905 11/12/25 | Morgan Stanley Co., Inc. | EUR 0.91 | 12/12/2025 | (8010000) | $(8010000) | $(21443) | $(43536) | $22093 |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| BZDIO | —Brazil Interbank Rate |
| COOVIBR | —Colombia Interbank Rate |
| SONIO | —Sterling Overnight Index Average |

---

&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 TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Enhanced Dividend<br>Global Equity Portfolio** | **Tax-Advantaged Global<br>Equity Portfolio** |
| Assets: |  |  |
|  Investments in affiliated issuers, at value (cost $262,008,122 and $2,403,385,605, respectively) | $436158468 | $5004567992 |
|  Investments in unaffiliated issuers, at value (cost $24,819,500 and $39,372,409, respectively) | 27216960 | 38973897 |
|  Purchased Options, at value (premiums paid $195,612 and $2,101,807, respectively) | 212422 | 2281028 |
|  Cash | 7109356 | 77491921 |
|  Foreign Currency, at value (cost $157,557 and $2,102,940, respectively) | 156553 | 2087820 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 1829869 | 19588873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 41080 | 1654478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 12986 | 14794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 12900 | 140456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 171487 |
|  Unrealized gain on forward foreign currency exchange contracts | 364827 | 3864681 |
|  Unrealized gain on swap contracts | 42292 | 459079 |
|  Upfront payments received on swap contracts | 18888 | 203665 |
|  Variation margin on swap contracts |  | 395310 |
|  Other assets | 30380 | 45144 |
|  **Total assets** | 473206981 | 5151940625 |
| Liabilities: |  |  |
|  Written options, at value (premiums received $169,494 and $1,802,177, respectively) | 118220 | 1265299 |
|  Variation margin on futures contracts | 6948 | 73007 |
|  Variation margin on swaps | 18823 |  |
|  Unrealized loss on swap contracts | 5485 | 59139 |
|  Unrealized loss on forward foreign currency exchange contracts | 382649 | 4048078 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 658586 | 7410235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 28646 | 275811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 5805 | 59222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 5000 | 562224 |
|  Accrued expenses | 93682 | 232518 |
|  **Total liabilities** | 1323844 | 13985533 |
| Net Assets: |  |  |
|  Paid-in capital | 292500765 | 2412500223 |
|  Total distributable earnings | 179382372 | 2725454869 |
|  **NET ASSETS** | $471883137 | $5137955092 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $3009002 | $1083146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 7952287 | 54224623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 18646 | 11311113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 460903202 | 5071336210 |
|  Total Net Assets | $471883137 | $5137955092 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 205989 | 38905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 536243 | 1926836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1261 | 407859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 31188266 | 182845325 |
|  Net asset value, offering and redemption price per share:<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $14.61 | $27.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 14.83 | 28.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 14.79 | 27.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 14.78 | 27.74 |

---

<sup>(a)</sup> Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Futures** | **Forwards** | **Swaps** |
|  Enhanced Dividend Global Equity Portfolio | $443272 | $700000 | $686597 |
|  Tax-Advantaged Global Equity Portfolio | 8637529 | 8460000 | 2491344 |

---

<sup>(b)</sup> Maximum public offering price per share for Class A Shares of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio is $15.46 and $29.46, 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.<sub>11</sub>

------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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;

---

| | | |
|:---|:---|:---|
|  | **Enhanced Dividend**<br> **Global Equity**<br> **Portfolio** | **Tax-Advantaged**<br> **Global Equity**<br> **Portfolio** |
| Investment income: |  |  |
|  Dividends from Affiliated Underlying Funds | $8319175 | $54628271 |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $– and $178,465, respectively) | 153957 | 2517187 |
|  **Total Investment Income** | 8473132 | 57145458 |
| Expenses: |  |  |
|  Management fees | 666867 | 7019808 |
|  Transfer Agency fees<sup>(a)</sup>  | 137465 | 1410065 |
|  Custody, accounting and administrative services | 117531 | 465299 |
|  Professional fees | 97920 | 101085 |
|  Registration fees | 75911 | 96174 |
|  Printing and mailing costs | 45097 | 46464 |
|  Trustee fees | 29603 | 38516 |
|  Distribution and/or Service (12b-1) fees | 6936 | 2364 |
|  Other | 14675 | 62155 |
|  **Total expenses** | 1192005 | 9241930 |
|  Less — expense reductions | (371939) | (816329) |
|  **Net expenses** | 820066 | 8425601 |
|  **NET INVESTMENT INCOME** | 7653066 | 48719857 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 43437 | 18942051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated Underlying Funds | 3908905 | 50962613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (201559) | 82777078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 267807 | 2775132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 8543 | (10898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | (125323) | (1346552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (68802) | (1839031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1657711) | (17321512) |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from affiliated Underlying Funds | 17765579 | 40550632 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 2268034 | (1705903) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment in affiliated Underlying Funds | 19715729 | 399858538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1610420 | 15984810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 50177 | 471867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | 10248 | 171591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (15940) | (177872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | (61852) | (554065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 132334 | (5630519) |
|  **Net realized and unrealized gain** | 43650026 | 583907960 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51303092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632627817 |

---

&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 TAX-AWARE EQUITY PORTFOLIOS

&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;

<sup>(a)</sup> Class specific Transfer Agency fees were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Fund** | **Class A** | **Institutional** | **Class R6** | **Class P** |
|  Enhanced Dividend Global Equity Portfolio | $4162 | $3052 | $4 | $130247 |
|  Tax-Advantaged Global Equity Portfolio | 1418 | 19876 | 3131 | 1385640 |

---

&nbsp;&nbsp;&nbsp;&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 TAX-AWARE EQUITY PORTFOLIOS

&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;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **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 | $7653066 | $8588508 | $48719857 | $52358067 |
| Net realized gain | 19940876 | 22691609 | 175489513 | 77554310 |
| Net change in unrealized gain | 23709150 | 42913593 | 408418447 | 726826580 |
| **Net increase in net assets resulting from operations** | 51303092 | 74193710 | 632627817 | 856738957 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (184554) | (108029) | (16398) | (6378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (512400) | (360531) | (993154) | (544638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (1171) | (623) | (213936) | (116091) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (29814564) | (17551564) | (94037337) | (50166770) |
| **Total distributions to shareholders** | (30512689) | (18020747) | (95260825) | (50833877) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 27233021 | 19033270 | 336776517 | 285891330 |
| Reinvestment of distributions | 30510699 | 18019654 | 94933078 | 50652426 |
| Cost of shares redeemed | (52752185) | (61494621) | (312003492) | (307514161) |
| **Net increase (decrease) in net assets resulting from share transactions** | 4991535 | (24441697) | 119706103 | 29029595 |
| **TOTAL INCREASE** | 25781938 | 31731266 | 657073095 | 834934675 |
| Net Assets: |  |  |  |  |
| Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446101199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414369933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480881997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645947322 |
| End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471883137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446101199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137955092 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480881997 |

---

&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 ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.08 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76 |
|  Net investment income<sup>(a)(b)</sup>  | 0.19 | 0.22 | 0.18 | 0.25 | 0.19 |
|  Net realized and unrealized gain (loss) | 1.36 | 1.97 | 1.14 | (1.54) | 2.80 |
|  Total from investment operations | 1.55 | 2.19 | 1.32 | (1.29) | 2.99 |
|  Distributions to shareholders from net investment income | (0.29) | (0.23) | (0.22) | (0.45) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.93) | (0.50) | (1.10) | (1.17) | (0.21) |
|  Net asset value, end of year | $14.61 | $13.99 | $12.30 | $12.08 | $14.54 |
|  **Total Return<sup>(c)</sup>**  | 11.61% | 18.38% | 11.84% | (9.61)% | 25.64% |
|  Net assets, end of year (in 000's) | $3009 | $2685 | $2774 | $2713 | $3801 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.51% | 0.51% | 0.53% | 0.52% | 0.50% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.64% | 0.64% | 0.65% | 0.61% | 0.63% |
|  Ratio of net investment income to average net assets | 1.39% | 1.69% | 1.50% | 1.89% | 1.49% |
|  Portfolio turnover rate<sup>(e)</sup>  | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.90 |
|  Net investment income<sup>(a)(b)</sup>  | 0.24 | 0.26 | 0.22 | 0.30 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.37 | 2.00 | 1.15 | (1.55) | 2.81 |
|  Total from investment operations | 1.61 | 2.26 | 1.37 | (1.25) | 3.06 |
|  Distributions to shareholders from net investment income | (0.33) | (0.27) | (0.26) | (0.50) | (0.25) |
|  Distributions to shareholders from net realized gains | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.97) | (0.54) | (1.14) | (1.22) | (0.25) |
|  Net asset value, end of year | $14.83 | $14.19 | $12.47 | $12.24 | $14.71 |
|  **Total Return<sup>(c)</sup>**  | 11.93% | 18.74% | 12.24% | (9.32)% | 26.05% |
|  Net assets, end of year (in 000's) | $7952 | $8428 | $8456 | $9109 | $13638 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19% | 0.19% | 0.20% | 0.17% | 0.13% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.28% | 0.27% | 0.28% | 0.24% | 0.26% |
|  Ratio of net investment income to average net assets | 1.72% | 1.99% | 1.83% | 2.24% | 1.87% |
|  Portfolio turnover rate<sup>(e)</sup>  | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 |
|  Net investment income<sup>(a)(b)</sup>  | 0.24 | 0.26 | 0.22 | 0.30 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.37 | 2.00 | 1.15 | (1.55) | 2.81 |
|  Total from investment operations | 1.61 | 2.26 | 1.37 | (1.25) | 3.06 |
|  Distributions to shareholders from net investment income | (0.34) | (0.27) | (0.26) | (0.50) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.98) | (0.54) | (1.14) | (1.22) | (0.26) |
|  Net asset value, end of year | $14.79 | $14.16 | $12.44 | $12.21 | $14.68 |
|  **Total Return<sup>(c)</sup>**  | 11.98% | 18.72% | 12.20% | (9.25)% | 26.03% |
|  Net assets, end of year (in 000's) | $19 | $17 | $14 | $12 | $14 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.17% | 0.19% | 0.17% | 0.13% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.25% | 0.24% | 0.25% | 0.22% | 0.23% |
|  Ratio of net investment income to average net assets | 1.73% | 2.01% | 1.86% | 2.24% | 1.86% |
|  Portfolio turnover rate<sup>(e)</sup>  | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS ENHANCED DIVIDEND GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
|  | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 |
|  Net investment income<sup>(a)(b)</sup>  | 0.24 | 0.26 | 0.22 | 0.30 | 0.25 |
|  Net realized and unrealized gain (loss) | 1.37 | 1.99 | 1.15 | (1.55) | 2.81 |
|  Total from investment operations | 1.61 | 2.25 | 1.37 | (1.25) | 3.06 |
|  Distributions to shareholders from net investment income | (0.33) | (0.27) | (0.26) | (0.50) | (0.26) |
|  Distributions to shareholders from net realized gains | (0.64) | (0.27) | (0.88) | (0.72) |  |
|  Total distributions | (0.97) | (0.54) | (1.14) | (1.22) | (0.26) |
|  Net asset value, end of year | $14.78 | $14.14 | $12.43 | $12.20 | $14.67 |
|  **Total Return<sup>(c)</sup>**  | 11.99% | 18.73% | 12.20% | (9.26)% | 26.05% |
|  Net assets, end of year (in 000's) | $460903 | $434972 | $403126 | $391095 | $470368 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.18% | 0.19% | 0.17% | 0.12% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.27% | 0.26% | 0.27% | 0.23% | 0.25% |
|  Ratio of net investment income to average net assets | 1.72% | 2.01% | 1.86% | 2.25% | 1.91% |
|  Portfolio turnover rate<sup>(e)</sup>  | 17% | 10% | 8% | 23% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16 |
|  Net investment income<sup>(a)(b)</sup>  | 0.17 | 0.21 | 0.22 | 0.21 | 0.16 |
|  Net realized and unrealized gain (loss) | 3.19 | 4.49 | 1.98 | (2.91) | 4.67 |
|  Total from investment operations | 3.36 | 4.70 | 2.20 | (2.70) | 4.83 |
|  Distributions to shareholders from net investment income | (0.23) | (0.21) | (0.19) | (0.27) | (0.16) |
|  Distributions to shareholders from net realized gains | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (0.44) | (0.21) | (0.58) | (0.32) | (0.16) |
|  Net asset value, end of year | $27.84 | $24.92 | $20.43 | $18.81 | $21.83 |
|  **Total Return<sup>(c)</sup>**  | 13.67% | 23.19% | 12.09% | (12.59)% | 28.29% |
|  Net assets, end of year (in 000's) | $1083 | $878 | $603 | $526 | $606 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.55% | 0.55% | 0.56% | 0.55% | 0.50% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.57% | 0.57% | 0.58% | 0.57% | 0.58% |
|  Ratio of net investment income to average net assets | 0.68% | 0.92% | 1.18% | 1.03% | 0.81% |
|  Portfolio turnover rate<sup>(e)</sup>  | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.03 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.30 |
|  Net investment income<sup>(a)(b)</sup>  | 0.27 | 0.30 | 0.30 | 0.29 | 0.23 |
|  Net realized and unrealized gain (loss) | 3.22 | 4.53 | 1.99 | (2.94) | 4.71 |
|  Total from investment operations | 3.49 | 4.83 | 2.29 | (2.65) | 4.94 |
|  Distributions to shareholders from net investment income | (0.31) | (0.28) | (0.26) | (0.35) | (0.21) |
|  Distributions to shareholders from net realized gains | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (0.52) | (0.28) | (0.65) | (0.40) | (0.21) |
|  Net asset value, end of year | $28.14 | $25.17 | $20.62 | $18.98 | $22.03 |
|  **Total Return<sup>(c)</sup>**  | 14.07% | 23.66% | 12.51% | (12.31)% | 28.81% |
|  Net assets, end of year (in 000's) | $54225 | $48612 | $40174 | $37591 | $33151 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.19% | 0.19% | 0.20% | 0.18% | 0.13% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.21% | 0.21% | 0.22% | 0.20% | 0.21% |
|  Ratio of net investment income to average net assets | 1.03% | 1.31% | 1.55% | 1.40% | 1.17% |
|  Portfolio turnover rate<sup>(e)</sup>  | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **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 | $24.81 | $20.33 | $18.73 | $21.73 | $17.07 |
|  Net investment income<sup>(a)(b)</sup>  | 0.27 | 0.29 | 0.29 | 0.29 | 0.26 |
|  Net realized and unrealized gain (loss) | 3.17 | 4.48 | 1.97 | (2.89) | 4.62 |
|  Total from investment operations | 3.44 | 4.77 | 2.26 | (2.60) | 4.88 |
|  Distributions to shareholders from net investment income | (0.31) | (0.29) | (0.27) | (0.35) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (0.52) | (0.29) | (0.66) | (0.40) | (0.22) |
|  Net asset value, end of year | $27.73 | $24.81 | $20.33 | $18.73 | $21.73 |
|  **Total Return<sup>(c)</sup>**  | 14.09% | 23.67% | 12.47% | (12.24)% | 28.84% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9971 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.18% | 0.19% | 0.16% | 0.12% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.20% | 0.20% | 0.21% | 0.19% | 0.20% |
|  Ratio of net investment income to average net assets | 1.05% | 1.31% | 1.54% | 1.41% | 1.36% |
|  Portfolio turnover rate<sup>(e)</sup>  | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS TAX-ADVANTAGED GLOBAL EQUITY PORTFOLIO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
|  | **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 | $24.82 | $20.34 | $18.73 | $21.74 | $17.07 |
|  Net investment income<sup>(a)(b)</sup>  | 0.26 | 0.29 | 0.30 | 0.29 | 0.23 |
|  Net realized and unrealized gain (loss) | 3.18 | 4.48 | 1.97 | (2.90) | 4.66 |
|  Total from investment operations | 3.44 | 4.77 | 2.27 | (2.61) | 4.89 |
|  Distributions to shareholders from net investment income | (0.31) | (0.29) | (0.27) | (0.35) | (0.22) |
|  Distributions to shareholders from net realized gains | (0.21) |  | (0.39) | (0.05) |  |
|  Total distributions | (0.52) | (0.29) | (0.66) | (0.40) | (0.22) |
|  Net asset value, end of year | $27.74 | $24.82 | $20.34 | $18.73 | $21.74 |
|  **Total Return<sup>(c)</sup>**  | 14.08% | 23.66% | 12.53% | (12.28)% | 28.87% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232977 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585571 |
|  Ratio of net expenses to average net assets<sup>(d)</sup>  | 0.18% | 0.18% | 0.19% | 0.17% | 0.12% |
|  Ratio of total expenses to average net assets<sup>(d)</sup>  | 0.20% | 0.20% | 0.21% | 0.19% | 0.20% |
|  Ratio of net investment income to average net assets | 1.04% | 1.31% | 1.56% | 1.41% | 1.18% |
|  Portfolio turnover rate<sup>(e)</sup>  | 28% | 9% | 4% | 22% | 16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Portfolio distributions or the redemption of Portfolio shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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;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 "Portfolios" or individually a "Portfolio"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-Diversified** |
| Goldman Sachs Enhanced Dividend Global Equity Portfolio | A, Institutional, R6 and P | Diversified |
| Goldman Sachs Tax-Advantaged Global Equity Portfolio | A, Institutional, R6 and P | Diversified |

---

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class R6 and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Portfolios pursuant to a management agreement (the "Agreement") with the Trust.

The Portfolios are expected to invest primarily in a combination of domestic and international equity and fixed income underlying funds ("Underlying Funds") which are registered under the Act, for which GSAM acts as the investment adviser. Additionally, these Portfolios may invest a portion of their assets directly in other securities and instruments, including unaffiliated exchange-traded funds.

&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 Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The valuation policy of the Portfolios and Underlying Funds is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**23**

------

GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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)

where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated

with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Portfolio's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| **Fund** | **Income Distributions Declared/Paid** | **Capital Gains Distributions**<br> **Declared/Paid** |
| Enhanced Dividend Global Equity Portfolio | Quarterly | Annually |
| Tax-Advantaged Global Equity Portfolio | Annually | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Portfolio's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Portfolios' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Portfolio are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Portfolios follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") - Improvements to Reportable Segment Disclosures. Each Portfolio operates in one segment. The segment derives its revenues from Portfolio investments made in accordance with the defined investment strategy of the Portfolio, as prescribed in the Portfolios' prospectuses. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Portfolio. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Portfolios' single segment, is consistent with that presented within each Portfolio's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios' 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**24**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Portfolios ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Portfolios' investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee") GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments— The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities— Equity securities traded on a United States 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.

Underlying Funds (including Money Market 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 Portfolios invest in Underlying Funds that fluctuate in value, the Portfolios' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Derivative Contracts— A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Portfolio and cash collateral received,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY POR T F O L I O S

&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)

if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Portfolio, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options —When the Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by the Portfolio, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Portfolio is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**26**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

*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 the Portfolio the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Portfolio may also be required to pay the dollar value of that decline to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments— To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Portfolio'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 Portfolio'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 Portfolios' investments classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Enhanced Dividend Global Equity Portfolio** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $406312034 | $— | $— |
|  Exchange-Traded Funds | 27216960 |  |  |
|  Investment Company | 29846434 |  |  |
|  **Total** | $463375428 | $— | $— |
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $364827 | $— |
|  Futures Contracts<sup>(a)</sup>  | 104724 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 4772 |  |
|  Purchased Options Contracts |  | 212422 |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | 42292 |  |
|  **Total** | $104724 | $624313 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(382649) | $— |
|  Futures Contracts<sup>(a)</sup>  | (13609) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (289) |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | (5485) |  |
|  Written Options Contracts |  | (118220) |  |
|  **Total** | $(13609) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506643) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Tax-Advantaged Global Equity Portfolio** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Underlying Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699555226 | $— | $— |
|  Exchange-Traded Funds | 38973897 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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)

---

| | | | |
|:---|:---|:---|:---|
|  Investment Company | $305012766 | $— | $|
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043541889 | $— | $|
| **Derivative Type** |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $3864681 | $|
|  Futures Contracts<sup>(a)</sup>  | 1152586 |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | 51968 |  |
|  Purchased Options Contracts |  | 2281028 |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | 459079 |  |
|  **Total** | $1152586 | $6656756 | $|
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(a)</sup>  | $— | $(4048078) | $|
|  Futures Contracts<sup>(a)</sup>  | (2458500) |  |  |
|  Interest Rate Swap Contracts<sup>(a)</sup>  |  | (774) |  |
|  Total Return Swap Contracts<sup>(a)</sup>  |  | (59139) |  |
|  Written Options Contracts |  | (1265299) |  |
|  **Total** | $(2458500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5373290) | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at fiscal year end.

For further information regarding security characteristics, see the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2025. These instruments were used as part of the Portfolios' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Currency | Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value | $373329 | Unrealized gain on forward foreign currency exchange contracts and Written options, at value | $(384657) |
| Equity | Written options at value, Variation margin on futures and swaps contracts | $180369 | Written options at value, Variation margin on futures and swaps contracts | $(98715) |
| Interest Rate | Purchased options at value, Variation margin on futures and swaps contracts | $175339 | Written options at value, Variation margin on futures and swaps contracts | $(36880) |
| Total |  | $729037 |  | $(520252) |
| **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Currency | Unrealized gain on forward foreign currency exchange contracts and Purchased options, at value | $3955480 | Unrealized gain on forward foreign currency exchange contracts and Written options, at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4069521) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**28**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Equity | Written options at value, Variation margin on futures and swaps contracts | $1965356 | Written options at value, Variation margin on futures and swaps contracts | $(3371148) |
| Interest Rate | Purchased options at value, Variation margin on futures and swaps contracts | $1888506 | Written options at value, Variation margin on futures and swaps contracts | $(391121) |
| Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809342 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7831790) |

---

<sup>(1)</sup> Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of August 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Portfolios' 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 gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $(1621670) | $1616062 |
| 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 | 269194 | (23198) |
| Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | (433112) | 148463 |
|  **Total** |  | $(1785588) | $1741327 |
| **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | (16956690) | 16039529 |
| 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 | 87459044 | (7205108) |
| Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | (5457239) | 1609263 |
|  **Total** |  | $65045115 | $10443684 |

---

For the fiscal year ended August 31, 2025, the relevant values for each derivative type was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** | **Average number of Contracts or Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** | **Forward Contracts** | **Swap Contracts** | **Purchased Options** | **Written Options** |
|  Enhanced Dividend Global Equity Portfolio | 194 | $53676736 | $6088148 | 4470223 | 5323722 |
|  Tax-Advantaged Global Equity Portfolio | 2407 | $568043464 | $64039449 | 46057310 | 54909338 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**29**

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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;4. INVESTMENTS IN DERIVATIVES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, purchased options and written options, notional amounts for forward contracts and swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Portfolio 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 the Portfolios, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio's average daily net assets. The Effective Net Management Fee for the Portfolios is 0.14% of each Portfolio's average daily net assets.

The Portfolios invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund") and Class R6 Shares of the Goldman Sachs Energy Infrastructure Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolios in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolios invest. For the fiscal year ended August 31, 2025, the management fees waived by GSAM for each Portfolio was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management <br>Fee Waived** |
|  Enhanced Dividend Global Equity Portfolio | $52334 |
|  Tax-Advantaged Global Equity Portfolio | 661818 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Portfolio, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class A Shares of the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge. During the fiscal year ended August 31, 2025, Goldman Sachs retained front-end sales charges of $288 for the Enhanced Dividend Global Equity Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A Shares of the Goldman Sachs Enhanced Dividend Global Equity Portfolio through at least December 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and

indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios is 0.014%. These 30 Other Expense limitations will remain in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**30**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Portfolios' 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** | **Transfer Agency<br>Waiver/Credits** | **Other Expense<br>Reimbursements** | **Total Expense<br>Reductions** |
|  Enhanced Dividend Global Equity Portfolio | $52334 | $&nbsp;&nbsp;&nbsp;&nbsp;1110 | $318495 | $371939 |
|  Tax-Advantaged Global Equity Portfolio | 661818 |  | 154511 | 816329 |

---

&nbsp;&nbsp;&nbsp;&nbsp;F. Line of Credit Facility — As of August 31, 2025, the Portfolios participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the fiscal year ended August 31, 2025, the Portfolios did not have any borrowings under the facility. Prior to April 14, 2025 the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;G. Other Transactions with Affiliates — The Portfolios invest primarily in Class R6 Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Portfolios. For the fiscal year ended August 31, 2025, Goldman Sachs earned $207 and $2,102, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Dividend Global Equity Portfolio and Tax-Advantaged Global Equity Portfolio, respectively. The tables below show the transactions in and earnings from investments in these Underlying Funds for the fiscal year ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** | **Enhanced Dividend Global Equity Portfolio** |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund | Goldman Sachs U.S. Equity Dividend and Premium Fund |
|  | $266498431 | $25082421 | $19325237 | $(117685) | $16143923 | $288281853 | 15857088 | $3482607 | $15147697 |
|  Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund |
|  | 11445170 | 545815 | 4544054 | (456478) | 1531035 | 8521488 | 832990 | 154228 |  |
|  Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund |
|  | 482807 | 71724 |  |  | 13473 | 568004 | 40688 | 17945 | 53779 |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 29172235 | 66004938 | 65330739 |  |  | 29846434 | 29846434 | 1286630 |  |
|  Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund | Goldman Sachs International Equity Dividend and Premium Fund |
|  | 87248224 | 8614778 | 29907058 | 2553209 | 2616877 | 71126030 | 8737842 | 2533350 |  |
|  Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund |
|  | 14323995 | 1402913 | 5207436 | 1133537 | 825982 | 12478991 | 770308 | 558452 |  |
|  Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund | Goldman Sachs Small Cap Equity Insights Fund |
|  | 25309354 | 2850067 | 2204514 | 796322 | (1415561) | 25335668 | 838374 | 285963 | 2564103 |
|  Total | $434480216 | $104572656 | $126519038 | $3908905 | $19715729 | $436158468 |  | $8319175 | $17765579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**31**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** | **Tax-Advantaged Global Equity Portfolio** |
| **Underlying<br>Fund** | **Beginning value<br>as of**<br> **August 31,**<br> **2024** | **Purchases at<br>Cost** | **Proceeds from<br>Sales** | **Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value<br>as of**<br> **August 31,**<br> **2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund | Goldman Sachs Emerging Markets Equity Insights Fund |
|  | $116069565 | $10003032 | $47318881 | $3014791 | $8530560 | $90299067 | 8826888 | $1564076 | $– |
|  Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund | Goldman Sachs Energy Infrastructure Fund |
|  | 3951047 | 586950 |  |  | 110259 | 4648256 | 332970 | 146853 | 440097 |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 350817575 | 1164263161 | 1210067970 |  |  | 305012766 | 305012766 | 16988336 |  |
|  Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund | Goldman Sachs International Small Cap Insights Fund |
|  | 137063850 | 20324559 | 46852186 | 4840988 | 16269009 | 131646220 | 8126310 | 5647877 |  |
|  Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund | Goldman Sachs International Tax-Managed Equity Fund |
|  | 887331823 | 59143814 | 274790000 | 42137217 | 73338282 | 787161136 | 50362197 | 17158336 |  |
|  Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund | Goldman Sachs U.S. Tax-Managed Equity Fund |
|  | 2867116242 | 1220587261 | 704483001 | 969617 | 301610428 | 3685800547 | 72143287 | 13122793 | 40110535 |
|  Total | $4362350102 | $2474908777 | $2283512038 | $50962613 | $399858538 | $5004567992 |  | $54628271 | $40550632 |

---

As of August 31, 2025, the Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:

---

| | | |
|:---|:---|:---|
| **Underlying Funds** | **Enhanced Dividend<br>Global Equity Portfolio** | **Tax-Advantaged<br>Global Equity Portfolio** |
|  Goldman Sachs Small Cap Equity Insights Fund | 5% | –% |
|  Goldman Sachs U.S. Equity Dividend and Premium Fund | 8 |  |
|  Goldman Sachs International Equity Dividend & Premium Fund | 49 |  |
|  Goldman Sachs U.S. Tax-Managed Equity Fund |  | 87 |
|  Goldman Sachs International Tax-Managed Equity Fund |  | 83 |

---

As of August 31, 2025, the Goldman Sachs Group, Inc. was the beneficial owner of the following share class of the Portfolios:

---

| | |
|:---|:---|
| **Fund** | **Class R6** |
|  Enhanced Dividend Global Equity Portfolio | 100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Enhanced Dividend Global Equity Portfolio | $68596853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69443931 |
|  Tax-Advantaged Global Equity Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451773579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193795610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**32**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Enhanced Dividend**<br> **Global Equity**<br> **Portfolio** | **Tax-Advantaged<br>Global Equity<br>Portfolio** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $11254524 | $57757422 |
|  Long-term capital gains | 19258165 | 37503403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $30512689 | $95260825 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Enhanced Dividend**<br> **Global Equity**<br> **Portfolio** | **Tax-Advantaged<br>Global Equity<br>Portfolio** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $9047308 | $50833877 |
|  Long-term capital gains | 8973439 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $18020747 | $50833877 |

---

As of August 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Enhanced<br>Dividend Global<br>Equity Portfolio** | **Tax-Advantaged<br>Global Equity<br>Portfolio** |
|  Undistributed ordinary income — net | $779504 | $31060500 |
|  Undistributed long-term capital gains | 16791704 | 153136459 |
|  Total undistributed earnings | $17571208 | $184196959 |
|  Timing differences — (Qualified Late Year Loss Deferral/Post October Loss Deferral/ Straddle Deferral) | (818888) | (8574088) |
|  Unrealized gains (losses) — net | 162630052 | 2549831998 |
|  Total accumulated earnings (losses) — net | $179382372 | $2725454869 |

---

As of August 31, 2025, the Portfolios' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Enhanced<br>Dividend Global<br>Equity Portfolio** | **Tax-Advantaged<br>Global Equity<br>Portfolio** |
|  Tax Cost | $301116513 | $2495424704 |
|  Gross unrealized gain | 163204309 | 2554805569 |
|  Gross unrealized loss | (574257) | (4973571) |
|  Net unrealized gain (loss) | $162630052 | $2549831998 |

---

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 companies and swap transactions.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**33**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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;8. OTHER RISKS

The Portfolios' and Underlying Funds' risks include, but are not limited to, the following:

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 the Fund enters into uncleared OTC transactions, the Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses.

Derivatives Risk — The Portfolios' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Portfolios. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Portfolios will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Portfolios will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Portfolio's investments in dividend-paying securities could cause a Portfolio to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Portfolio to produce current income.

Expenses Risk — By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also the expenses of the Portfolio.

Investments in the Underlying Funds Risk — The Portfolios invest primarily in a combination of Underlying Funds, and are subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. A strategy used by the Underlying Funds may fail to produce the intended results. As of August 31, 2025, the Enhanced Dividend Global Equity Portfolio invested 61.1% and 15.1% of its net assets in the Goldman Sachs U.S. Equity Dividend and Premium Fund (the "U.S. Equity Dividend and Premium Fund") and the Goldman Sachs International Equity Dividend and Premium Fund (the "International Equity Dividend and Premium Fund"), respectively. Because of the high concentration of its assets in these Underlying Funds, the Enhanced Dividend Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Equity Dividend and Premium Fund invests primarily in dividend paying equity investments in large capitalization U.S. issuers, with public stock market capitalizations within the range of the market capitalization of the S&P 500<sup>®</sup> Index at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the S&P 500<sup>®</sup> Index or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio. The International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in non-U.S. issuers with public stock market capitalizations within the range of capitalization of the Morgan Stanley Capital International ("MSCI") Europe, Australasia, Far East ("EAFE") Index ("MSCI EAFE Index") at the time of investment. This Underlying Fund expects that, under normal circumstances, it will write (sell) call options on the MSCI EAFE Index, other national or regional stock market indices or related exchange-traded funds in an amount that is between 20% and 75% of the value of its portfolio.

As of August 31, 2025, the Tax-Advantaged Global Equity Portfolio invested 71.7% and 15.3% of its net assets in the Goldman Sachs U.S. Tax- Managed Equity Fund (the "U.S. Tax- Managed Equity Fund") and the Goldman Sachs International Tax-Managed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**34**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

Equity Fund (the "International Tax-Managed Equity Fund"), respectively. Because of the high concentration of its assets in these Underlying Funds, the Tax-Advantaged Global Equity Portfolio has greater exposure to the risks associated with these Underlying Funds than it does to the risks associated with the other Underlying Funds in which it invests. The U.S. Tax-Managed Equity Fund invests primarily in equity investments in U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the Russell 3000 Index. The International Tax-Managed Equity Fund invests primarily in equity investments in non-U.S. issuers. This Underlying Fund will seek to maintain risk, style, capitalization and industry characteristics similar to the MSCI EAFE Index. The investment adviser may seek tax-efficiency by offsetting gains and losses, limiting portfolio turnover or selling high tax basis securities for both Underlying Funds.

The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of an Underlying Fund's net assets.

Large Shareholder Transactions Risk — A Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio's or an Underlying Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio's or an Underlying Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's or the Underlying Fund's expense ratio. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio's or an Underlying Fund's performance to the extent that the Portfolio or the Underlying 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 the Portfolio more volatile. When the Portfolio uses leverage, the sum of that Portfolio's investment exposure may significantly exceed the amount of assets invested in the Portfolio, 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 the Portfolio to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by the Portfolio can substantially increase the adverse impact to which the Portfolio's investment portfolio may be subject.

Market and Credit Risks — In the normal course of business, a Portfolio and an Underlying Fund trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Portfolio and/or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain 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 Portfolio and/or an Underlying Fund and their investments. Additionally, a Portfolio and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio and the Underlying Fund have unsettled or open transactions defaults.

Tax-Managed Investment Risk — Because the Investment Adviser balances investment considerations and tax considerations, the pre-tax performance of the Goldman Sachs Tax-Advantaged Global Equity Portfolio may be lower than the performance of similar funds that are not tax-managed. This is because the Investment Adviser may choose not to make certain investments that may result in taxable distributions to the Goldman Sachs Tax-Advantaged Global Equity Portfolio. Even though tax-managed

&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;

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;8. OTHER RISKS (continued)

strategies are being used, they may not reduce the amount of taxable income and capital gains distributed by the Goldman Sachs Tax-Advantaged Global Equity Portfolio to shareholders. A high percentage of an Underlying Fund's NAV may consist of unrealized capital gains, which represent a potential future tax liability to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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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;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Enhanced Dividend Global Equity Portfolio**  | **Enhanced Dividend Global Equity Portfolio**  | **Enhanced Dividend Global Equity Portfolio**  | **Enhanced Dividend Global Equity Portfolio**  |
|  | **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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 13006 | $180134 | 5418 | $70838 |
|  Reinvestment of distributions | 13324 | 183678 | 8633 | 107557 |
|  Shares redeemed | (12255) | (167756) | (47565) | (609659) |
|  | 14075 | 196056 | (33514) | (431264) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 65563 | 902019 | 43193 | 559262 |
|  Reinvestment of distributions | 36552 | 511285 | 28444 | 359910 |
|  Shares redeemed | (159787) | (2229694) | (155797) | (2059888) |
|  | (57672) | (816390) | (84160) | (1140716) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 1 | 11 |  |  |
|  Reinvestment of distributions | 84 | 1172 | 49 | 623 |
|  Shares redeemed |  | (1) |  |  |
|  | 85 | 1182 | 49 | 623 |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 1904286 | 26150857 | 1437334 | 18413124 |
|  Reinvestment of distributions | 2139188 | 29814564 | 1390774 | 17551564 |
|  Shares redeemed | (3608813) | (50354734) | (4501388) | (58835028) |
|  | 434661 | 5610687 | (1673280) | (22870340) |
|  **NET INCREASE (DECREASE) IN SHARES** | 391149 | $4991535 | (1790905) | $(24441697) |

---

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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;11. SUMMARY OF SHARE TRANSACTIONS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Advantaged Global Equity Portfolio**  | **Tax-Advantaged Global Equity Portfolio**  | **Tax-Advantaged Global Equity Portfolio**  | **Tax-Advantaged Global Equity Portfolio**  |
|  | **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** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 6234 | $163716 | 10360 | $245393 |
|  Reinvestment of distributions | 642 | 16397 | 297 | 6378 |
|  Shares redeemed | (3201) | (83342) | (4960) | (113148) |
|  | 3675 | 96771 | 5697 | 138623 |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 88276 | 2207660 | 110322 | 2609847 |
|  Reinvestment of distributions | 38405 | 986797 | 25156 | 544637 |
|  Shares redeemed | (131105) | (3309680) | (152163) | (3381320) |
|  | (4424) | (115223) | (16685) | (226836) |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 510 | 12963 | 297 | 7143 |
|  Reinvestment of distributions | 8449 | 213936 | 5440 | 116091 |
|  Shares redeemed | (8624) | (220327) | (5622) | (129692) |
|  | 335 | 6572 | 115 | (6458) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 13205709 | 334392178 | 12637301 | 283028947 |
|  Reinvestment of distributions | 3701310 | 93715948 | 2342330 | 49985320 |
|  Shares redeemed | (12229685) | (308390143) | (13680378) | (303890001) |
|  | 4677334 | 119717983 | 1299253 | 29124266 |
|  **NET INCREASE IN SHARES** | 4676920 | $119706103 | 1288380 | $29029595 |

---

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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 Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (two of the portfolios constituting Goldman Sachs Trust, hereafter collectively referred to as the "Portfolios") as of August 31, 2025, the related statements 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, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios 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 each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' 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 Portfolios 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Enhanced Dividend Global Equity Portfolio and Goldman Sachs Tax-Advantaged Global Equity Portfolio (the "Portfolios") are investment portfolios of Goldman Sachs Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Portfolios at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Portfolios.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Portfolio, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Portfolio and the underlying funds in which it invests (the "Underlying Funds") by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Portfolio and the Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), and a benchmark performance index; and information on general investment outlooks in the markets in which the Underlying Funds invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Portfolio's peer group and/or benchmark index had high, medium, or low relevance given the Portfolio's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Portfolio, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Portfolio as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Portfolio's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Portfolio, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations with respect to the Portfolio and the Underlying Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Portfolio to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Portfolio's existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolio and/or the Underlying Funds, including the fees received by the Investment Adviser's affiliates from the Portfolio and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Portfolio and/or the Underlying Funds as a result of their relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to the applicable Underlying Funds, information regarding commissions paid by the Underlying Funds that are equity funds and broker oversight, an update on the Investment Adviser's soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) portfolio manager ownership of Portfolio shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the nature and quality of the services provided to the Portfolio and the Underlying Funds by their unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Portfolio's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Portfolios' distribution arrangements. They received information regarding the Portfolios' assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Portfolio shares. The Trustees also discussed the broad range of other investment choices that are available to Portfolio investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Portfolios and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Portfolios. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Portfolios and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Portfolios and the Underlying Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Portfolios and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Portfolios, the Underlying Funds, and the Investment Adviser and its affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Investment Performance
The Trustees also considered the investment performance of the Portfolios and the Underlying Funds. In this regard, they compared the investment performance of each Portfolio to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Portfolio's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Portfolio's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Portfolios over time, and reviewed the investment performance of each Portfolio in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Portfolio performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Underlying Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. They noted the efforts of the portfolio management teams of certain Underlying Funds to continue to enhance the investment models used in managing those Underlying Funds.

The Trustees observed that the Enhanced Dividend Global Equity Portfolio's Institutional Shares had placed in the top half of the Portfolio's peer group for the one- and three-year periods and in the third quartile for the five- and ten-year periods, and had outperformed the Portfolio's benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2025. The Trustees considered that the Tax-Advantaged Global Equity Portfolio's Institutional Shares had placed in the top half of the Portfolio's peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Portfolio's benchmark index for the three- and five-year periods and underperformed for the one- and ten-year periods ended March 31, 2025. They noted that each Portfolio had certain significant differences from its peer group that caused the peer group to be an imperfect basis for comparison. The Trustees also observed that the Portfolios had each experienced certain portfolio management changes in 2022 and a benchmark change in 2024.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Portfolio thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Portfolios, which included both advisory and administrative services that were directed to the needs and operations of the Portfolios as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Portfolios. The analyses provided a comparison of each Portfolio's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Portfolio's overall net and gross expenses to a peer group and a category universe; and data comparing each Portfolio's net expenses to the peer and category medians. The analyses also compared each Portfolio's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Portfolios.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations with respect to the Portfolios and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Portfolios, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Portfolios differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Portfolio fees and expenses are too high or if they are dissatisfied with the performance of the Portfolio.

#### Profitability
The Trustees reviewed each Portfolio's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Portfolio and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**44**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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> 

expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Portfolio was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Portfolios. The Trustees noted that, although the Portfolios themselves do not have breakpoints in their management fee schedules, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Portfolios at the specified asset levels. The Trustees considered the amounts of assets in the Portfolios; the Portfolios' recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertaking to limit certain expenses of the Portfolios and Underlying Funds that exceed specified levels. They also considered the services provided to the Portfolios under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser's finding that the management fees payable by the Portfolios were not duplicative of the management fees paid at the Underlying Fund level.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Portfolios and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Portfolios and certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending ("GSAL"), an affiliate of the Investment Adviser, as securities lending agent for certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which those Underlying Funds' cash collateral is invested); (f) the Investment Adviser's ability to leverage the infrastructure designed to service the Portfolios on behalf of its other clients; (g) the Investment Adviser's ability to cross-market other products and services to Portfolio shareholders; (h) Goldman Sachs' retention of certain fees as Portfolio Distributor; (i) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Portfolios and Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) with respect to certain Underlying Funds, the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Portfolios' and Underlying Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Portfolios and Their Shareholders
The Trustees also noted that the Portfolios and/or the Underlying Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Underlying Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) with respect to the Underlying Funds, enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) with respect to certain Underlying Funds, the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Portfolios and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Portfolios' and Underlying Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) with respect to certain Underlying Funds, the ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Underlying Funds in connection with the program; and (i) the Portfolios' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Portfolios' shareholders invested in the Portfolios in part because of the Portfolios' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&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> 

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Portfolios were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Portfolio's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Portfolio and its shareholders and that the Management Agreement should be approved and continued with respect to each Portfolio until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**46**

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GOLDMAN SACHS GLOBAL TAX-AWARE EQUITY PORTFOLIOS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Goldman Sachs Trust – Global Tax-Aware Equity Portfolios – Tax Information (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended August 31, 2025, 25.53% and 19.14% of the dividends paid from net investment company taxable income by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively, qualify for the dividends received deduction available to corporations. |
| &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 Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios from sources within foreign countries and possessions of the United States was $0.0948 and $0.1217 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios was 23.98% and 35.27%, respectively. The total amount of taxes paid by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios to such countries was $0.0128 and $0.0216 per share, respectively. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the fiscal year ended August 31, 2025, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate 54.44% and 66.62%, 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; Pursuant to Section 852 of the Internal Revenue Code, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate $19,258,166 and $37,503,403, 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; For the year ended August 31, 2025, 0.01% and 0.02% of the dividends paid from net investment company taxable income by the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios, respectively, qualify as section 199A dividends. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the fiscal year ended August 31, 2025, the Enhanced Dividend Global Equity and Tax-Advantaged Global Equity Portfolios designate $586,857 and $578,924, respectively, as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**47**

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![LOGO](g66128dsp048.jpg)

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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.](d860414dex99cert.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.](d860414dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust |
| Date: | 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 |

---

## 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

---

| |
|:---|
|  /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 |

---

## 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.